The Paris commercial court placed French luxury label Christian Lacroix SNC in receivership on Tuesday, after the 22-year-old fashion house fell victim to the global recession, a company spokeswoman and a judicial official said.

The court set a six-month observation period and ordered the nomination of a court-appointed administrator, said a company spokeswoman, speaking on condition of anonymity in accordance with company policy. The judicial official confirmed the information, and also spoke on condition of anonymity in keeping with French court policy.

Last week, the brand founded by French designer Christian Lacroix said it had launched insolvency proceedings, blaming "the consequences of the global financial crisis which has sharply hurt the luxury goods industry." The company employs 125 people.