Fashion: Lastest Crisis Victim
Mary Kate Olsen, in Christian Lacroix, Met Gala, May 2009
Ben Martin, writing for the Times Online, reports that the french fashion house Christian Lacroix, which is famous for it’s impossible-to-wear, haute couture collections, has declared insolvency. Click here for more about celebrity trends gone bad. Lacroix, which is owned by the Falic Group, a duty free retailer, and employs 125 people, cited consumers’ recent unwillingness to spend money on luxury goods as the reason for their collapse. However, Martin argues that the business has never been financially viable. “The Lacroix brand has never turned a profit and last year reported a €10 million loss,” he writes. Lacroix has “filed a voluntary petition with the Tribunal de Commerce de Paris to put itself under the protection of the courts” so it can maintain its business operations to finance bankruptcy proceedings.
It would appear that the fashion house is just one more company that borrowed to finance production of a surplus of goods, failed to respond to consumers and is now mired in a sea-of-debt. To bad for Lacroix that he made shoes instead of tires, otherwise, given the company’s track record, he would have been given bailout funds.
Click Here for More from FICRY on bling-to-bust.
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[...] We were apparently mistaken when we thought leggings were only for the under-aged or the perfectly-formed. Lisa Armstrong, writing for the Times of London says, leggings may have become the new skinny-jeans in terms of staying power (and she isn’t just talking about their general clinginess). What does this have to do with the recession? Well, everything (and nothing), apparently. According to her, any fashion retailer that offers legging may have found the perfect antidote to going out of business, because the originally-80’s workout garments are selling like hotcakes to women of all ages, shapes, and sizes. CLICK HERE FOR MORE ON FICRY FASHION VICTIMS. [...]
[...] For more on the House of Lacroix from FICRY.com, click here. [...]