By Gary Symons
TLL Editor in Chief
Another major shakeup in the world of fashion, as Spain’s Sociedad Textil Lonia (STL) is acquiring the famed French fashion house Christian Lacroix.
The company revealed the news Tuesday, January 7, but has not revealed any details, such as the value of its offer.
Even though it’s just the beginning of January, this new year has already seen some major acquisitions in the fashion sector.
The global brand accelerator Marquee Brands has just acquired the British heritage lifestyle brand Laura Ashley, and Saks Global has finalized its acquisition of the Neiman Marcus Group (NMG) in a transaction valued at $2.7 billion, consolidating some of the most prestigious names in luxury retail under one corporate umbrella.
That makes STL’s acquisition of Christian Lacroix the third major announcement in just over a week.
Christian Lacroix was founded in 1987 by the namesake designer who rose to fame for his incredibly baroque, embroidered dresses. The fashion house was once part of the French luxury giant LVMH, and later belonged to the Falic family.
STL, which owns the brands CH Carolina Herrera and Purificacion Garcia as well as 600 stores worldwide, has described the agreement as a “private transaction”. Spanish luxury beauty and perfumes group Puig (PUIGb.MC), which made its debut on the Spanish stock exchange in May, owns a 25% stake in STL.
“By acquiring Maison Christian Lacroix, with its treasure of archives and the rich history of French haute couture, STL expands its brand portfolio, strengthening its international presence,” the company said in a statement.
“By acquiring the Christian Lacroix fashion house and its archives, which are a symbol of French haute couture’s history and expertise, STL has added to its brand portfolio, consolidating its international presence in the world of fashion and luxury,” added STL.
The Spanish group says it’s eager keen to add the famed Christian Lacroix house to its business, and said it “will do everything it can to ensure that the unique talent of its designer and his invaluable contribution to the fashion world reach their full potential.”
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STL was founded in 1997 as a vertically integrated textile company operating a design team, its own production facilities for ready-to-wear and accessories, and a distribution network.
While most major fashion houses are based in major cities like Paris, New York or Milan, STL is is based in the small Spanish village of O Pereiro de Aguiar, in the Ourense province. It is certainly the largest business in the village. In 2022 it generated revenue of over €400 million.
STL already owns its own fashion brands, having launched the CH Carolina Herrera lifestyle brand in 2000, following a deal with Carolina Herrera Ltd.
In 2014, Puig bought the 25% stake in STL that was held by LVMH. The remaining 75% is in the hands of the Domínguez family, which also founded the Bimba y Lola brand. Another branch of the family operates the Adolpho Dominguez fashion house.
None, however, have the international caché enjoyed by Christian Lacroix, which was founded jointly by LVMH and the designer, who at the time was the creative director of Patou.
Lacroix rose to fame partly due to global celebrities like Madonna and Uma Thurman flocking to his unique designs, particularly the pouffe skirt that became a hallmark of his design. The label’s revenues and international reputation grew steadily.
Items like the pouffe skirt have won over scores of global celebrities, among them Madonna, Julianne Moore and Uma Thurman. Lacroix’s collections quickly gained an international reputation, boosted by fashion editors. Over the years, the label has added perfumes and accessories to its ready-to-wear collections, and opened a string of branded stores.
Christian Lacroix has also seen a great deal of growth in recent years through licensing partnerships, particularly since the brand was acquired in 2005 by the US company Falic, which is a major force in the airport duty-free business.