London - High street fashion retailers Oasis, Warehouse, and Coast are reportedly being eyed up by Indian entrepreneur Ajay Khaitan.

Khaitan’s private equity firm, Emerisque Brands, is said to be in exclusive talks to take over the three fashion retailers from Icelandic bank Kaupthing for 60 million pounds according to a report from The Sunday Times.

Oasis, Warehouse, and Coast were first put up for sale last November by Kaupthing, which acquired the brands in 2009 from Mosaic Fashion. All three fashion chains have struggled with tough trading conditions as of late and increasing costs linked to rent and business rates.

At the moment the fashion retailers employ more than 5,000 members of staff across 750 stores and concessions. It remains unclear if their roles will be included in any deal. FashionUnited has reached our to Kaupthing for additional commentary