JSE-listed Woolworths on Friday failed to shed any further light on a possible transaction between Gresham Private Equity and its Australian subsidiary, Country Road.

Cape Town-based Woolworths holds a majority share in the Australian retail chain, which sells apparel and homeware in its own retail stores and through concessions in major Australian department stores.

Country Road is listed on the Australian Stock Exchange and operates in Australia and New Zealand.

"Country Road is aware of media speculation concerning a possible transaction with Gresham Private Equity in relation to the Witchery Group," Woolworths said.

"Discussions with Gresham Private Equity relate to proposals that are incomplete, confidential and nonbinding and there is no certainty that a transaction will take place."