Absynthe 09 ad campaign, courtesy of Christian Lacroix

Christian Lacroix Files for Bankruptcy Protection (New York Times)
“The French couturier whose artistic and exuberant pouf dresses propelled him to fame in the 1980s has become the latest victim of the global financial crisis.”

Red or Dead founders offer free retail space to start-ups (Drapers)
“Red or Dead founders Wayne and Geraldine Hemingway will offer free retail space to new businesses for two months via a pop-up shop outside London’s City Hall.”

Retail sales fall in May (Drapers)
“Retail sales fell in early May after a brief boost in April, according to the Confederation of British Industry (CBI).”

American Eagle Net Falls 50 percent, Gives Cautious 2Q View (WSJ)
“American Eagle Outfitters Inc.’s fiscal first-quarter profit plunged 50 percent as it racked up a sharp decline in same-store sales and a falling margin.”

Fashion ateliers: dream weavers (Telegraph)
“Designers may take the plaudits, but their couture wouldn’t be haute without the skills of seamstresses, embroiderers and feather virtuosi. Georgia Dehn meets the unsung heroes of the ateliers.”

Illustrations by Christian Lacroix

Fashion House Lacroix Seeks Partner (WSJ)
“The owner of the iconic but unprofitable Christian Lacroix couture fashion house is in talks to sell a stake in the firm to private investors, people familiar with the matter said, as cutbacks by U.S. department stores take a toll on apparel designers.”

Bamford, Pringle said to be restructuring (WWD)
“Two British luxury labels—Bamford and Pringle of Scotland—are restructuring operations and reducing staffs, sources said.” (Subscription required)

Fast Retailing 1H Pft Up, But FY Net Outlook Unchanged (WSJ)
“Fast Retailing Co. Thursday reported a 24 percent rise in net profit for the fiscal first half, highlighting the remarkable strength of its Uniqlo low-cost casual clothing chain amid continued weakness in personal consumption.”

Vacancies at U.S. Retail Centers Hit 10-Year High (Bloomberg)
“Vacancies at U.S. malls and shopping centers rose to their highest in more than 10 years as consumer spending fell and stores closed in the recession, according to first-quarter data released today by Reis Inc.”

Stefano Pilati of YSL, courtesy of Wallpaper

Black is back at Yves Saint Laurent (Financial Times)
After ten years of losses, Yves Saint Laurent breaks even amid the current recession.

Net-a-Porter profits rocket (Drapers)
Due to improved margins, Net-a-Porter’s pre tax profits are up 300 percent to £9 million.

Wal-Mart’s Profits Attributable to Sad State of Economy (Seeking Alpha)
“Wal-Mart is one of the few stalwarts to actually expand business amidst today’s financial carnage and the glowing statistics are not to be mistaken for a grandiose harbinger of U.S. economic vitality.”

Christian Lacroix Heads Back to the Basics (WSJ)
As a response to the economic tumult, Lacroix pulled back on his signature exuberance.