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Noni B Limited (ASX:NBL) has revealed it is mulling offers from third parties interested in buying or taking a controlling stake in the company.

The fashion clothing retailer’s board has appointed a sub-committee to assess its alternatives and appointed TC Corporate as financial adviser to the sub-committee.

Noni B says the approaches are at a very preliminary stage and there can be no assurance any transaction will eventuate.

Shares in Noni B have dropped about 38 per cent this year and last traded at $0.39 before the announcement was released. 

Last week Noni B said its 40 per cent owners the Kindl family are considering alternatives for the company's capital structure.

Noni B reported a net profit of $1.89 million in the first half of the 2014 financial year.