Spain’s Sociedad Textil Lonia (STL) announced Tuesday that it has reached an agreement to acquire Christian Lacroix, the French fashion house founded in 1987, for an undisclosed amount.
Christian Lacroix acquisition
STL described the agreement as a private transaction with the US-based Falic group.
“By acquiring Maison Christian Lacroix, with its treasure of archives and the rich history of French haute couture, STL expands its brand portfolio, strengthening its international presence,” the company said.
Christian Lacroix was initially founded by the namesake designer with the support of the French luxury giant LVMH, after which ownership was transferred to the Falic family in 2005.
STL said it would do everything possible to ensure that Christian Lacroix reaches its full potential under the new ownership.
Founded in Spain in 1997, STL is a fashion company behind Spanish brand Purificacion Garcia and the label of Venezuelan-American designer Carolina Herrera, employing 2,500 people and operating 600 stores worldwide.
Meanwhile, the Falic family, headed by Leon, Jerome, and Simon, owns North America’s largest duty-free retail operation called Duty Free Americas. The brothers also own retail and distribution assets in Latin America.
Key background
In 2009, Christian Lacroix filed for bankruptcy protection, leaving a commercial court in Paris to decide whether to restructure or liquidate the fashion house. It had filed a voluntary petition with the Tribunal de Commerce de Paris.
After being bought by the Falic family in 2005, the company had launched a costly restructuring plan to reposition the brand’s offer higher-end collections, terminating ready-to-wear lines.
“Unfortunately, this long-term strategy for repositioning of the brand was dramatically hindered by the current and ongoing world financial and economic crisis which severely hit the luxury sector,” French fashion designer Christian Lacroix said at that time.
