Several Arab bidders are said to in the running to purchase Ralph & Russo, which fell into administration in March, according to an Arabian Business report.

Final stage bidding for the label is reportedly taking place between a handful of potential buyers from the United Arab Emirates and Qatar.

“Ralph & Russo has a stellar global client list and it designs bespoke couture dresses for all of the main Middle Eastern royal families and ultra-high-net-worth individuals – so it is not surprising that much of the lead interest in acquiring the company is coming from the Middle East,” said an unnamed source close to the matter, quoted in the newspaper.

The buyout deal, which is likely to be announced in the next 24 hours, will almost certainly be clinched by an Arab buyer, the source added.

Ralph & Russo has two boutiques in the Middle East – in Dubai, UAE and Doha, Qatar.