Luxury goods companies, LVMH and Oroton, are both eyeing clothing and footwear label, R.M Williams, as the owner, Ken Cowley, considers selling the company, reports the Australian Financial Review.

R.M Williams, which was founded more than 80 years by Murray Williams, confirmed on Tuesday to the newspaper it was currently exploring “external growth and expansion plans”.

“To ensure the future development of R.M Williams domestically and internationally, Mr Cowley is now assessing external commercial growth and expansion plans,” the company said.

“At the forefront of this assessment is a commitment to the security of R.M Williams employees and stakeholders and the continued integrity of the R.M Williams product range.”

It is believed Cowley, who took control of the company in 1994 alongside Seven Group chairman Kerry Stokes and then became the sole owner in 2003, is now in talks with the potential buyers and is seeking offers of around $100 million, those some sources report it is more likely around $50million.

LVMH owns several high end brands including Chirstian Dior, Givenchy, Marc Jacobs, and Louis Vuittion. Myer is also believed to have been approached to acquire the iconic business.

R.M Williams has more than 50 stores in Australia, two in London and New York, and is stocked by more than 900 retailers across 15 countries.