Couture Extraordinaire Christian Lacroix Gets a Helping Hand

Even the rich need a helping hand in this economic downturn.

Famed French designer Christian Lacroix, who catapulted to fame when his designs personified the 1980s, filed for bankruptcy protection last May feeling the squeeze of the global financial crisis.

Now the Borlettis, an Italian family with a prominent position in retailing has stepped in as a beacon of hope with an offer to acquire the fashion house for an undisclosed amount. The offer is being weighed by Lacroix's parent company, The Falic Company which has created its own plan for restructure. A consultant close to the deal has proposed moving Lacroix toward upscale ready-to-wear clothing, focusing on a small number of markets.

Despite years of notable success including the design of Christina Aguilera's wedding dress and being a favorite of notables and celebrities around the world, a reporter in The Times of London said earlier this year with the onset of the recession, major retailers had begun to stop buying new Lacroix merchandise and in April, Neiman Marcus Group and Saks reduced their orders for Lacroix products — which include a line of fragrances, menswear and lingerie.

It was just earlier this month that the fashion glitterati whispered that Lacroix's fashion show held on July 7 could potentially be his last. Frédéric Mitterrand, the French culture minister, told the Times of London that he hoped there would be a way to keep the house afloat, as its loss would be “a cultural disaster.”

Whatever the case, dry your tears fashionistas, if Falic accepts the Borletti's offer, the Lacroix brand is here to stay — ruffles, frills, structured shoulders and all.