Christian Lacroix, one of the biggest names in French fashion and famous for its baroque designs, has filed for protection from creditors, blaming the global financial crisis for a collapse in spending on luxury goods and clothing.

The fashion house, best known for its sumptuous fabrics, riotous colours and “pouf” skirts during the 1980s, was pushed to the brink of collapse after a deal between Lacroix’s owner, Florida-based Falic Group, and a potential investor fell through.