Estée Lauder is buying Tom Ford in a deal worth $2.8 billion | CNN Business

Two of the world’s top luxury icons are deepening their relationship

. In a landmark deal announced Tuesday, Estée Lauder Companies\n \n said it was acquiring its longtime partner Tom Ford. The agreement values the American fashion and beauty label at $2.8 billion and will be paid through a combination of cash, debt, and deferred payments that will be due in 2025. The deal is expected to close in the first half of next year, pending regulatory approvals.

Zegna, the Italian luxury house, will expand its current arrangement “to include a long-term license for all men’s and women’s fashion, as well as accessories and underwear,” they added. Marcolin will continue making sunglasses and optical frames with the Tom Ford brand. Tom Ford and Estée Lauder have been partners for more than 15 years, launching the Tom Ford Beauty brand together in 2006.

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