Fashion house BCBG Max Azria Group Inc. is set to launch company sale that would draw around $1 billion, according to sources familiar with the matter.

Declining to be named due to the privacy of the matter, people close to the sale said that Blackstone Group has been advising the group, which owns Herve Leger Lines, BCBGeneration and Max Azria, on the sale, which could attract interest from private equity companies or other fashion firms.

BCBG Max Azria Group Inc., whose fashionable clothing has been worn by popular celebrities such as Angelina Jolie and Beyonce, has been struggling since the economic downturn. It has been facing debt woes since the shutdown of Max Rave chain which it acquired in 2008.

As of 2012, Standard & Poor's said that the group was at risk of breaching financial covenant for a load reaching to $230 million held by Guggenheim Partners.