Guararapes Confeccoes, the owner of fashion retailer Riachuelo, has selected Brazilian financial services company Banco Safra for potential stake divestiture, Bloomberg reported, citing sources.

The Rocha family holds a controlling stake in the company, and is said to have been exploring possible sale options, which could involve giving up control, according to the sources.

People familiar with the matter told the news agency that Arezzo Industria e Comercio as well as Grupo SBF have been approached in this regard.

Arezzo Industria e Comercio manufactures shoes, while Grupo SBF is sports food retailer.

Sources said that the two companies did not make any decision on the offer.

Other parties too may be tapped for the stake divesture, the sources said.  

In a statement to Bloomberg, Guararapes said it has not appointed any bank to negotiate the sale of its stake.

The company further told the news agency: “It is always attentive to market opportunities that bring value to shareholders, but there is no basis that there would be a change in the company’s control.”

However, Safra and Arezzo did not immediately respond to the requests for comment, while Grupo SBF declined to comment.

Established in 1956 by Nevaldo Rocha and his brother Newton, Guararapes is one of the largest fashion groups in Brazil.

Its retail chain of Riachuelo, Casa Riachuelo and Carter’s stores, with e-commerce and 373 locations are spread across Brazil. The company also has two manufacturing facilities for clothing and fabrics that are located in Natal-RN and Fortaleza-CE.