The acquisition of Tom Ford by Estée Lauder for $2.8 Billion is now a reality. It’s a done deal!
The conclusion was initially reported by the Wall Street Journal. New York-based Estée Lauder Cos. is the primary purchaser, and it will engage with other partners to learn the ins and outs of the premium apparel and accessories company. Business of Fashion estimated Tom Ford’s wealth close to $3 billion earlier this month.
Also, it was recently announced that Estée Lauder was in direct competition with Ford’s former employer, the French luxury firm Kering. Before launching the Tom Ford brand as Estée Lauder’s official beauty partner in 2005, Ford and his business partner Domenico De Sole split up in 2004. Now that they own Tom Ford, the company will see increased earnings as Tom Ford is a leader in the luxury cosmetics and fragrances markets.
It’s not clear if Tom Ford will remain the creative director of the Tom Ford brand.
