Kering Reportedly in Advanced Talks To Acquire Tom Ford
The French luxury conglomerate has said to be competing with Estée Lauder.
French luxury conglomerate Kering is said to be in advanced talks to acquire Tom Ford. The tailoring staple is being sought-after by the luxury giant that also owns Gucci, Saint Laurent and Balenciaga. According to the Wall Street Journal, Kering is up against beauty company Estée Lauder for the privately held menswear and beauty business. However, Kering appears to be the frontrunner.
Business of Fashion reports that Tom Ford has been shopping for a possible sale since this summer. Back in August, Estée Lauder was also reported to be in talks about buying the brand in a deal that valued the label at $3 billion USD.
Should Tom Ford be sold to Kering, it would be a full-circle moment for the founder and designer. Ford worked at Gucci in the 1990s and was a crucial player in the brand’s transformation. In the past quarter, Kering posted a year-over-year sales growth of 14%, driven by a booming consumer demand for Saint Laurent. However, Kerign’s post-pandemic performances have lagged behind competitor LVMH, which saw an increase in 22% in its fashion and leather goods in the same quarter. Tom Ford is not the first brand Kering has been eyeing an M&A opportunity. In 2018, it persued Versace and in the past, it has also reportedly explored deals with Prada and Moncler.
Kering has not yet commented on the potential Tom Ford acquisition.
In other fashion news, Jacquemus has announced a slew of surprise dates for the rest of the year.
