Earlier this month, the fashion house admitted to falling into financial pressures due to an overall decline in sales. Although rumours of interested parties were buzzing around, things were looking pretty gloomy for once all-powerful British brand.
As for the saviour who has prevented the world from being Farhi-free? Step forward the daughter of Matalan founder John Hargreaves, Maxine Hargreaves-Evans, who has form she saved womenswear label Fenn Wright Manson in similar circumstances last year.
'I am delighted to announce that we have been able to acquire Nicole Farhi,' he told Retail-Week.com, hailing it as an 'iconic and much-loved' label.
Its yet to be confirmed whether the labels creative director, Joanna Skyes, who was recruited from Aquascutum last year, will stay on. Watch this space.