Italian fashion house Versace plans to accept outside investments to fund expansion in overseas market such as Asia.
According to its chief executive, the family owned business is willing to give up some control to be able to catch up with its rivals.
The prospect of an imminent sale was raised when it hired investment banks Goldman Sachs and Intesa Sanpaolo's Banca Imi as advisers in May last year.
No deadline has been set for any deal as concerns over the valuation and control of the company have delayed progress, sources said. And while the company is not yet talking to potential investors, a stock market listing could be an option.
On the basis of its 2012 core earnings, Versace's worth has been estimated at more than $888 million at current valuations for luxury companies of around 15 times EBITDA.
Versace has 93 stores worldwide, with total sales rising 20 percent to $526 million last year, which is above the industry average.
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