American sportswear brand Under Armour is reportedly in talks to take over French Connection's flagship London store on Oxford Street.
British retailer French Connection has been seeking a sale of the building as part of a turnaround plan, according to The Sunday Telegraph.
The troubled retailer has been under pressure from activist investors to change their corporate structure after five years of losses.
Gatemore, which owns 15 per cent of French Connection alongside OTK Holding and Zoar Invest, has previously warned in City A.M. that the central London store would need to be sold if cash reserves ran out.
The building had previously been offered for sale for £10m, but its price has now been slashed to £5m, it was reported yesterday. The lease is set to expire in 2025.
Athleisure retailer Under Armour is worth around $12bn (£9.5bn) but has yet to open a standalone store in the UK.
French Connection declined to comment.