Christian Lacroix, the French couturier whose artistic and exuberant pouf dresses propelled him to fame in the 1980s, became the latest victim of the global financial crisis on Thursday when the fashion house bearing his name filed for court protection from creditors.

The voluntary petition, similar to Chapter 11 bankruptcy protection in the United States, was filed with the commercial court in Paris, which will decide whether to restructure or liquidate the company.

Although Lacroix’s chief executive, Nicolas Topiol, emphasized that the brand intended to continue operating during the process, the news brought an end to a luxury business model.

Founded in 1987 by Bernard Arnault, chairman and chief executive of LVMH Moët Hennessy Louis Vuitton, the concept was to start with haute couture, at the apex of the luxury pyramid, and develop from it a range of ready-to-wear apparel, accessories and fragrances. This was the system that had reaped mighty profits for established houses like Christian Dior and Chanel.