Freemans is planning to launch a new clothing catalogue aimed at a more upmarket audience.
The company is understood to be talking to a number of different ad agencies about the new venture.
One source says the company may be raising its profile ahead of a flotation, which Sears claims will take place in under two years.
David Isaacs, marketing director of Freemans, says: “We are still in research at the moment. Whether we go ahead remains to be seen.”
In recent years, companies such as Next have been more dynamic in the catalogue sector and appealed to wealthier consumers.
In November, Littlewoods 367.5m bid to buy Sears-owned Freemans was blocked following recommendations by the Monopoly & Mergers Commission.
Freemans is talking to agencies about its 7m media planning and buying business.