Estée Lauder bought Tom Ford's clothing and cosmetics brand
The 61-year-old fashion designer will remain at the helm of the eponymous brand at least until the end of 2023.
The American company Estée Lauder Cos. is now the owner of all Tom Ford clothing models and collections. As well as its cosmetics line Tom Ford Beauty and a line of accessories such as sunglasses. It's the first and largest deal worth $2.8 billion for Estée Lauder in the clothing design and manufacturing industry. The company beat out French luxury brand group Kering in the trade for Tom Ford.
According to the agreement between the parties, the founder and CEO of the brand Tom Ford will continue to develop the collections until the end of 2023. Domenico De Sol, Tom Ford's president of international contacts, will be acting as a consultant during this period of time.