The designer Christian Lacroix has joined hands with Italy’s Borletti group to bid on Christian Lacroix, the fashion house. A rival offer by turnaround firm Bernard Krief Consulting (BKC) was ‘insufficient’ the couture company’s administrator said on Monday.
BKC has said it aims to increase Christian Lacroix’s revenues fivefold within five years. Two other bids were too low to be considered.
The Christian Lacroix Company belongs to the Falic family, who owns the U.S. retail group Duty Free Americas. The couture company was once a part of the French luxury giant LVMH. “Several offers have been made,” Regis Valliot, the court appointed administrator said. “One of them coming from the Italian Borletti with Rinascente and associated with the designer Christian Lacroix himself, is deemed serious.”
KBC was contacted by Patrick Devedjian, France’s minister in charge of the national fiscal recovery plan, to save the loss making couture business, which has been in administration for nearly two months.
The company behind the designer known for its baroque and embroidered dresses has never made a profit in its 22 years of trading.
In 2008, the company made a loss of 10 million Euros on revenues of 30 million Euros, while orders for its 2009 women’s ready to wear summer collection have been down 35 percent.