Haute Bankruptcy

Looks like 2009 is not the only year we’re going to see the fall of once famous fashion house. Recently Yohji Yamamoto’s company who were filing for bankruptcy last October were closing down his store in New York. Uh Oh. That doesn’t sounds good even though we heard some company (Integral Corp.) said they’re going to rescue him and he does enlisted in Mercedes-Benz fashion week scheduled this February.

Poor old man

Well, at least you’re not alone. There’s Christian Lacroix who were also saying goodbye last year. The famous haute couture designer worn by celebrities such as Christina Aguilera and Nicole Kidman and known for it’s baroque style design filed for bankruptcy in May 2009. It’s no surprise since in its 22 years of existence, he had never made any profit. In fact, I’m surprised of how long he could stay alive in the business. If only his founder partner, Bernard Arnault would lend him a little hand. He’s the richest man in France anyway, not to mention the CEO of LVMH, the biggest holding company in fashion industry (Cristian Lacroix did stick with Arnauld until sold to US group Falic by LVMH in 2005).

Poor man

The sad thing is, Falic, the owner who put the business into administration and laid off all but 12 workers did not want to spend any cent for his last show. Lacroix’s Fall Winter 2009 Haute Couture was privately financed by Lacroix and each model was paid €50. “I didn’t want to cry,” said Lacroix “I want to continue, maybe in a different way, with a small atelier. What I really care about is the women who do this work” Lacroix said about his last Haute Couture collection.

Some other name who fell from the sky is German’s brand Escada who filing for bankruptcy in August 2009 and some crazy Russian teenage girl named Kira Plastinina who were quite famous in his home country for her young-and-chic design but failed miserably in the US after trying to open expansive 12 stores at a time and being unable to catch up with her creditor.

Poor girl