It’s a sign of the times. Yet another luxury brand is dealing with negative numbers when it comes to sales.
Well-known couture apparel and handbag designer Christian Lacroix has filed for bankruptcy following a recent 35% downturn in fall/winter sales. It makes one wonder how long any of these high-end companies, like Valentino or Versace, can make it while shoppers are having to be frugal and cut out things like $1,200 clutch bags.
“Our intent is definitely a continuation of the business,” Nicolas Topiol, Lacroix’s chief executive officer, said in an interview before meeting with the firm’s 125 employees. “But the crisis has definitely hit us below the knees.”
Celebrities might continue to strut the Parisian designer’s gorgeous looks on the red carpet, but it doesn’t sound like many fashionistas are heading to Christian Lacroix boutiques to spend money on his items. Could this be the beginning of the end for the design house, or just a bump in the road?
[Source: WWD]
