After weeks of rumors and discussions, the Estée Lauder Group has finally bought the House of Tom Ford for $2.3 billion, an amount that includes cash and debt. This new purchase puts the emphasis on beauty, before fashion.
The American fashion and beauty house, valued at 2.8 billion dollars, was finally bought for 2.3 billion by the Estée Lauder group. Tom Ford, the founder, CEO and main shareholder of the eponymous House will keep his position as creative director until the end of 2023. Domenico De Sole, president of Tom Ford International, will remain as a consultant until the same date.
“I couldn’t be happier with this acquisition, as The Estée Lauder Companies is the perfect home for the brand,” the designer said in a statement. “They have been an extraordinary partner from day one of my founding the company, and I am thrilled to have them become the stewards of luxury in this new chapter of the Tom Ford brand.”
Estée Lauder, now head of the American company, will outsource fashion and accessories, to companies like Ermenegildo Zegna NV (fashion), or Marcolin (eyewear), already licensed.
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