Christian Lacroix is no longer a part of LVMH Moët Hennessy Louis Vuitton. As confirmed a spokesperson for the French luxury products giant, Christian Lacroix fashion house has been sold to a privately held US acquisition company, Falic Group. The news was officially announced just after the Lacroix’ haute couture spring-summer collection show in Paris on Tuesday.

Among the cheering guests in the front row were a few members of the Falic family, who have reportedly paid nearly $40 million for the label.

"It's his last collection for LVMH, but technically it's his first for us," said company boss Simon Falic, chairman of the Falic Group. "We love Lacroix. He is the diamond in our company – he will be our Dior."

The deal covers all of the Lacroix company activities, including the haute couture and the ready-to-wear businesses. According to Leon Falic, president of Falic Group, the couture division, which provides exclusive outfits to clients ranging from New York businesswomen to the Saudi Arabian royal family, will be preserved.

"Haute couture is going to stay, it's the backbone of the brand," Falic told Fashion Wire Daily.

"We will never hurt that level but we want to expand on the product line, because we feel that there is so much more that can be done with such a great name and such a great brand, and a great designer."

Bernard Arnualt, the head of the world's leading luxury goods company, launched the Lacroix fashion house in 1987, but it proved to be a loss-maker in every year since, and, as LVMH spokeswoman Florence Scheller told AP, LVMH chose to concentrate on “its star brands which have the most growth potential."

Lacroix expects to stage his next ready-to-wear show in March as scheduled.

"It's just a tag that is changing, I think the inside of the house will not change," the designer told reporters after the show.

"I like question marks. I think it is happening in all the houses, because this is a very exciting time for redefining luxury, a new approach to fashion."