Christian Lacroix SNC said yesterday it had launched insolvency proceedings after the 22-year-old French fashion house fell victim to the global recession.

The fashion house said it is seeking protection from creditors in order to continue operations.

The company, which employs 125 people, blamed “the consequences of the global financial crisis which has sharply hurt the luxury-goods industry.”

CEO Nicolas Topiol said Christian Lacroix’s owner, the Falic Group, has been talking with investors but that negotiations fell through because of the financial crisis.

The Falic Group, a US duty-free retailer, bought Christian Lacroix from Paris-based luxury goods empire LVMH Moet Hennessy Louis Vuitton in 2005.

It had invested in developing Christian Lacroix, but was tripped up by the crisis which “considerably reduced our sales,” the CEO said.