In these dark and gloomy times, no industry is finding themselves “recession proof”, everyone is getting hit, and some are getting hit hard. The Fashion Industry has taken another hit with news that French designer Christian Lacroix brand SNC has launched insolvency proceedings. They said they can not pay their creditors due to the global financial crisis that has hit the luxury goods market. The 125 manned company is seeking protection from its creditors in hope to stay operational.

In 2005 the Christian Lacroix SNC label was bought by the US based, The Falic Group.