French luxury house Christian Lacroix may be in a serious financial bind. WWD reported that employees of the 22 year old couture label were informed last Friday of a restructuring plan that could potentially cut the label's production staff from 124 to only 12.This dramatic change on the company's workforce would reduce the fashion house from an independent label to a licensing operation. The only way to sustain the man power at Lacroix is if a buyer comes through to rescue the company, which obtained court protection from its creditors in May. The luxe label has been one of the hardest hit by the economic crisis and has experienced a sharp decline in orders over the past several seasons.
Article and Photo Source: WWD
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