Christian Lacroix's last couture show

Christian Lacroix's runway swan song. Photo: Chris Moore, Catwalking/Getty Images

It's a sad day for haute couture.

After filing for bankruptcy earlier this year, famed couturier Christian Lacroix will be reduced to a licensing outfit, reports WWD.

And while there appeared to be a glimmer of hope for the fashion house when an Ajman sheikh came into the picture, the sheikh failed to come through with the necessary financial guarantee for the French courts.

Now, a Paris judge has approved a restructuring plan filed by Falic Group, a Florida-based company that is the majority owner of Lacroix.

The plan will put an end to the brand's ready-to-wear, couture line and retail operations, while slashing the workforce from 110 to just 10 employees, says the site.

Lacroix will live on only through its licensing deals, which include men's shirts and tailored clothing, knitwear, wedding dresses, scarves and perfume.

"This is the most awful decision possible and I'm speechless with anger," the designer told WWD.

"I'll do my best to find a way of battling. But it seems no one is interested in the future of Lacroix in such a cynical world where the word 'fashion' doesn't have the same meaning as mine. My duty has to be struggling against the Falics...against this decision and against the state, who did nothing in fact."

While another last minute outcome is possible, for now, it's sadly au revoir to those whimsical couture creations.

Lacroix isn't the only luxury brand facing tough times. This German label also filed for bankruptcy.