U.S. private equity firm Carlyle Group is pushing ahead with the sale of Italian fashion brand Twinset, asking potential bidders to submit non-binding offers, two sources close to the matter said on Friday.

Carlyle, which picked Rothschild as financial adviser earlier this year, is aiming for a valuation of around 300-350 million euros, one of the sources said.

Teasers were recently sent out to potential investors, a second source added.

In January newspaper Il Sole 24 Ore reported that the brand was exploring a sale and that it could attract interest from Asian investment groups.

Carlyle bought 72% of Twinset in 2012 and raised its stake to 90% in 2015. In 2017 it gained full control of the brand by buying the remaining 10% stake from founder Simona Barbieri.

In 2020 Carlyle tried to sell the company, but the deal was put on hold due to the pandemic.

The brand, which is focused on womenswear with dresses selling for 130 euros upward, is struggling to return to pre-COVID revenue and profit levels.

Twinset posted a 2023 core profit of 34 million euros on revenue of just over 200 million, Il Sole 24 Ore reported.

Rothschild declined to comment. Carlyle did not reply to a request for comment.