PARIS — The administrator of Christian Lacroix SNC said Monday it has received a “serious” bid from Italy’s Borletti Group, the owner of department stores La Rinascente and Printemps, in association with the designer.
Monday was the deadline to lodge offers for the couture house, which has been in administration after filing for protection against creditors in May.
A commercial court is due to rule in September on the offers, including Borletti’s.
A bid from French turnaround firm Bernard Krief Consultants, which last week said it was planning to make an offer for the fashion house, has been deemed unsatisfactory, said a spokeswoman for administrator Regis Valliot.
Two unidentified bidders who offered 1 euro, or $1.42 at current exchange, for the company were dismissed as “inconsistent” by the administrator.
A spokeswoman for Christian Lacroix SNC declined comment.
Another turnaround proposal rests with Lacroix’s owner, Florida-based Falic Group. In case a buyer is not found, the firm plans to activate a restructuring plan that could see the workforce cut to 12 from 124, effectively reducing the 22-year-old fashion house to a licensing operation.
Bernard Krief Consultants, which acquired troubled textile firm DMC out of administration and was among the bidders for bankrupt fast-fashion chain Morgan, last week said it was the sole contender for the company and that it would table its offer Monday morning.
Louis Petiet, head of the firm, told WWD the company would consider improving its “symbolic offer” next month once it examines the turnaround plans envisaged by Falic Group. Petiet also didn’t rule out a tie-up with the Borletti Group.
Headed by Italian entrepreneur Maurizio Borletti, Borletti Group owns La Rinascente, Italy’s largest department store chain, and French department stores Printemps, acquired in 2006 in association with Deutsche Bank. Borletti wasn’t available for comment, nor was Christian Lacroix.
Christian Lacroix SNC filed for court protection from its creditors in May, having never turned a profit and amid a sharp downturn in luxury spending.
In 2008, losses at Lacroix swelled to about 10 million euros, or $14 million at current exchange, on revenues that shrank to an estimated 30 million euros, or $42 million. Sales for the fall 2009-’10 collection, presented in March, dropped 35 percent.
Last year, Falic Group began searching for potential investors to help accelerate the fashion company’s expansion and capitalize on the brand’s recent repositioning as a pure luxury play.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)