Christian Lacroix hasn't spoken to the media about the bankruptcy filing his label made last week. But in a memo to his 125 employees he said he was "not ashamed" to admit he was owed around $1.7 million for his work at the house and that he has been designing collections for free for several months. Yet he said he'll give "200 percent" to keep the label alive.
Owned by Florida-based Falic Group, Lacroix has never turned a profit in its 22-year history. Its sales have sunk to $42 million, contributing to losses of $14 million. Many stores have dropped or canceled orders from the high-end label, which terminated its diffusion line and continues to produce the most exorbitant of clothes in the recession. Meanwhile, the label's perfume licensee has decided not to renew its contract with Lacroix past 2010. So unless they can find a new one, Lacroix fragrance could vanish from the market once that deal runs out. And it's still unclear what will become of Lacroix's couture show, scheduled for July. Layoffs are expected as the house goes through bankruptcy proceedings in court. We shudder to think what that could mean for the couture line. We just hope the show goes on in July. Couture Week without Lacroix would be like watching Shawn Johnson compete with a broken leg.
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