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Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
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Polish Fashion Group LPP Says it Won't Return to Russia

FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Clothes are displayed on the mannequins at Polish fashion retailer LPP brand Reserved shop, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 4, 2020. Picture taken September 4, 2020. REUTERS/Kacper Pempel/File Photo

Polish fashion group LPP will not return to Russia, its CEO said on Monday and repeated that the company had exited the country, seeking to reassure investors after a Hindenburg Research report questioned the sale of its business there.
In a call on Monday, Marek Piechocki also said the company would consider a share buyback, though shareholders would have the final say.
The company's shares were 24% higher by 1025 GMT, partially recovering from a 36% fall on Friday after Hindenburg Research's report.
LPP again denied the allegations in the report and said it has no operating or trading activities in Russia.

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Fashion

France's Christian Lacroix Label Heads for Spanish Ownership

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
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France's Christian Lacroix Label Heads for Spanish Ownership

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)
Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group. (AFP)

The Spanish fashion group Sociedad Textil Lonia (STL) announced Tuesday it had reached an agreement to buy France's Christian Lacroix label, hoping to return the once-mighty brand to its former glory.

The deal to acquire Lacroix from US-based Falic group, which specializes in duty-free retail, was for an undisclosed amount in a "private transaction", STL said.

"By acquiring Maison Lacroix, with its treasure of archives and rich history of French haute couture, STL expands its brand portfolio, strengthening its international presence in the world of high fashion," STL stated in a press release.

"We will do everything we can to ensure that the unique talent of its creator and his invaluable contribution to the world of fashion reach their full potential," the group added.

Christian Lacroix was created in 1987 by the eponymous designer, with the support of luxury giant LVMH, which sold it in 2005 to Falic Group.

In 2009, following financial difficulties, the brand implemented a court-ordered recovery plan that resulted in around 100 job cuts and the discontinuation of haute couture operations.

Lacroix, now aged 73, left the group in 2010.

Having spent decades dressing celebrities, he turned to working for ballet and opera productions, as well as collaborating with other labels such as Dries Van Noten.

"The Spanish family that owns STL had the elegance to contact me ahead of the official announcement about the acquisition of the Christian Lacroix name and archives," he told Vogue Business on Tuesday. "We will probably meet soon in an informal way."

Founded in Spain in 1997, STL is a fashion company behind Spanish ready-to-wear brand Purificacion Garcia and the label of Venezuelan-American designer Carolina Herrera, employing 2,500 people and operating 600 stores worldwide, according to its website.