The Paris commercial court placed French luxury label Christian Lacroix in receivership, after the 22-year-old fashion house fell victim to the global recession. The label is blaming this development on "the consequences of the global financial crisis which has sharply hurt the luxury goods industry." The company was bought in 2005 from French luxury group LVMH by U.S. duty free retailer The Falic Group.
from thestylemusings.com
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