Apparel company Fifth & Pacific Cos Inc is in late-stage talks to sell its denim business Lucky Brand to private equity firm Advent International, according to three sources familiar with the process.

Fifth & Pacific could not be reached for comment. Advent declined to comment.

The company, formerly known as Liz Claiborne Inc, hired investment banks Centerview Partners and Perella Weinberg earlier this year to sell its Lucky and Juicy Couture labels as it looks to focus on its fast-growing kate spade brand.

Jos. A. Bank Clothiers Inc also took a look at Lucky, the sources said.

The sources, who declined to comment because the matter is not public, cautioned that a deal for Lucky is not finalized yet and may still fall apart.

During the first quarter, Lucky's net sales were $117 million, up 16.5 percent from the same period in 2012. It generated adjusted earnings before interest, taxes, depreciation and amortization of $5 million during that period.

In January, the company said it expects Lucky to generate adjusted EBITDA of $50 million to $55 million in full-year 2013.

At the end of 2012, Lucky had 177 full-priced stores and 47 outlet stores.