JP Morgan is reportedly set to auction US fashion label Tommy Hilfiger over the coming weeks, and is prepared to consider bids from both private equity and trade buyers.

The bank has past experience of fashion assets, and acted for French firm Pinault-Printemps-Redoute during its acquisition of stakes in Italian luxury goods group Gucci. The French firm came in as a white knight to Gucci when it was under threat of a takeover by luxury goods group LVMH.