Estée Lauder is officially concluding its deal to acquire Tom Ford. The beauty conglomerate is expected to tap other partners to help with the fashion and accessories side.
The Wall Street Journal was first to report the completion of the deal. While New York-based Estée Lauder Cos. is the main buyer, they will involve additional partners to help the beauty brand to understand the workings to enter into the competitive luxury fashion and accessories space. Earlier this month, Business of Fashion reported that Tom Ford is worth around $3 billion USD.
It was also recently reported that Estée Lauder was competing with French luxury conglomerate Kering. Ford’s former employer. In 2004, Ford and his business partner Domenico De Sole parted ways and in 2005, the Tom Ford brand launched as Estée Lauder’s official beauty partner. Now, owning Tom Ford will drive greater profits for the group as Tom For sits on prestigious makeup and fragrance categories, growing 18% and 13% respectively during the second quarter of 2022.
It is unclear if this new deal will allow the Tom Ford brand to continue to expand into the womenswear collection and if Tom Ford himself will continue to be the brand’s creative director. Come into the beautiful world of Tom Ford.