The head of Italian fashion-to-media holding company HdP on Thursday said he expects to make a decision on the sale of sportswear unit Fila before the end of the year.

The company has been looking to sell its loss-making fashion businesses to focus on more profitable media holdings with US clothing giant VF Corp being among several firms said to be potential buyers.

However, the speculation could soon be at an end after HdP chief executive Maurizio Romiti told shareholders: "Negotiations are continuing with a counter party. By the end of the year we will know if Fila will be sold or not."

He said if the latter proved the case then there is "a plan ready to relaunch the group and stop the continuing losses".