'La Croix sweetie, La Croix.' Eddie from "Absolutely Fabulous"
Not immune to the economy and luxury spending nosedive, Christian LaCroix SNC has sought court protection from its creditors.
According to WWD, the Paris-based fashion house filed a petition with the commercial
court yesterday, reflecting the vulnerability of
wholesale-dependent brands amid the sharp downturn in luxury spending.
“Our intent is definitely a continuation of the business,” Nicolas Topiol, Lacroix’s chief executive officer, said in an interview before meeting with the firm’s 125 employees. “But the crisis has definitely hit us below the knees.”
Topiol said orders for the fall-winter season sank 35 percent, with many retail buyers skipping Paris Fashion Week altogether. He declined to say how much creditors are owed, but loses are estimated at or about $14 million at current exchange.
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Read "Lacroix Seeks Court Protection From Creditors" here.
Source & Photo: WWD