Estee Lauder to buy Tom Ford in a deal valued at $2.8B

Estee Lauder is acquiring luxury powerhouse Tom Ford in a deal valued at $2.8 billion, marking the beauty firm’s biggest acquisition yet.

FILE - Tom Ford attends the CFDA Fashion Awards at The Pool and The Grill on Nov. 10, 2021, in New York. in a deal announced Tuesday, Nov. 15, 2022. The Estee Lauder Cos. is acquiring luxury powerhouse Tom Ford in a deal valued at $2.8 billion, marking the beauty firm’s biggest acquisition yet.

While Estee Lauder said the deal values the total enterprise at $2.8 billion, the New York-based beauty company is expected to pay roughly $2.3 billion, after a $250 million payment from Italian eyewear manufacturer Marcolin SpA.Under the agreement, Tom Ford, founder and CEO of Tom Ford International, will remain the brand’s creative visionary through the end of 2023. Domenico De Sole, chairman of Tom Ford International, will stay on as a consultant until that same time.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

ABC /  🏆 471. in US

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Estee Lauder to buy Tom Ford in a deal valued at $2.8BEstée Lauder is acquiring luxury powerhouse Tom Ford in a deal valued at $2.8 billion.
Read more »

Estée Lauder is buying Tom Ford in a deal worth $2.8 billion | CNN BusinessTwo of the world's top luxury icons are deepening their relationship.
Read more »

Cosmetics Company Estée Lauder Is Set to Acquire Tom FordThe beauty behemoth already owns (and helped start) Tom Ford Beauty.
Read more »

The Estée Lauder Cos. to Acquire Tom FordIt’s official: The Estée Lauder Cos. is the new owner of Tom Ford, marking the beauty giant’s first venture into the fashion world and its biggest deal ever.
Read more »

Estée Lauder Acquires Tom Ford in $2.8 Billion DealAfter months of speculation, Estée Lauder has confirmed it is the new owner of the Tom Ford brand, bringing its successful beauty licence in-house. Ermenegildo Zegna Group will produce the brand’s fashion.
Read more »

Cosmetics Company Estée Lauder Is Set to Acquire Tom Ford [Updated]UPDATE: It's now official, EsteeLauder has announced its acquisition of TOMFORD
Read more »