Estee Lauder to buy Tom Ford in a deal valued at $2.8B

Estée Lauder is acquiring luxury powerhouse Tom Ford in a deal valued at $2.8 billion.

Hobby Lobby founder and CEO David Green joined 'Varney & Co.,' Monday, to explain his decision to give away ownership of his company and, instead,"choose God."in a deal worth $2.8 billion, the company has announced.As part of the deal announced Tuesday, Ermenegildo Zegna Group and Marcolin S.p.A. will enter long-term license agreements for Tom Ford fashion and Tom Ford eyewear, respectively.

FILE PHOTO: Designer Tom Ford arrives at the In America: An Anthology of Fashion themed Met Gala at the Metropolitan Museum of Art in New York City, New York, U.S., May 2, 2022. REUTERS/Andrew Kelly While Estée Lauder said the deal values the total enterprise at $2.8 billion, the New York-based beauty company is expected to pay roughly $2.3 billion, after a $250 million payment from Italian eyewear manufacturer Marcolin SpA.In a joint statement with Estée Lauder, Tom Ford said, "I could not be happier with this acquisition".

Tom Ford himself will remain in his current position as creative director until 2023 at least, the companies announced. Domenico De Sole, chairman of Tom Ford International, will stay on as a consultant until that same time.Tom Ford fragrances and cosmeticsIn Estée Lauder’s fiscal year that ended June 30, the brand’s net sales grew nearly 25% compared to the prior year. The beauty company said that in the next few years it expects the beauty line to bring in net sales of $1 billion.

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