Thursday, 4 June 2009

Christian Lacroix files for bankruptcy

French Couture designer Christian Lacroix, the creative genius behind the puffball skirt and the “le pouf” silhouette that helped define the iconic '80s fashion has filed for bankruptcy protection, citing: "the consequences of the global financial crisis which has sharply hurt the luxury goods industry".

Although Christian has declared himself bancrupt, the Lacroix design brand has not completely expired. Lacroix still plans a small couture presentation in July and still hopes to continue production of it's ready-to-wear and Couture lines.

Lacroix has worked for years, proving his creative talent and design skills to make a success of the Christian Lacroix brand. From 1981 to 1987 Lacroix worked at the fashion house of Jean Patou, and in 1987 he opened his own couture and ready-to-wear business. With his background in historical costume and clothing, Lacroix soon made headlines with his opulent, fantasy creations, including the short puffball skirt (“le pouf”), rose prints, and low décolleté necklines. He quoted widely from other styles—from fashion history (the corset and the crinoline), from folklore, and from many parts of the world—and he mixed his quotations in a topsy-turvy manner. He favored the hot colors of the Mediterranean region, a hodgepodge of patterns, and experimental fabrics, sometimes handwoven in local workshops.

Backstage at his recent fashion show for his Spring/Summer 09' line, Christian Lacroix said:
"When times are hard, the best medicine is to face the situation with guts, and your true personality"
According to The New York Times, this fall's ready-to-wear sales were down 35 per cent and losses for 2008 were about $14 million (U.S.). Proving that the high profile fashion industry is not immune to the credit crunch, the current economic predicament has been part blamed for Lacroix going bankrupt along with the recent business and brand expansion. Amidst the global financial crisis, plans for another Louis Vuitton store in Tokyo have been cancelled and this year, Chanel laid off 200 temporary employees. Versace also recently announced that revenue is down 13 per cent in the first quarter of 2009.

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Watch Christian talk about his Spring/Summer 09' collection below

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Text: Claire Webb

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1 comment:

  1. Fashion has to be one of the toughest markets to stay ahead. Fashion is always changing.