Both Cult Beauty and Feelunique are said to be working with advisors on the sales process, with low valuations of hundreds of millions of pounds after having capitalized on strong demand for beauty over the past year, according to bank sources.

Following the purchase of failed Arcadia’s brand Topshop, Topman, Miss Selfridge, and HIIT brands for £330MM in February, Sky News reported fashion e-commerce giant Asos is exploring potential bids for Feelunique and Cult Beauty. The fashion retailer has been expanding into beauty in recent years, and its half-year results last month revealed face and body product sales rose 114% in the period.

Sources have said that no formal bids have been made and no bid for either is guaranteed, but it’s said that ASOS would be interested in buying only one of the two beauty retailers. Other strategic players reported to be interested are The Hut Group (THG), who acquired Dermstore from Target Corp in a $350 million cash deal in January, and German-based rival Zalando.

It is understood that bids should be forthcoming for both businesses in the coming weeks.