Reliance Retail Limited, FSN E-Commerce Ventures Limited (NSEI:NYKAA) (Nykaa), Aditya Birla Fashion and Retail Limited (BSE:535755) and Trent Limited (BSE:500251), as well as private equity investors such as TPG Capital, L.P. and Advent International Corporation, have shown interest in buying TA Associates Management, L.P.'s 29.24% stake in TCNS Clothing Co. Limited (NSEI:TCNSBRANDS), the owner of women's wear brands W and Aurelia, two people aware of the development said. The talks may also see the promoters of the company sell all or a part of their 32% stake, they added, requesting anonymity.

Investment bank Avendus Capital is advising private equity firm TA Associates on the stake sale. "Both strategic and PE investors are looking at TA Associates' stake. The promoters are also likely to sell their stake, but they will prefer to sell to a strategic investor if the valuation offered is attractive, else they may consider continuing with another new private equity investor," one of the two people said.

Mails sent to spokespeople for Reliance Retail, Trent, Nykaa and Aditya Birla Fashion and Retail, too, went unanswered. Spokespeople for TPG Capital and Advent declined to comment.