Christian Lacroix, the French couturier whose artistic and exuberant pouf dresses propelled him to fame in the 1980s filed for court protection from creditors…Even the biggest players are being hurt by recession and financial turmoil. LVMH, the world’s biggest luxury goods company, recently scrapped a plan to open a Louis Vuitton flagship store in Tokyo. This year, Chanel announced the layoffs of 200 temporary employees. Versace, an independent Italian house, is in a state of turmoil, announcing that revenue fell 13 percent in the first quarter.
By Suzy Menkes, May 29, 2009, NYT

Link to article