Fashion house Lacroix folds owing millions
The debt-ridden fashion house of Christian Lacroix has collapsed.
The demise of the designer's brand, whose flamboyant clothes have struggled to find a market in the recession, will be seen as another indication of the decline of small haute couture houses.
Known for his extravagant designs and elaborate fabrics, Lacroix, 58, from Provence, never managed to translate his critical acclaim into financial success.
The firm did not make a profit in 22 years and ran up losses of £9million on sales of £27million.
After the brand's six-month search for a backer, a Parisian commercial court has ordered a restructuring plan.
The brand also owed £12.7million to suppliers and £27million to the Falic group, which bought it in 2005 and ultimately put forward the plan. Only 11 of the workforce of 124 will remain to oversee licensing contracts for accessories and perfumes bearing the Lacroix name.
