Whistles boss Jane Shepherdson is in talks with prospective investors about a sale of part or all of the business, according to reports.
KPMG is overseeing the process and has contacted a number of investors with financial information about the high street chain, Sky News understands.
The management team, including Shepherdson, own a substantial part of the business. It is not known what size of stake is up for sale.
Whistles’ sales grew 11% to £62.9m for the year to January 31, but the business made a pre-tax loss of £2.4m after swallowing the cost of launching menswear, expanding in the US and replatforming its website.
Now just over a year old, the menswear collection is said to be performing well, although no sales figures have been released to date.
Whistles trades from about 50 stores in the UK and Ireland and more than 75 concessions, including in Harrods and Selfridges.