French luxury group Kering is in advanced discussions to buy fashion brand Tom Ford, the Wall Street Journal reported Thursday, citing people familiar with the matter.
The Gucci owner has been competing to buy the luxury brand, founded by designer Tom Ford in 2005, with rivals such as Estée Lauder. However, Kering appears to be the favorite and a deal could be reached soon, the Wall Street Journal adds.
According to the Wall Street Journal, the unnamed sources cautioned that there was no guarantee of a deal and that another party could still prevail.
Kering declined to comment on the matter.
In early August, the Wall Street Journal reported that the owner of the MAC brand was in talks to buy Tom Ford in a $3 billion deal, which could have been the company’s biggest acquisition ever.
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Featured photo : © ROMUALD MEIGNEUX/SIPA
