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




Luxury cosmetics company Estée Lauder is buying designer fashion house Tom Ford in a deal worth $2.8 billion, the company has announced.

The deal will be Estée Lauder’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.

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Estee Lauder buys Tom Ford in a deal worth .8 billion

FILE PHOTO: Designer Tom Ford arrives at the Met Gala themed In America: An Anthology of Fashion at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly (Reuters/Andrew Kelly/Reuters Photos)

While Estée Lauder said the deal values ​​the entire business 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.

ESTEE LAUDER IN TALKS TO BUY LUXURY BRAND TOM FORD

In a joint statement with Estée Lauder, Tom Ford said: “I couldn’t be more pleased with this acquisition”.

He said the Estée Lauder Companies had been “an extraordinary partner from the first day I created the company, and I am thrilled to see them become luxury stewards in this next chapter of the Tom Ford brand.”

Tom Ford himself will remain in his current position as creative director until at least 2023, the companies announced. Domenico De Sole, chairman of Tom Ford International, will continue as a consultant at the same time.

Estee Lauder cosmetics store

An Estée Lauder cosmetics counter is seen in Los Angeles, California, USA (Reuters/Lucy Nicholson/Reuters)

Since 2006, the American beauty company has licensed Tom Ford fragrances and cosmetics.

In Estée Lauder’s fiscal year ended June 30, the brand’s net sales grew nearly 25% compared to the prior year. The beauty company said that over the next few years, it expects the beauty line to generate net sales of $1 billion.

Estée Lauder said the acquisition would “unlock new opportunities”.

“This strategic acquisition will unlock new opportunities and strengthen our growth plans for Tom Ford Beauty,” Fabrizio Freda, president and CEO of Estée 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.”

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Estée 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.

The Associate Press contributed to this file.



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