Rex

For those lamenting the potential loss of Lacroix amidst last week's news of the fashion house filing for protection from creditors, don't throw in the couture towel just yet. The designer has told his collaborators that he will give '200 percent' to keeping the house afloat. In a letter to his 125 employees, the designer underscores his commitment to 'preserve the know-how without which the lungs and the heart of the house couldn't exist.'

Times have been hard for the Lacroix label this past year with Autumn-Winter orders falling by 35 percent and with reports of losses of $14 million in 2008. Cost-cutting efforts were certainly apparent at the Autumn-Winter runway show which took place in an inner-city parking garage with only broken mirrors for décor in March. Yet all complaints were soon hushed by Lacroix doing what he does best - revealing a gorgeous collection championing Parisian chic.

And all hope is not lost as Lacroix's CEO Nicola Topiol declares, "Our intent is definitely a continuation of the business. But the crisis has definitely hit us below the knees." There are talks of employee cutbacks but Topiol is confident this "is not the end of the story. It's the beginning of another chapter."

Continued below...

By Abigail Radnor