BCBG Max Azria Group Inc, the fashion house to stars such as Beyonce and Angelina Jolie, is now expecting to sell at an amount nearing US$1 billion. Other assets of the fashion house include BCBGeneration, Max Azria and Herve Leger, with the Blackstone Group as its financial adviser.

The sale can attract interest from within the fashion industry or other private equity firms. Max Azria found the brand in 1989, using the acronym for the French phrase 'bon chic, bon genre' or 'good style, good attitude."

The company founded by the Tunisian born designer had been on the auction block before by UBS in 2010. It offers fashionable off the rack clothes at reasonable prices has been continuously wracked by financial issues since 2008. It had previously acquired a teen chain named Max Rave in 2008 but was forced to shut down the company because of the debt load it had to pay because of the purchase.