He’s a great big spunk and he’s done a wonderful job of looking after his fashion house, but it seems even the biggest and spunkiest of fashion spunks need a bit of a break.
Tom Ford has announced the sale of his fashion and cosmetics house to Estée Lauder Companies in a deal valued at US$2.8 billion.
It is the biggest acquisition Estée Lauder Companies have made to date and it includes Tom Ford’s apparel, accessories, fragrance and eyewear businesses.
Tom Ford’s ready-to-wear, however, will be produced under license by the Ermenegildo Zegna Group.
Tom himself will step down as CEO and creative lead by the end of 2023.
“Estée Lauder Companies is the ideal home for the brand,” 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.”
Estée Lauder Companies is known for its quality makeup, skincare and perfume brands, including Estée Lauder, La Mer, MAC Cosmetics and Clinique. It also already owns the beauty licence to several luxury brands, including Tom Ford Beauty, which it launched in 2006.