Estée Lauder Companies is planning to officially acquire Tom Ford, the billion-dollar-company for a total of $2.8 billion. Still pending approval, the deal is expected to enter legality in early 2023.
“Estée Lauder Companies is the ideal home for the brand,” Tom Ford said. “They have been an extraordinary partner from the first day of my creation of the company, and I am thrilled to see them become the luxury stewards in this next chapter.”
Here’s what Vogue had to say about the luxury fashion house’s acquisition: “Estée Lauder Companies seeks to build momentum in the ‘promising category of luxury beauty’. The brand’s ready-to-wear will be produced under license by Ermenegildo Zegna Group, which also owns Thom Browne. Ford, who founded his namesake brand in 2005, will continue to serve as the brand’s ‘creative visionary’ until the end of 2023. Chairman Domenico De Sole will stay on as a consultant during that period.”