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Estee Lauder buys Tom Ford in a deal worth $2.8 billion




Estee Lauder Cos. is buying luxury powerhouse Tom Ford in a deal worth $2.8 billion, marking the beauty company’s largest acquisition to date.

As part of the agreement announced on Tuesday, Ermenegildo Zegna Group and Marcolin SpA will enter into long-term license agreements for Tom Ford fashion and Tom Ford eyewear respectively.

While Estee Lauder said the deal values ​​the total enterprise at $2.8 billion, the New York-based beauty company is expected to pay about $2.3 billion, following a $250 million payment from Italian eyewear maker Marcolin SpA.

The purchase, subject to regulatory approvals, is expected to close in the first half of 2023.

Under the agreement, Tom Ford, founder and CEO of Tom Ford International, will remain the brand̵[ads1]7;s creative visionary until the end of 2023. Domenico De Sole, chairman of Tom Ford International, will continue as a consultant for the same period.

Estee Lauder introduced its Tom Ford Beauty line in 2006. In Estee Lauder’s fiscal year ended June 30, the brand’s net sales grew nearly 25% compared to the previous year. The beauty company said that over the next few years, it expects the beauty line to generate net sales of $1 billion.

“This strategic acquisition will unlock new opportunities and strengthen our growth plans for Tom Ford Beauty,” Fabrizio Freda, president and CEO of Estee Lauder, said in a statement. “It will also help further drive our momentum in the promising luxury beauty category over the long term, while reaffirming our commitment to being the leading pure player in global prestige beauty.”

Estee Lauder said it aims to finance the acquisition through a combination of cash, debt and $300 million in deferred payments to sellers due starting in July 2025.



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