Bendigo CIU lead investigator Detective Senior Constable Regan Oxford said investigations are continuing and said "significant progress" has been made on identifying the offenders.

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Fire ravaged the Wills Street building on January 5, with the Frankie and Co shop and stockroom severely damaged.

Witnesses told police they heard glass breaking and saw two offenders pour an unknown substance in the window of the Wills Street store just before 12.30am on Tuesday morning.

The fire quickly engulfed the premises before the pair were seen running from the scene towards Mitchell Street.

No one was inside the building at the time of the fire and the blaze caused up to $300,000 damage to the building and contents.

Detectives have re-released CCTV footage and images of two people they believe are responsible for the fire.

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The first male is described as approximately 180cm tall, with a solid build and was wearing black pants, a black hooded top and black shoes.

The second male is described as approximately 170cm tall, with a thin build and was wearing black pants, a black hooded top, black shoes and a white backpack.

Detective Senior Constable Oxford said they are "very close" to identifying those responsible for the blaze.

"It's only a matter of time before we do," he said.

"It's likely that one of the offenders may have sustained burns to their upper body that may have required medical attention at the time and these burns are likely to have resulted in scarring to the upper body."

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"There are a number of exhibits we obtained from the crime scene that are still being forensically examined and we are confident we will get results from these soon."

Detective Senior Constable Oxford said police are now appealing for more information on the blaze.

"There has been a number of people that have come forward and provided us with information on the investigation," he said.

"We are appealing for more people now.

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"If those people are further information that they can provide or anyone else that knows anything in relation that, it's time to come forward."

Frankie and Co reopened at a new site in Bendigo back in May.

Frankie and Co director Paige Davies said the business was looking to the future with its new Bendigo store on High Street.

"I have the mindset that it's just onwards and upwards," she told The Bendigo Advertiser in May.

"I was really focused on being a mum and being a businesswoman, and just moving forward and opening this beautiful store."

Anyone with information to contact Crime Stoppers on 1800 333 000 or submit a confidential crime report at www.crimestoppersvic.com.au

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