Christian Lacroix’s Highest Bidders Fail to Submit Paperwork on Time

December 1, 2009 • Fashion

Looks from the final Christian Lacroix couture show this summer

The past few weeks, spirits have been high at struggling French fashion house, Christian Lacroix. The bankrupt label has been desperately searching for a new buyer since its last Paris couture show this past summer. And though many a bidder has thrown their hat into the ring, none have so far made good on their word. This past prospective buyer, Ajman sheikh Hassan Bin Ali al-Naimi, seemed to be the shining knight the company had been waiting for. Al-Naimi had submit a bid to purchase the label for 100 million euros, claiming he would turn it into a full scale lifestyle brand (remember the option of Lacroix yachts?) But last Thursday, Al-Naimi failed to submit financial guarantees to the Paris court that is determining the fate of the house. The paperwork was the final step in closing the deal and neither Al-Naimi nor the Borletti Group — the other front-runner in the bidding—submitted it.

Now with no prospective bidders ponying up the dough, the house is wondering what to do next. The Associated Foreign Press noted that reps for the company are still optimistic, though if forced to implement the restructuring plan the label has ready as a back-up plan, only eleven employees will be kept and the house will have to pay off debts by way of licensing deals, which means the end of couture and ready-to-wear as we know it. The AFP reported, "Judicial administrator Regis Vaillot said: 'It is not all over yet, anything could happen,'"adding that that "serious" new bidders may emerge in the coming months. The court could turn down the ominous restructuring
plan, though Vaillot said that would be "unlikely."

So for now, we wait. And hope that someday, someone who has burst in with grandiose plans for the gorgeous label will actually come through with their promises.

Article Source: AFP, NY Mag
Photo Source: NYDY

-Alia Rajput

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