Paris Fashion Week is coming to a close, with only one more day of shows left on the schedule. From today’s penultimate spring 2012 collections, Karl Lagerfeld showed a white, light, and frothy line of underwater-inspired separates for Chanel (with conch shell clutches!); and Sarah Burton continued to evoke quintessential McQueen beauty with rich ruffles, florals, and lacy masks. Elsewhere, Valentino presented bright red in moderation amid the label’s signature sheer gowns — also lacy, and Manish Arora debuted big shoulders and bigger hats in his first collection for Paco Rabanne. See the full collections, plus Jean-Charles de Castelbajac, Hakaan, Paul & Joe, and more in our runway galleries.