Spanish retailer DIA is considering the sale of its chain of almost 1,000 perfume stores although it has not yet made a decision, a spokesperson told Reuters on Tuesday.

Online news website El Confidencial, citing unidentified sources, reported earlier that DIA was planning to sell the chain, which operates under the Clarel brand.

“Grupo DIA continuously evaluates various investment and divestment opportunities, at this date no decision has been made in the sense of the referred information,” a spokesperson said in an emailed response to Reuters.

DIA last month agreed to sell 235 stores to French privately-owned retailer Auchan for an undisclosed amount.

El Confidencial also said DIA had hired local investment bank Arcano. The bank did not immediately respond to a request for comment.

Luxembourg-based fund LetterOne, in which Russian tycoon Mikhail Fridman is a major shareholder, owns almost 78 percent of DIA, according to Refinitiv data.

LetterOne rescued DIA from the brink of insolvency in 2019, after the retailer’s market value fell by 90 percent in 2018 as it lost out to rising competition.

By Inti Landauro, Emma Pinedo and Christina Thykjaer; Editor: Kirsten Donovan

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