Ab Fab no more: Christian LaCroix goes bust….
Christian Lacroix, the French fashion house famous for its expensive haute couture, has declared insolvency after falling foul of the global recession.
The collapse of Lacroix, which is owned by the Falic Group, a duty free retailer, and employs 125 people, has been attributed to the effects of the global downturn and consumers’ reluctance to spend money on luxury goods.
The fashion house, which was a favourite of characters in the British television comedy Absolutely Fabulous because of its extravagant and expensive designs, said that it had “filed a voluntary petition with the Tribunal de Commerce de Paris to put itself under the protection of the courts” and that it intended to maintain its business operations throughout proceedings.
…With the onset of the recession, major retailers had begun to stop buying new Lacroix merchandise and in April, Neiman Marcus Group and Saks reduced their orders for Lacroix products.
The high-fashion brand was launched by Christian Lacroix 22 years ago and has become well-known for its colourful gypsy-themed clothes.
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