Christian Lacroix SNC said it has launched insolvency proceedings after the 22-year old French fashion house fell victim to the global recession. The high-fashion brand founded by French designer Christian Lacroix
told the Paris commercial court that it can't pay creditors because of the financial crisis-driven decline of the luxury goods industry. The company, which employs 125 people, said it is seeking protection from creditors in order to continue operations.
Today I read the following at the Wall Street Journal website, "French fashion house Christian Lacroix SNC has filed a request to a Paris commercial court to protect it from creditors, the company announced in a statement on Thursday. The fashion house, which is known for its colorful gypsy-themed clothes, hasn't turned a profit since its creation 22 years ago
Is that possible? How could they have not turned a profit in 22 years? It makes no sense for a company to be in business if it does not make a profit? It simply goes against the laws of nature... Anyway, I am not certain if that is true that they never turned a profit. But that is what I read at Christian Lacroix Seeks Creditor Protection
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