Authentic Brands Group (ABG), the parent company of brands including Reebok and Juicy Couture, is reportedly front runner in the race to take over British brand Ted Baker.
ABG is being advised by Bank of America on a £300m deal for the company, Sky News reports, citing unnamed sources.
The news comes after Ted Baker initiated a formal sale process in April after receiving a series of unsolicited offers.
Last week the company announced that it had selected a potential buyer. It didn’t say who the buyer is, but did confirm that New York-based private equity firm Sycamore has pulled out of the takeover bid.
Ted Baker on the mend
Ted Baker has endured a difficult period in recent years, which has seen the company’s stock price fall by more than 90 percent.
However, earlier this week the company said it had cut its pre-tax profit for the year to £44.1m from £107.7m a year earlier. In the same period, the company recorded an increase in sales of 20.5 percent to 428.2 million pounds sterling.
“While aware of the difficult macroeconomic environment, we are well positioned for growth", said CEO Rachel Osborne. “The positive response to our SS22 collection and the recent launch of our new digital platform, supported by our strong brand, our ‘Capital Light’ strategy and our well-established distribution channels give us confidence in the future of Ted Baker."
This translated post previously appeared on FashionUnited.uk.