Leading luxury goods group LVMH Moet Hennessy Louis Vuitton SA has sold its Christian Lacroix designer clothing label to US retail company Falic Group for an unspecified sum.

The acquisition by duty-free stores operator Falic includes all of loss-making Lacroix's activities such as its haute couture and ready-to-wear divisions.

The move - which was hinted at earlier this month by French media reports - is part of LVMH's ongoing decision to sell off unprofitable and non-core businesses in order to concentrate on brands such as Louis Vuitton.

"This transaction is consistent with LVMH's stated strategy of focusing on those leading brands with the highest growth potential," LVMH said in a statement.

LVMH's president, Bernard Arnault, said he hoped that designer Christian Lacroix, who is expected to stay with the label that he helped establish in 1987, will continue to show his talent in an "original and creative" manner.

The Falic Group, which has annual sales of $620 million, plans to expand Lacroix by opening new store locations.