Fitness Retailer Sweaty Betty Is Said to Pursue Sale of Itself

Women’s activewear retailer Sweaty Betty is preparing to put itself on the block, according to people with knowledge of the matter.

The London-based company could fetch about 400 million pounds ($524 million) in a transaction, according to one of the people, who asked not to be identified because the deliberations are private. Potential suitors could include large retailers or a private equity firm, another of the people said.

One of the company’s largest backers is consumer-focused private equity firm L Catterton, which invested in Sweaty Betty in 2015. Sweaty Betty was founded by Tamara Hill-Norton and Simon Hill-Norton and ...