Mohamed al-Fayed, the former owner of Harrods is in the process of acquiring online retailer Cocosa.com
. The site is an invitation-only fashion store, offering exclusive sale events to its signed-up members.
Magazine and radio group Bauer Media is believed to be selling the business to Cocosa Lifestyle, a company set up by the Al Fayed Family Trusts.
Cocosa launched in 2008 and has more than 500,000 members. It sells luxury fashion and accessories from brands including Vivienne Westwood and Julien MacDonald, at discounted prices.
Press reports suggest Al-Fayed, who sold Harrods to Qatar Holdings for £1.5bn last year, will use Cocosa as a springboard to launch a new online retail empire.