22 year-old couture label Christian Lacroix has gone to the wall, filing for bankruptcy in Paris with losses of 10 million euros and a shrunken revenue of 30 million euros.

Lacroix's sales dropped by 35 percent for the coming northern autumn/winter and Lacroix’s owner, Florida-based Falic Group, has been involved in serious discussions with a group of investors from Switzerland since late last year.

In a letter to his 125 staff, Lacroix wrote that he will give "200 percent" to keep the 22-year-old couture house in one piece, to "preserve the know-how, without which the lungs and the heart of the house couldn't exist."

Lacroix is renowned for lavish and colourful couture shows, and is one of the main drawcards at Paris couture week each season. The reality is that couture customers are few, and with a nod to this, the designer delivered a pared-down and chic ready-to-wear collection for next autumn/winter which was hoped to prop up the house in difficult times.

Enjoy a selection of some of Lacroix's recent creations. Investors will determine whether we will see further collections on the catwalk.

Fresh fash hearts Lacroix.

A Lacroix-related emergency: