The deal is yet to be finalised and could still fall apart according to Reuters, which cited three sources familiar with the process.
It said the company had hired investment banks Centerview Partners and Perella Weinberg earlier this year to sell Lucky and its Juicy Couture label amid a focus on the fast-growing Kate Spade brand.
Earlier this year Lucky said it expected to generate adjusted EBITDA of between $50m and $55m in 2013. The business had 177 full-priced stores and 47 discount outlets at the turn of the year.
Advent is looking for deals so it can put into action the mammoth €8.5bn it raised in November 2012.
GPE VII will focus primarily on developed US and European markets according to the firm, which was originally targeting €7bn when it officially launched the fund in February of the same year.
It said the fund had been heavily subscribed by existing LPs as well as picking up commitments from new investors.
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