Christian Lacroix

"A year later, on February 18, 1988, the Paris Commercial Court ordered Financière Agache and Christian Lacroix to pay a provisional compensation of 10 million francs to Jean Patou for unfair competition. In its findings, the court notably underlined that "the extreme speed of the decisions [...] clearly shows that this entire construction was carried out to allow [Christian Lacroix] to do what he could not have done if he had only been free on May 2, at the end of his notice period, to present his first collection in July, advancing by six months the realization of turnover and benefiting fully from the impact of the Patou collection, well-received by critics, by transforming it into a Lacroix collection from a publicity standpoint [...] while preventing Patou from ensuring its commercial success.""

"Two years after its creation, Christian Lacroix recorded losses of 69 million francs for a turnover of barely 37 million francs! For Arnault, the objective is partly achieved: he has demonstrated that he is capable of founding a company... Drawing a parallel with Saint Laurent, who according to Pierre Bergé, lost money for fourteen years starting in 1962 to trigger a profit avalanche starting in 1976, he declares to the International Herald Tribune: "Lacroix could become profitable very quickly, but it is not our strategy to seek short-term profits.""

"The head of LVMH assures that the company has finally achieved balance, but his remarks suggest a certain distance from his beloved creator: "Christian Lacroix did not sufficiently focus on the sale of his products. Since then, he has evolved. He now knows that real success is necessarily commercial and that success with fashion critics is good, but it is not enough," writes Arnault in his inimitable style: “LVMH does not have a vocation to be only a patron."."

"The report first analyzes the internal sales of Christian Lacroix and Céline. Christian Lacroix lost money every year from 1988 to 1998. Initially belonging to Financière Agache and La Belle Jardinière, mostly owned by Bernard Arnault, the company became the property of Louis Vuitton from 1993 onwards, which bought this loss-making machine for 80 million francs. "Subsequently, from 1993 to 1998, Louis Vuitton supported Christian Lacroix's losses for a total amount of 270 million francs," says the report, which continues: "The Christian Lacroix operation results in a profit for BSF, a company owned by Mr. Bernard Arnault, through various holdings, to the detriment of minority shareholders of LVMH, a listed company, all for an amount of around 300 million francs.""

"In the New York Times, Robert Duffy, CEO of Marc Jacobs, states: "My wish is for LVMH to invest the money in us and develop our brand." Christian Lacroix adds: "Mr. Arnault is great, but he far prefers going to battle than promoting a brand he has already conquered.""

"On the floor below, Bernard Arnault houses Financière Agache et Férinel. Further down, a constellation of SMEs spread across four sectors of activity: luxury (Dior, Christian Lacroix, Céline), distribution (Bon Marché, Belle Jardinière, Conforama), industry (Peaudouce, Saint-Frères, Boussac) and finance (Facet, Crédit Financier Lillois) 7."

"The young man from Arles was getting impatient at Patou. He had already won the Golden Thimble. His collections were exciting. Pushed by his businessman, Jean-Jacques Picard, he wanted to go further, create ready-to-wear. But Jean de Moüy, the president of Patou, was reluctant, and he didn't pay him well: no more than 25,000 francs per month. Bernard Arnault was interested in this unloved designer. He was seduced during a lunch. He was certain that Christian Lacroix should not be let go. What should he offer him? Dior's ready-to-wear? A house for himself? Arnault studied the costs and followed his intuition: he would launch a great fashion house: Christian Lacroix. To lead it, Paul Audrain. Seventy million francs were put on the table at first, with an investment of 200 to 250 million francs planned over five years."