Lacroix fashion house declares insolvency *Update* Inks Deal with Ajman Sheikh

[BerlinRocks]

well .... i think i hadn't understood the nymag paper ...
but like 20 min. ago on the radio, they said it was OVER for Lacroix Couture and womenswear .... I thought there was a chance .......
only the licenses will carry on (perfumes + menswear) and the other stuff Lacroix is doing (can't remember the name of this compagny, but it's the one who's in charge of design etc.)

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

the court said none of the two financial propositions were enough ... so i guess the sheikh's plan wasn't that great.
which i don't understand, since he proposed to give 100 MILLIONS ! when they needed far less !

I agree. For some reason a lot of Americans tend to think everyone celebrate the same holidays as them,

lol. like halloween ? lol !

 

[dior_couture1245]

So this is it, I guess. I literally cannot describe how devastated I am right now.

Today is a sad one for bankrupt fashion house Christian Lacroix. A French court has approved the restructuring plan submitted by the label's current owners, the Florida-based Falic group. The Ajman sheikh who was expected to buy the label for 100 million euros and transform it into a lifestyle brand beyond its most fabulous dreams (one that makes palaces) failed to submit financial guarantees on time. And now the fashion world is left to mourn what is hopefully only a temporary loss of Lacroix shows from the fashion calendar.

Under the Falic plan, the label's couture, ready-to-wear, and retail operations will close down. Only eleven employees of the 120 employed will stay on. Licensing deals will be used to pay off the label's debts. Deals remain for some menswear, wedding dresses, scarves, and perfume.
But it's anyone's guess as to when, or if, the 22-year-old label's heralded poufs and lace finery will return to the runways. Another very wealthy investor could still rescue the house negotiating directly with the Falic group.

Lacroix and his CEO had said weeks ago that despite the sheikh's paperwork delay, they felt confident in him and his plan, which they favored above all others. They are surely not the only ones disappointed this morning. Bailout fail.

nymag.com

 

[retailqueen]

such a shame. I am very sad.

 

[leyla m.]

such sad news!
just confirmed on the french news!

so only around 10 people remain employed by Lacroix all of which work on the perfumery and i believe fashion jewelry...


SAD

i wish mittal would have bought lacroix instead of Escada

 

[mackos]

I just read it on some Polish website, that's so sad, especially that it seemed everything was about to get better

 

[VogueParisLover]

 

[mikeijames]

i bet that uzbek offer doesn't look so bad right about now.

 

[Larek]

saw that on the news this morning. i knew the situation was bad but now... it's over :/

 

[ParadEyes]

 

[JunyaSchick]

very sad!

which firm is keeping the perfumery segment? Falic?

 

[Flashbang]

Christian Lacroix didn't end up with the happy ending he was hoping for. A Paris commercial court approved a restructuring plan by Lacroix owners the Falic Group today, allowing the French house to be converted to an accessories and perfume licensing operation. Potential buyers, including an Ajman sheikh, failed to present financial guarantees by today's imposed due date.

In the face of the news that Lacroix ready-to-wear and couture are officially no more, and the label's workforce would be cut by 100 to approximately a dozen, the designer spoke to WWD:

“This is the most awful decision possible and I’m speechless with anger. I’ll do my best to find a way of battling. But it seems no one is interested in the future of Lacroix in such a cynical world where the word ‘fashion’ doesn’t have the same meaning as mine. My duty has to be struggling against the Falics . . . against this decision and against the state, who did nothing in fact.”
​

Lacroix CEO Nicholas Topiol said that Falic Group would continue to negotiate with prospective buyers; he remains optimistic. “I am working on finding a solution for the company. Everything is still possible." If no deal comes through, Topiol added that he plans to restart Lacroix's ready-to-wear under license, with a model similar to those employed at Jean Paul Gaultier or John Galliano.

fashionologie.com

 

[BerlinRocks]

But it seems no one is interested in the future of Lacroix in such a cynical world where the word ‘fashion’ doesn’t have the same meaning as mine. My duty has to be struggling against the Falics . . . against this decision and against the state, who did nothing in fact.”

W O W !!!!!

I DO hope M. Mitterand will do something !

* i never thought about the government. but do they have to do such things ? *

 

[Salvatore]

Severely sad and troubling.

 

[Label Basher]

NO NO NO NO NO NO this SUCKS.
This is Christian Lacroix. LACROIX. Not some bargin basement trash like Kimora Lee Simmons shoves on the runway.
Sad sad times.

Also can a house sell items from the archives? I'm sure some rich princesses and heiresses would be interesting in vintage couture gowns. It could help a little bit with the debts.

 

[Leeroi]

W O W !!!!!

I DO hope M. Mitterand will do something !

* i never thought about the government. but do they have to do such things ? *

Well the government getting involved is just a way so the company won't completely fail. If the government didn't get involved, then Lacroix would have failed a few months ago when it filed for bankruptcy. I don't think government deserves to be blamed.... they're trying to help the whole ordeal.

I think Lacroix has a vision for the house, but sadly he doesn't have money to reconstruct it himself. So if I was him, I'd accept any offer for now and just renovate it to my liking later on.

 

[Street_a_Licious]

i hope Lacroix will go back to black soon...

 

[Boomer]

Well the government getting involved is just a way so the company won't completely fail. If the government didn't get involved, then Lacroix would have failed a few months ago when it filed for bankruptcy. I don't think government deserves to be blamed.... they're trying to help the whole ordeal.

I think Lacroix has a vision for the house, but sadly he doesn't have money to reconstruct it himself. So if I was him, I'd accept any offer for now and just renovate it to my liking later on.

And, in all fairness, the word has been that Lacroix was less than helpful- difficult to deal with and refusing to add some more marketable real world collections so that they could make some money....

 

[gossiping]

really sad about this..i thought there was hope

 

[eternitygoddess]

I am absolutely heartbroken. There is no one in the fashion world that matches Lacroix's aesthetic. If Versace were gone, women could still flock to Dolce&Gabbanna and Roberto Cavalli for that sexy, independent, uber-woman look. If Commes de Garcon went, there are still many other houses that specialize in avant garde, futuristic designing.

But Lacroix was unique. He was one of the few true couturiers remaining. No one can replace him. And now there is a huge, gaping hole in the world of fashion and couture.

 

[jeremydante]