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.
FILE - Tom Ford attends the CFDA Fashion Awards at The Pool and The Grill on Nov. 10, 2021, in New York. Estee Lauder is acquiring luxury powerhouse Tom Ford in a deal valued at $2.8 billion in a deal announced Tuesday, Nov. 15, 2022.
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.
“This strategic acquisition will unlock new opportunities and fortify our growth plans for Tom Ford Beauty,” said Fabrizio Freda, president and CEO of Estee Lauder in a statement. “It will also further help to propel our momentum in the promising category of luxury beauty for the long-term, while reaffirming our commitment to being the leading pure player in global prestige beauty.”
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