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Lacroix Receives, Backs "A Serious Offer"

Lacroix Receives, Backs "A Serious Offer"

>> Despite early reports last week of an offer on Christian Lacroix by Bernard Krief Consulting, the label's appointed judicial administrator ruled their bid of less than a few million euros "insufficient." Two other offers of a symbolic euro were received by the deadline, but judged "inconsistent," so the forerunner appears to be Italian retailer Borletti, which has stakes in the Printemps and Rinascente department stores and which the administrator says has made "a serious offer."

Borletti envisions keeping 49 of the current 124 Lacroix employees and is said to be backed by Lacroix himself.  But BKC is not stepping down yet, saying it plans to submit an "improved" offer, with the number of jobs retained "around the hundred."

The future may be less couture, more ready-to-wear for Lacroix »

Lacroix himself met Friday with France's Culture Minister Frederic Mitterand and is meeting tomorrow with Industry Minister Christian Estrosi, as the French government is seeking to stimulate rescue interest after no other big luxury group like PPR, LVMH, or Hermes showed interest in investing.

Meanwhile, current Lacroix owner the Falic Group, has submitted its own plan for the house, and consultant Guillaume Martin, who is advising Lacroix, has suggested moving the brand away from couture and toward upscale ready-to-wear.  A final decision is expected in September, with a six-month extension of administration likely to come tomorrow.

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