Earlier this week, it was announced multinational cosmetics company Estée Lauder will be acquiring the Tom Ford fashion brand in a monster deal.
Before acquiring, Estée Lauder valued the Tom Ford brand at $2.8 billion which it will purchase for $2.3 billion. Tom Ford himself is expected to walk away with approximately $1.1 billion once the deal is finalized according to Forbes. The deal is expected to close in the first half of 2023.
Tom Ford said of the acquisition:
“I could not be happier with this acquisition as The Estée Lauder Companies is the ideal home for the brand. 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 who is 61 years old started the brand 17 years ago. Congratulations to Tom!