The business is currently owned by private equity firm, Champ Ventures and founder, Lorna Jane Clarkson. Champ has a 40 per cent stake in the business.
The change of plan is reportedly the result of intense interest in the business by a number of US-based sporting companies.
Lorna Jane started life in Brisbane in 1989, and there are now more than 150 stores across Australia and the US.
According to the Australian Financial Review, an announcement of the company’s sale intentions will be made soon.
A sale would be expected to net the owners around $500 million, with profits sitting at $19.6 million in 2013.