Estée Lauder Companies Inc. has made it official, announcing it's buying the Tom Ford brand and all its intellection property in a deal valued at $2.8 billion.
"Under the stewardship of ELC, the purchase of the Tom Ford brand and the extension of its current licensing partners will allow for continuity and the further evolution of the Tom Ford brand as one of the preeminent global luxury brands of the twenty-first century," the company said, in a statement.
"I could not be happier with this acquisition, as The Estée Lauder Companies is the ideal home for the brand," Tom Ford said, in a statement. "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."
Ford, the man, will stay on — at least "through the end of calendar 2023," per Estée Lauder. His longtime business partner, Domenico De Sole, "will stay on as a consultant until that same time." The deal also won't affect Tom Ford's two big licensing partners, Ermenegildo Zegna and Marcolin : Estée Lauder said these relationships will not only continue, but be "extended," with Zegna "acquiring operations of the Tom Ford fashion business necessary to perform its obligations as licensee."
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