Ted Baker has begun a formal sale process after confirming it has received a number of bids from Sycamore Partners Management and another third-party company.

The global lifestyle brand said that it had received two unsolicited proposals from Sycamore, but both were rejected as the company felt the offer “significantly undervalued” the business.

But it confirmed it has had an improved proposal from Sycamore.

The company also received another bid interest after Sycamore announced a possible offer.

“The Board believes the business is well positioned to create significant value for shareholders,” said the company in a statement. “Ted Baker is a leading global lifestyle brand and the Company continues to make good progress with its transformation.”

Last month the brand launched a custom-tailored online store as part of its digital-first strategy and plan to expand its international footprint.

The new store is built on a multi-storefront headless solution by BigCommerce, the Open SaaS e-commerce platform.

Ted Baker said that it intends to conduct a targeted process and focused on those parties who “understand and value the full potential” of the brand.

The first phase of the process is expected to be based on public information only.

Ted Baker said it is currently expected that a select number of parties will be invited to participate in a second phase.

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