Thursday, 1 October 2009

A Surprise Twist In The Christian Lacroix Bailout – 1/10/09

Hallelujah! Christian Lacroix’s saviour may have finally arrived - with the French luxury brand’s administrators interested in an offer from an Ajman sheikh.

According to a Reuters article, one of Lacroix’s administrators, Regis Valliot, said, "We are close to reaching a solution with the sheikh of Ajman... generally speaking, it's very satisfactory."

Valliot also said the sheikh's offer envisaged a 70 million euro capital injection into the brand and keeping all employees.

However, nothing has been set in stone. The sheikh faces rival proposals from Italian businessman Maurizio Borletti, Bernard Krief Consulting and the Financiere Saint-Germain holding company that owns the Daum and Lalique crystalware firms.

So the Lacroix bidding war is definitely heating up. If you have missed our prior rundowns of these ‘battles’, consult the MO Down for 9 September (Lacroix Moves One Step Closer To A Borletti Bailout’).

Christian Lacroix is also in the headlines for another reason – he is noticeably absent from Paris Fashion Week. We read in an AFP report that his couture house has only failed to stage a catwalk presentation twice since it was founded in 1987. And this will be "the first time that a collection has not even been made." This is a sad state of affairs, but with a sheikh in his corner, hopefully he won’t be missing in action for much longer.

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Who's behind the MO DOWN

Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,