British textile giant Coats Plc has put its Jaeger women’s fashion label up for sale and is also looking to sell its Viyella fashion unit, it was reported on Wednesday.

According to The Guardian, the company has appointed the investment banking arm of HSBC to conduct an auction for the two labels and says analysts expect them to be sold to trade buyer for a combined £50 million.

The paper adds it is unlikely the proceeds will be given to shareholders but instead used to boost its position in the worldwide threads market.