When thinking of Estée Lauder, your mind immediately turns to all things in the beauty sphere – whether it’s makeup, skincare, fragrance or hair care products. Now, the multinational cosmetics company is making a foray into fashion following its acquisition of the Tom Ford label.
The conglomerate has announced it had agreed to buy the Tom Ford company in a deal that totalled $2.8 billion – a deal that is considered the largest in the luxury industry this year – and was driven mainly by the strength of Tom Ford’s beauty business which includes some of the industry’s renowned scents including Black Orchid and Tuscan Leather. The deal also brings apparel to Estée Lauder.
“We are incredibly proud of the success Tom Ford Beauty has achieved in luxury fragrance and makeup and its dedication to creating desirable, high-quality products for discerning consumers around the world,” said Fabrizio Freda, the chief executive officer of Estée Lauder. He added the deal would further his company’s growth in “luxury beauty for the long-term.”
The acquisition, still subject to regulatory approvals, is expected to close in the first half of 2023 and whilst Tom Ford will stay on with brand as Creative Head through the end of 2023, his role beyond that is not yet clear.
Stay tuned for more updates.