A float of clothing retailer Kathmandu is reportedly expected before Christmas.

The Independent weekly business newspaper today said it understood Kathmandu's owners, Goldman Sachs JBWere and Australia's Quadrant Private Equity, were likely to sell at least 75 per cent of the firm. They were seeking a valuation of about $450 million.

Lead managers of the float - Goldman Sachs JBWere and Macquarie - were sounding out investors on demand and pricing here and in Australia.

At least three-quarters of the shares were likely to be sold in Australia where listed companies typically attracted higher valuations and shares were being offered extensively through retail investment networks, The Independent said.

Kathmandu has 84 stores, of which 45 are in Australia and 32 in this country.