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France:LVMH wants to unload Christian Lacroix fashion house |
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2005-1-10
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French luxury goods conglomerate LVMH is in talks to sell French fashion house Christian Lacroix to US duty free retailer Falic Group, after failing to turn the company round in seven years.
The Paris-based company informed its works council about plans to sell the subsidiary on Thursday while pointing out that a deal had not yet been reached.
A spokesperson for Paris-based Christian Lacroix said that LVMH had "presented the designer with a fait accompli" during the Christmas holidays.
According to LVMH, Lacroix, who has been also designing for LVMH-owned Italian fashion house Emilio Pucci since spring 2002, had been informed about disposal plans last summer.
Christian Lacroix was founded by LVMH boss Bernard Arnault in 1987 and has been making losses since. The brand offers haute couture, ready-to-wear as well as licences for fragrances, menswear, underwear, swimwear and childrenswear.
The sale of Christian Lacroix would fit into the strategy of LVMH to sell non-core assets to focus on its ‘star brands’. As part of this strategy, the group has sold businesses such as auction house Tajan and watch brand Ebel.
The Florida-based Falic acquired US-based beauty brands Hard Candy and Urban Decay from LVMH at the beginning of 2003.
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