E-Land Group plans to combine five women’s apparel brands from its fashion unit E-Land World in a new corporation that will then be sold along with EnC, another women’s apparel brand, industry sources said on Monday (November 23).

The company is currently distributing investment memorandum and plans to hold a preliminary round of bidding at the end of December.

However, some market insiders doubt the group will be able to offload multiple women’s apparel brands after its failed attempt to sell EnC. E-Land Group tried to broker a private deal for the sale of EnC with a prospective buyer in the first half of this year, but talks fell through due to large valuation gaps.

One of more than 20 apparel brands operated by E-Land World, EnC targets women in their 20s and 30s. It was launched almost 30 years ago, and has strong brand awareness among consumers of all ages.

The firm thinks it can sell Enc if it bundles up Mixxo, Roem, Eblin, Clovis and W9. Underwear brand Eblin has expanded its distribution channels to home-shopping and online sales. Clovis targets women in their 30s and 40s, while W9 targets middle-aged women.

E-Land World says this could be an opportunity to acquire many different women apparel brands with a variety of target customers, price ranges and characteristics in the one deal.

It will sell the new women’s apparel corporation along with a total stake in Enc. E-Land Group could participate in the deal as a subordinate investor, which could help the brands create synergies with stores and platforms owned by the group. (Reporting by Hye-ran Kim)