PARIS — Christian Lacroix SNC was placed in administration for a period of six months by the commercial court here Tuesday.
The closed-door hearing, following the firm’s petition last week seeking protection from its creditors, was attended by Simon and Leon Falic, principles of Florida-based Falic Group, which bought Lacroix from LVMH Moët Hennessy Louis Vuitton in 2005.
A Lacroix spokeswoman said a period of observation and investigation will follow, but it has yet to be decided if and how Lacroix, one of the pillars of couture week here, will show his high-fashion collection here this month.
Reeling from an expensive upscaling drive and a drop in orders amidst the economic downturn, Lacroix’s losses have ballooned to some 10 million euros, or $14 million, on sales that have dwindled to 30 million euros, or $42 million, as reported.
Lacroix, listed among creditors and owed some 1.2 million euros, or $1.7 million, has told colleagues he will give “200 percent” to keep the couture house intact.
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