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TOKYO - Asian shares tumbled to nine-month lows on Thursday as slowing Chinese manufacturing activity exacerbated sentiment already unnerved by the U.S. Federal Reserve Chairman Ben Bernanke confirming the Fed would begin reducing its stimulus spending later this year.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Tom Ford Int'l seeks backers for expansion: report
SAN FRANCISCO |
SAN FRANCISCO (Reuters) - Tom Ford International, the luxury line from the former creative head of Gucci, is seeking funding to expand into women's apparel, according to a report from Thomson Reuters' private equity website peHUB.
Citing unnamed sources, peHUB reported that the design house, based in New York, was looking for an investment of $50 million or more. It said Credit Suisse was managing the process.
Tom Ford launched his company in 2004 after a successful turnaround effort at Italian luxury brand Gucci, owned by French retailer PPR. He served as creative director at Gucci and also at Yves Saint-Laurent after the company's acquisition of that brand.
The Tom Ford brand currently sells men's clothing and men's and women's eyewear and fragrances.
Representatives for Tom Ford and Credit Suisse could not be reached for comment.
The luxury goods market has been challenging in the global downturn, but experts believe shoppers are still willing to spend if products are unique and exclusive.
(Writing by Alexandria Sage at Reuters)
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