Private equity firm L Catterton is selling its Danish fashion brand Ganni in a deal that could fetch up to $700 million, two people with knowledge of the situation told Reuters.

The firm has hired boutique investment bank Lazard to run the sale process, which has attracted interest from Chinese buyers, they said.

Non-binding bids are due by July 25, one of the sources said.

Ganni’s financial numbers have not been disclosed but the sources said a deal could value the fashion house at $500 million to $700 million.

L Catterton, Ganni and Lazard did not immediately respond to requests for comment.

Founded in 2000, Ganni offers women’s ready-to-wear clothing and has established an international presence through its owned stores and more than 400 premium retailers in 20 countries.

It also sells via various digital retailers.

L Catterton, which focuses on the consumer sector globally, bought a majority stake in Ganni in 2017 and has since helped the brand expand internationally.

By Kane Wu in Hong Kong; Edited by Jason Neely

Read more about how Ganni went from a niche Danish label to a cult favourite in BoF’s case study: