Hope of Survival for Lacroix

Italy's Borletti Group, an investment company that owns stakes in Europe's La Rinascente and Le Printemps department stores, is one of four firms to have submitted bids for Christian Lacroix fashion house, raising hopes that the struggling French brand won't be closed down.

A design by Christian Lacroix for his haute couture fashion show earlier this month.

Lacroix was placed under bankruptcy protection in June after failing to turn a profit since its creation in 1987.

"The Borletti Group wants to help a creator and protect haute couture know-how," said Diane d'Oleon, a spokeswoman for the Borletti. Ms. d'Oleon declined to comment on the amount the group would pay for the fashion house.

Borletti bid together with Christian Lacroix, a co-founder and designer of the fashion house. A spokeswoman for the fashion house said the designer declined to comment.

Christian Lacroix is currently owned by the Falic group, a U.S duty-free store operator that bought the brand from fashion group LVMH Moët Hennessy Louis Vuitton SA in 2005.

Since the takeover, the fashion house has struggled with a costly move to sell higher-priced goods -- a strategy hampered by the global recession. In 2008 it recorded a €10 million loss ($14.2 million) on €30 million in sales.

The bankruptcy filing sparked an outcry in France, where Christian Lacroix is considered a cultural gem. On Monday, France's Industry Minister, Christian Estrosi, said he would meet with Mr. Lacroix on Tuesday to discuss the brand's future.

At the end of July, Christian Lacroix's 125 workers will be asked to go on holiday until the end of August, a spokeswoman for Christian Lacroix said. If a buyer isn't found, 112 staffers are expected to lose their jobs.

A spokeswoman for the court-appointed administrator of the company said the Borletti Group's offer was the only "serious" one on the table. The winner of the bid will be announced by the administrator in September.

*article taken from here*

I am definitely curious to see who ends up winning the bid for the House of Lacroix. I really hope that the bidding will go through and things will work out. Otherwise, it would truly be a great loss to the fashion industry to see Christian Lacroix go.