j'adore_couture
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Good good. Let's just hope this lasts and that Lacroix will continue to churn out beautiful collections! I wonder what the legal binding terms consist of?
Lacroix fashion house declares insolvency *Update* Inks Deal with Ajman Sheikh
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Empress Merel
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Good news! Lacroix can't go away, the man has more talent than most of the wannabee designers have in their big toe.
from: sophia
Not Thinking About Time
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Yayayayayay!
.. lolretailqueen
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I hope he finally sells cosmetics and jewellery for the profits.
Empress Merel
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I just hope Lacroix will be able to continue what he is good at..
Salvatore
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No, I reserve that title for when Frida leaves Gucci and Tom Ford does womenswear.
But this is so good for Lacroix! I could not imagine losing another haute couture house making an already empty few days even more empty. I'm really glad he's being given a second chance and I just hope that he can make things that actually sell enough to turn a profit while still keeping his theatrics and whimsical nature. Perhaps a new design team?
dior_couture1245
Fat Karl
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I am so overjoyed, I cannot even describe it! And to think, just a few months ago, I was expecting the worst!
I am really looking forward to Lacroix's upcoming Couture collection. I have a very strong feeling that this will be a incredibly exciting new start for Lacroix, and considering that Lacroix has only been getting better and better, I can't even imagine what he'll produce with this new outlook. I have no doubt he will come up with something unbelievable.
I am really looking forward to Lacroix's upcoming Couture collection. I have a very strong feeling that this will be a incredibly exciting new start for Lacroix, and considering that Lacroix has only been getting better and better, I can't even imagine what he'll produce with this new outlook. I have no doubt he will come up with something unbelievable.
mikeijames
no tom ford, no thanks.
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unless he fundamentally reorganizes his business, we'll see another farewell show in two to three years.
Lacroix Inks Deal With Ajman Sheikh
by Miles Socha
Posted Thursday October 08, 2009
From WWD Issue 10/09/2009
PARIS — Workers at Christian Lacroix, which is in administration, breathed a sigh of relief Thursday as an Ajman sheikh tabled a formal offer to purchase the troubled couture house.
The offer from Al Hassan Bin Ali Al Nuaimi, in cooperation with the couturier, must still meet the approval of the commercial court here. However, the Paris administrator told Agence France Press it is “likely” to meet approval because it would preserve jobs and pay third-party debts. A date for a hearing has yet to be fixed, but is expected around Oct. 20. It is understood Bernard Krief Consulting and Financière Saint-Germain also have submitted bids.
If the sheikh’s offer prevails, it would see ownership pass from Florida’s Falic Group to a nephew of the ruling emir of Ajman, the smallest of the seven emirates comprising the United Arab Emirates.
According to sources, the sheikh is involved in a variety of business, including finance, real estate, resort development and yachting.
“The Falics are pleased to have Sheikh Al Hassan Bin Ali Al Nuaimi bring his resources and his vision to the Christian Lacroix brand,” said Nicolas Topiol, Lacroix’s chief executive officer. He added that Al Nuaimi would “further develop and promote the work and effort the Falics have initiated to create a pure luxury brand.”
The sheikh’s law firm, Paris-based François & Associates, confirmed the offer had been submitted to administrator Regis Valliot and that it corresponds to the “selective positioning and luxury of the brand.”
Lawyer Diane François told WWD that Al Nuaimi’s intention is to provide the capital needed to develop the business and bolster Lacroix’s positioning. Investments, depending on the level of funding required, could reach “close to 100 million euros,” or about $147 million at current exchange, she said.
The Falics had initiated an upscaling drive at Lacroix that coincided with the global economic crisis, and a steep drop in sales drove the company deeply into the red. In May, Lacroix was forced to seek protection from creditors, reflecting the vulnerability of wholesale-dependent brands amid a sharp downturn in luxury spending.
Best known for its Duty Free Americas chain, Falic Group acquired Lacroix in 2005 from LVMH Moët Hennessy Louis Vuitton, which launched a couture house for Lacroix in 1987.
Lacroix could not be reached for comment Thursday. Paris Fashion Week wound up Thursday without the designer presenting a collection for the first time in decades.
Lacroix’s bankruptcy filing imperiled one of France’s most acclaimed couturiers, whose pouf skirts and Baroque dresses were greeted with applause, yet failed to translate into a profitable business. Recently, annual losses at Lacroix rose to about 10 million euros, or $14 million, on revenues that have declined to an estimated 30 million euros, or $42 million.
by Miles Socha
Posted Thursday October 08, 2009
From WWD Issue 10/09/2009
PARIS — Workers at Christian Lacroix, which is in administration, breathed a sigh of relief Thursday as an Ajman sheikh tabled a formal offer to purchase the troubled couture house.
The offer from Al Hassan Bin Ali Al Nuaimi, in cooperation with the couturier, must still meet the approval of the commercial court here. However, the Paris administrator told Agence France Press it is “likely” to meet approval because it would preserve jobs and pay third-party debts. A date for a hearing has yet to be fixed, but is expected around Oct. 20. It is understood Bernard Krief Consulting and Financière Saint-Germain also have submitted bids.
If the sheikh’s offer prevails, it would see ownership pass from Florida’s Falic Group to a nephew of the ruling emir of Ajman, the smallest of the seven emirates comprising the United Arab Emirates.
According to sources, the sheikh is involved in a variety of business, including finance, real estate, resort development and yachting.
“The Falics are pleased to have Sheikh Al Hassan Bin Ali Al Nuaimi bring his resources and his vision to the Christian Lacroix brand,” said Nicolas Topiol, Lacroix’s chief executive officer. He added that Al Nuaimi would “further develop and promote the work and effort the Falics have initiated to create a pure luxury brand.”
The sheikh’s law firm, Paris-based François & Associates, confirmed the offer had been submitted to administrator Regis Valliot and that it corresponds to the “selective positioning and luxury of the brand.”
Lawyer Diane François told WWD that Al Nuaimi’s intention is to provide the capital needed to develop the business and bolster Lacroix’s positioning. Investments, depending on the level of funding required, could reach “close to 100 million euros,” or about $147 million at current exchange, she said.
The Falics had initiated an upscaling drive at Lacroix that coincided with the global economic crisis, and a steep drop in sales drove the company deeply into the red. In May, Lacroix was forced to seek protection from creditors, reflecting the vulnerability of wholesale-dependent brands amid a sharp downturn in luxury spending.
Best known for its Duty Free Americas chain, Falic Group acquired Lacroix in 2005 from LVMH Moët Hennessy Louis Vuitton, which launched a couture house for Lacroix in 1987.
Lacroix could not be reached for comment Thursday. Paris Fashion Week wound up Thursday without the designer presenting a collection for the first time in decades.
Lacroix’s bankruptcy filing imperiled one of France’s most acclaimed couturiers, whose pouf skirts and Baroque dresses were greeted with applause, yet failed to translate into a profitable business. Recently, annual losses at Lacroix rose to about 10 million euros, or $14 million, on revenues that have declined to an estimated 30 million euros, or $42 million.
No, I reserve that title for when Frida leaves Gucci and Tom Ford does womenswear.
Right on!
ETA:Lackuiew thanks so much for posting the article!
Label Basher
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Sheikh Hassan bin Ali al-Nuaimi has designs on €100m Lacroix reality check
A sheikh from the United Arab Emirates is likely to take over Christian Lacroix, the loss-making French fashion house, tomorrow when his €100 million (£92 million) rescue deal goes before the Paris Commercial Court. Sheikh Hassan bin Ali al-Nuaimi, a nephew of the ruler of Ajman, the smallest member of the UAE, has emerged as a clear favourite to become owner of the designer.
Lacroix’s house went into administration in May after filing for protection from creditors as the global crisis hit its already weak finances.
Rival offers have been submitted by Bernard Krief Consulting, of France, and the Financière Saint-Germain, a holding company that owns Daum and Lalique, the crystalware makers.
The proposition from a sheikh with few international investments surprised observers in France. But Régis Valliot, the administrator, said that “it fulfils perfectly all the necessary criteria. It is the fantastic solution we dared not hope for.” Borletti Group, the Italian owner of the La Rinascente retail chain and Lacroix’s first choice as a partner, dropped out of the race after the sheikh’s move.
His offer includes an injection of €70 million into the business and a pledge to take on all 124 employees, with debts of €14 million to suppliers and part of €30 million that it owes to the Falic Group, Lacroix’s Florida-based owner.
The overall sum injected by the sheikh will be about €100 million, according to Mr Valliot. “On the face of it, there seems to be little suspense,” industry insiders in Paris said. “The sheikh’s offer is by far the most solid.”
Mr Nuaimi said that he wanted to diversify the business. “The idea is not to focus on fashion by itself. We are discussing different activities in leisure ... private jets, hotels, high-quality yachts, palaces and interior decoration. We will focus on very exclusive areas and don’t want to sell his name cheap in the market.
“Christian Lacroix is one of the lords of fashion design in the world ... but, on another side, as a businessman he has a lot of problems. We will run it better commercially.” Lacroix himself would become a minority shareholder in the house under the terms of the deal.
Despite a glowing reputation and widespread admiration for his colourful, often baroque style, Lacroix has never made a profit in 22 years of trading. Last year, losses reached €10 million on sales of €30 million.
Falic, an American duty free retailer that bought Christian Lacroix from LVMH, the French luxury goods group, in 2005, has put forward a restructuring plan, which involves shedding the haute couture line and cutting the workforce to 12. The plan provoked fury in France, when Frédéric Mitterrand, the Culture Minister, said that the loss of the fashion label would be a “cultural disaster.”
Christian Estrosi, the Industry Minister, also promised backing for a designer whom he described as a “flagship for haute couture”, which had “contributed to fame of French elegance and skill”.
Ajman has followed Dubai with a huge real estate development programme, which includes shopping centres, hotels and residential areas. But, like Dubai, it has suffered from the economic slowdown this year.
business.timesonline.co.uk
----
“The idea is not to focus on fashion by itself. We are discussing different activities in leisure ... private jets, hotels, high-quality yachts, palaces and interior decoration. We will focus on very exclusive areas and don’t want to sell his name cheap in the market.
How about just making a few dresses first and then see how it goes ok.
A sheikh from the United Arab Emirates is likely to take over Christian Lacroix, the loss-making French fashion house, tomorrow when his €100 million (£92 million) rescue deal goes before the Paris Commercial Court. Sheikh Hassan bin Ali al-Nuaimi, a nephew of the ruler of Ajman, the smallest member of the UAE, has emerged as a clear favourite to become owner of the designer.
Lacroix’s house went into administration in May after filing for protection from creditors as the global crisis hit its already weak finances.
Rival offers have been submitted by Bernard Krief Consulting, of France, and the Financière Saint-Germain, a holding company that owns Daum and Lalique, the crystalware makers.
The proposition from a sheikh with few international investments surprised observers in France. But Régis Valliot, the administrator, said that “it fulfils perfectly all the necessary criteria. It is the fantastic solution we dared not hope for.” Borletti Group, the Italian owner of the La Rinascente retail chain and Lacroix’s first choice as a partner, dropped out of the race after the sheikh’s move.
His offer includes an injection of €70 million into the business and a pledge to take on all 124 employees, with debts of €14 million to suppliers and part of €30 million that it owes to the Falic Group, Lacroix’s Florida-based owner.
The overall sum injected by the sheikh will be about €100 million, according to Mr Valliot. “On the face of it, there seems to be little suspense,” industry insiders in Paris said. “The sheikh’s offer is by far the most solid.”
Mr Nuaimi said that he wanted to diversify the business. “The idea is not to focus on fashion by itself. We are discussing different activities in leisure ... private jets, hotels, high-quality yachts, palaces and interior decoration. We will focus on very exclusive areas and don’t want to sell his name cheap in the market.
“Christian Lacroix is one of the lords of fashion design in the world ... but, on another side, as a businessman he has a lot of problems. We will run it better commercially.” Lacroix himself would become a minority shareholder in the house under the terms of the deal.
Despite a glowing reputation and widespread admiration for his colourful, often baroque style, Lacroix has never made a profit in 22 years of trading. Last year, losses reached €10 million on sales of €30 million.
Falic, an American duty free retailer that bought Christian Lacroix from LVMH, the French luxury goods group, in 2005, has put forward a restructuring plan, which involves shedding the haute couture line and cutting the workforce to 12. The plan provoked fury in France, when Frédéric Mitterrand, the Culture Minister, said that the loss of the fashion label would be a “cultural disaster.”
Christian Estrosi, the Industry Minister, also promised backing for a designer whom he described as a “flagship for haute couture”, which had “contributed to fame of French elegance and skill”.
Ajman has followed Dubai with a huge real estate development programme, which includes shopping centres, hotels and residential areas. But, like Dubai, it has suffered from the economic slowdown this year.
business.timesonline.co.uk
----
“The idea is not to focus on fashion by itself. We are discussing different activities in leisure ... private jets, hotels, high-quality yachts, palaces and interior decoration. We will focus on very exclusive areas and don’t want to sell his name cheap in the market.
How about just making a few dresses first and then see how it goes ok.
dior_couture1245
Fat Karl
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GAH!!!
from nymag.com
from nymag.com
retailqueen
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wtf???? no!!!!!!!
they cannot do this.
they cannot do this.
BerlinRocks
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I like the lack of religious culture this journalist has .....
He/She should have been in a muslim country like ....... last week and see what's going on ....
EID AL-ADHA ! Not everything is abt the USA fest !
I was scared with what's going on in Dubai right now ....... and it seems my fears is happening.
really sad about that !
I'm sure something will happen ....
cross your fingers.
I agree. For some reason a lot of Americans tend to think everyone celebrate the same holidays as them, especially when it comes to Thanksgiving, a holiday that most people try to pass off as a strict Christian holiday, when in fact it isn't.
I hope Lacroix gets the much needed support it needs. It would be a disaster if no one steps up and help.
Btw, the Sheikh's plans are very elaborate, no? I can only imagine that he is very very very wealthy in order to even conceive of such plans.
