Kering ( OTCPK:PPRUY ), the owner of such luxury brands as Balenciaga, Gucci, and Yves Saint Laurent, is in talks to acquire Tom Ford, according to the Wall Street Journal.
Citing people familiar with the matter, the Journal said that Kering is closing in on the acquisition, beating out rivals like Estée Lauder. While the report clarified that the deal is not finalized and there could be a shift, but that Kering is the clear frontrunner at the moment. Estee Lauder ( NYSE: EL ) was previously considered the leading party, being rumored to acquire the brand for $3B in August .
Read more on the French luxury conglomerate’s recently severed relationship with Kanye West .
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Kering in talks to acquire Tom Ford, outcompeting Estee Lauder - WSJ