Multinational cosmetic company Estée Lauder announced the buying of luxury fashion house Tom Ford for astonishing $2.8 billions. The news came out on Tuesday, when both designer and the company announced the largest luxury industry deal this year. The acquisition was driven by the strength of Tom Ford’s beauty business, which includes the well-known fragrances, cosmetics and skincare. This deal also brings a new adittion to the cosmetic company, Tom Ford apparel line, which is a cosmetic company first. Tom Ford will stay on with the brand through the end of 2023, though his role beyond that is not yet clear. Although Estée Lauder is buying the company, Zegna will continue producing and distributing men’s and women’s wear, as well as accessories, jewelry, children’s wear and home wares as Estée Lauder’s sole licensee.
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 of the Tom Ford brand. – Tom Ford
We are incredibly proud of the success Tom Ford Beauty has achieved in luxury fragrance and makeup and its dedication to creating desirable, high-quality products for discerning consumers around the world. – Fabrizio Freda, the chief executive officer of Estée Lauder
