There's a large envoy of exquisitely dressed French nationals in town this week, so perhaps it would be best if brothers Leon and Simon Falic lie low. The brothers will retain control of French couturier Christian Lacroix, but the business will live on in name only.
Gone are the lavish couture and ready-to-wear fashion shows, the clothes they produce, and all but 11 of the 120 employees. What will remain is a licensing company, hawking the designer's name to stamp on things such as fragrances, sunglasses, and bed sheets.
Several French companies were said to be interested in riding in on a white horse to save the fashion house, but those plans never worked out, and a French court approved a restructuring plan that will keep the business in the Falic brothers' control.
The locally based brothers built a large business of U.S. duty-free shops and then set out to buy many of the brands they carry, including, in 2007, Lacroix. While a favorite among fashionistas, the line never turned a profit in its history. As Cathy Horn points out, one need only to walk by the former Versace mansion on Ocean Drive to be reminded of the riches that can be made in the industry, and any line that can't turn a profit walks a thin line.
Lacroix himself says he never was able to find a business mastermind who could help him succeed. The Falics were just the latest in a long line of financial backers, though some say they were never fully prepared to become players in a fashion industry they knew little about and were more concerned with an Aventura lifestyle full of Jet Skis and whatnot.
