U.K. Designer Ted Baker Invites Bids as Interest Builds (1)

Ted Baker Plcis starting a formal sale process seeking higher bids after private equity fund Sycamore Partners Management LP improved its offer for a second time.

The U.K. fashion designer said Monday it has received unsolicited third party bid interest, and it’s inviting Sycamore to join the process. The stock was up 12% as of 9:46 a.m. in London, giving the company a market value of about 264 million pounds ($346 million).

Chief Executive Officer Rachel Osborne has been seeking to revive Ted Baker by cutting debt and product markdowns, boosting online sales and refreshing the brand. The shares ...