Fashion holding group Finpart says it expects to close a deal to sell off its sportswear unit Pepper Industries within the next two weeks.

Finpart, which plans to sell the business for approximately €100 million, is still in discussions with investment group Mittel, asset management company Progressio, entrepreneur Remo Ruffini and Switzerland Vela Financial Holding.

Financial Holding currently has a 7.79 per cent stake in Finpart, while Finpart and Pepper Industries entered into a 12-year rent deal with Mittel Generali Investimenti in July last year which opened up potential for Mittel to take over Pepper.

Milan-based Finpart's divisions also include labels such as Andrea Pfister, Cerruti, and Maska.