Specialty Fashion Group's largest institutional shareholder, Lazard Asset Management, is backing calls for an equity raising rather than a fire sale after knocking back an offer for its 13 per cent stake from a potential bidder.

It is understood that broker Wilsons approached Lazard on Thursday on behalf of a corporate buyer, offering to acquire its entire stake at the market price, but Lazard refused to sell. Wilsons confirmed it was buying, but not for a corporate.