Following much speculation recently, French luxury goods group, LVMH Moet Hennessy Louis Vuitton, has announced that it has sold Christian Lacroix to the American luxury duty-free retail group owned by the Falic family. The sale was finalised on Monday, January 24. The sale comes as part of LVMH’s strategy to focus on its core, profitable brands.

President of LVMH, Bernard Arnault said that he hoped that Christian Lacroix’s great talent would continue to show itself in its original and creative manner.

The Falic Group, which has annual sales of $620 million, is controlled by the Falic brothers who also purchased LVMH’s cosmetic brands, Hard Candy and Urban Decay in 2003.

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