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Estee Lauder Companies Inc. announced on Tuesday, Nov. 15, that it has officially acquired Tom Ford SA for $2.8 billion. This will be its biggest acquisition to date.
Estee Lauder expects this deal to help the company build up its line of luxury offerings to customers, especially at this time when the demand for upscale apparel and accessories continues to be resilient even in the face of record inflation situation in the United States.
According to Reuters, the American cosmetics and skin care company’s stock dropped 17% at a close on Tuesday since the talks of the Tom Ford deal were reported in August. The New York City-headquartered luxury fashion label entered into negotiations with Estee Lauder just last week after defeating other companies that also bid for the sale, including Kering SA, which owns the Gucci brand.
Tom Ford was founded in 2005, and it is known for its high-end line of menswear. The store also offers women’s apparel, bags, perfumes, and cosmetics. The agreement is the latest in the list of Estee Lauder’s new acquisitions, with some recent purchases such as full stake control worth $1 billion in Deciem, which owns the Ordinary skincare.
“As an owned brand, this strategic acquisition will unlock new opportunities and fortify our growth plans for TOM FORD BEAUTY,” The Estee Lauder president and chief executive officer, Fabrizio Freda, said in a press release. “It will also further help to propel our momentum in the promising category of luxury beauty for the long-term while reaffirming our commitment to being the leading pure player in global prestige beauty.”
Under the deal, Tom Ford International’s founder and CEO, Tom Ford, will continue to be the label’s creative visionary until the end of 2023. Its chairman, Domenico De Sole, will also stay as a consultant for the same period.
“I could not be happier with this acquisition as The Estée Lauder Companies is the ideal home for the brand.” Tom Ford said in the release. “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 of the TOM FORD brand.”
