Estee Lauder to acquire Tom Ford for $2.8 billion
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Representatives of the American perfumery and cosmetics company Estee Lauder announced the signing of an agreement to buy the New York fashion house Tom Ford. The Estee Lauder Companies (ELC) will become the sole owner of the brand and its intellectual property in a $2.8 billion deal.
Tom Ford founder and CEO Tom Ford will become the creative face of the brand until the end of 2023, according to the terms of the deal. “The deal will expand Tom Ford’s longstanding relationship with Ermenegildo Zegna… The brand’s current license to Marcolin… will also be substantially extended,” reads a press release at site ELC.
That ELC is close to buying Tom Ford, The Wall Street Journal, citing sources informed yesterday, November 15th. ELC is one of the leading companies in the perfumery and cosmetics market. She has collaborated with Tom Ford since 2005 when she entered into a licensing agreement with the fashion house to develop the Tom Ford Beauty line.
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