Peter Saville, Fraser Gray and Anne O'Keefe, partners at Zolfo Cooper, have been appointed joint administrators to NF Fashion Ltd and NF Acquisitions Ltd, which together trade as upmarket British fashion label Nicole Farhi.

The collapse of the brand, which was founded by Farhi and her then-husband, French Connection boss Stephen Marks in 1982, puts more than 100 jobs at risk.

French Connection sold Nicole Farhi in 2010 and the company has since had two separate private equity owners. Kelso Place Asset Management promised to invest more than £15m in the business when it took over in January last year and vowed to turn it into a luxury brand.

Nicole Farhi operates five standalone stores and ten other concessions stands in department stores such as Harvey Nichols, House of Fraser and Selfridges. It employs 75 staff across its retail network and a further 44 at its London headquarters.

Peter Saville, joint administrator and Zolfo Cooper partner, said: 'Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business.'

Nicole Farhi will continue to trade while administrators try to find a buyer, and the stores will continue to accept gift vouchers and returned goods, although cash refunds will not be given.

Saville said: 'We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand. We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors.'