Private equity firm L Catterton is selling 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.

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

Ganni said there is no sale the company could comment on. Lazard declined to comment and L Catterton did not immediately respond to a request 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 through 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 to expand internationally.