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Sports Direct owner Frasers Group is reported to be close to securing the purchase of Gieves & Hawkes, the historic Savile Row tailor.
Frasers Group is said to be in advanced talks to buy the 251-year-old firm, according to Sky News which first reported the news.
The retail giant, which was founded by Mike Ashley, emerged as a potential buyer of Gieves & Hawkes in September.
Frasers Group would not officially comment on the report.
Gieves & Hawkes, which has its HQ at Number 1 Savile Row in London – one of the world’s most famous fashion addresses – is one of the oldest bespoke tailoring companies.
But it has faced uncertainty ever since its Hong Kong-based owner collapsed into liquidation last year.
Sky News said the value of any deal was not known at this stage.
Retail billionaire Mike Ashley has been one of the High Street’s most prominent and colourful figures since founding his business 40 years ago.
Mr Ashley recently stepped down from the board of Frasers Group but remains the group’s controlling shareholder.
He had already handed over the running of the group to his son-in-law Michael Murray earlier this year.
Russ Mould, investment research director at AJ Bell, told the BBC’s Today programme that there were two reasons Gieves & Hawkes would be an attractive purchase for Frasers Group.
“Frasers, or Sports Direct as it was, has always loved a bargain,” he said.
“It’s bought lots of businesses out of liquidation or that have gone into financial difficulty – Evans, Jack Wills, Missguided – it looks to be doing the same now again with Gieves & Hawkes.
“Secondly, Frasers was developing under Mr Ashley, and now Michael Murray, a plan to go upmarket and let’s face it, a Savile row tailoring brand is pretty upmarket.”
Other troubled brands snapped up by Frasers Group in recent years include Game and Sofa.com.