Lacroix Has a Buyer!

By
Photo: Getty Images

Christian Lacroix might be saved! The bankrupt couture house only had until the end of the month to find a buyer to avoid essentially folding. But yesterday, Bernard Krief Consulting, a French management-consulting firm that specializes in buying failing companies, said it will make an offer for the label on Monday, July 27. The president of the company, Louis Petiet, didn't provide details on terms, but said if the deal happens, he plans to increase Lacroix's sales fivefold over the next five years. (The house hasn't been profitable in its 22-year history.) Petiet promised that the company would invest in a proper worldwide marketing and branding effort to ensure that happens.

Other companies Krief has bought include niche carmaker Heuliez and textile company DMC. Though he may not currently run any fashion houses, Petiet seems passionate about fashion, which is what matters. He called Lacroix part of France's "national patrimony" and added that he can't bear to "allow it to die." Leave it to the French to turn bankruptcy into a poetic tour de force. Lacroix has not commented on the offer.

French company to make offer for Christian Lacroix [MSN Money]