Angelina Jolie

Angelina Jolie

Luxury knitwear company St. John is up for sale.

The luxury knitwear company - that is owned by equity firm Vestar Capital Partners since 1999 and was once represented by Angelina Jolie - is looking for a new owner but bosses are pleased with how everything's going.

Speaking to WWD, chief executive officer Glenn McMahon said: "We're in the process of turning the business around. This is a very significant business, and it's been a very methodical turnaround.

"This is an evolution and a transformation of the brand that we began in earnest four years ago, when I joined the company. We're pleased with the progress we're making."

The fashion house - fronted by former Chloe CEO, Ralph Toledano - has a history of shaking things up. Angelina, 36, was axed from her $12 million modeling deal with St. John in 2010.

Glenn McMahon reflected at the time that the 'Mr and Mrs Smith' star's personal life "overshadowed the brand", adding: "We wanted to make a clean break from actresses and steer away from blondes and cleanse the palette."

St. John regularly use well-known faces to promote their knitwear brand. Victoria's Secret Angel Gisele Bundchen fronted the Autumn/Winter 2005-6 campaign and Jack White's flame-haired ex-wife, British model Karen Elson, is currently the face of the brand.

St .John is thought to make around $400 million in annual profits.