It was the company that represented the boom time in ’90s cult show Absolutely Fabulous - ‘It's Lacroix, sweetie, Lacroix!' Edina yelled after another shopping trip to Harvey Nics. But today it was revealed that Christian Lacroix has reportedly fallen foul of the credit crunch, and has filed for voluntary bankruptcy.
The 22-year-old company became renowned for its extravagant collections and unbelievable couture shows. It was bought by the Falic Group, a duty-free retailer, in 2005, and the collapse is apparently being blamed on the downturn in the luxury goods market, as customers are unwilling to spend money.
However, CEO Nicolas Topiol confirmed they will still show as normal during Couture Week in July. ‘We have a very dedicated group of clients,' he told WWD. ‘The perception of the brand and its power is very strong. It's the key to future development.'
Today, the 125 members of staff were optimistic that the company will find a buyer.