Bally and Marquee Brands, a U.S. firm that owns several brands including the Italian shoemaker Bruno Magli, are competing to buy the Italian footwear brand Sergio Rossi from the investment fund Investindustrial, according to the financial information website Mergermarket.

According to the website, talks are at an advanced stage and a deal could be completed as soon as June or during the summer. Chanel considered making an offer for the luxury shoe brand before polling out of the race, it added.

Investindustrial bought Sergio Rossi from Kering in 2015. It hired the investment bank Rothschild to study the future strategy for the brand in which it has invested €100 million between the acquisition price and the recapitalization of the company, according to media reports.

According to the daily Il Sole 24 Ore, Sergio Rossi posted a net loss in 2020 after booking a €15.8 million loss in 2019. The company is aiming for breakeven this year, it added.