The deadline for shareholders in clothing and shoe retailer Colorado Group Ltd to accept a takeover offer from Affinity Equity Partners has been extended to October 18.

Previously shareholders in Colorado, which owns Diana Ferrari and JAG, had until Friday to accept the $4.70 cash per share bid, made by Affinity's privately-owned Australian operations ARH Investments.

Affinity currently holds about 72 per cent of Colorado.

Colorado shares closed Friday's trade down four cents at $4.19.