Bidding has closed on buying Christian Lacroix

he fashion house went into administration in May - slashing its workforce from 124 to just 12 in a bid to cut costs - and potential buyers will be evaluated by a court in September to decide who will assume control of the label.

Favourites to take over are believed to be the Italian Borletti Group, whose last minute bid was being treated as "serious" by administrators. Financial assessors have already thrown out an "unsatisfactory" offer from French turnaround firm Bernard Krief Consultants, along with two bids of one euro.