Spanish fashion online retailer Privalia has put its operations in Brazil up for sale, a source with knowledge of the matter said on Friday.
The source said the company wants to raise around 1 billion reais ($179 million) with the sale and has hired the investment banking unit of Itau Unibanco Holding SA.
Privalia and Itau did not immediately respond to requests for comment.
Privalia was preparing an initial public offering in Brazil, but gave up due to market conditions earlier this year. Brazilian newspaper Valor Economico reported the potential sale of the Brazilian operations earlier on Friday.
The company, founded in 2006 in Barcelona, has among its investors La Caixa Capital Risc, Nauta Capital, Highland Partners, General Atlantic, Insight Venture Partners, Index Venture and Sofina, according to its website.
Source: Reuters.com