Fashion According to the “Wall Street Journal”, the French company Kering was also in the running to buy the company from the American designer
A Tom Ford store in Hong Kong. — SOPA Images
The world of luxury is changing. The American cosmetics group Estée Lauder has announced Tuesday that he was going to buy the company of American designer Tom Ford for 2.3 billion dollars.
Tom Ford, 61, will remain the official designer until the end of 2023. of his company, valued at 2.8 billion dollars by the operation, specified in a press release. Estée Lauder, which hopes to close the operation in the first half of 2023.
A company launched in 2005
Originally from Texan, the designer launched his company in 2005 after being artistic director at Gucci and Yves Saint Laurent. Beyond from its luxury ready-to-wear collections, it has also brought his name at lines of beauty products, accessories and eyewear.
To be placed “Under Stewardship” d’Estée Lauder will allow “the continuity” and the evolution of the Tom Ford brand” as one of the world’s leading luxury brands, estimated; the company. Tom Ford Beauty’s perfumes and make-up products were already doing well. the object since the launch of the line in 2006 of a licensing agreement with Estée Lauder, which also owns MAC cosmetics, Clinique and La Mer facial care and Aveda products.
The group expects to what Tom Ford Beauty achieves in two years’ time; sell $1 billion worth of products per year; he is betting in particular on the success of his luxury perfumes in the United States and China.
Tom Ford is “delighted”
By getting his hands on Tom Ford, Estée Lauder acquires the property rights; intellectual on all its lines. The company will no longer have to pay royalties for Tom Ford Beauty and will be able to take advantage of new sources of revenue by granting licenses itself. The agreement notably provides for the extension and expansion of the license granted by Tom Ford to Ermenegildo Zegna for clothing, accessories and underwear lines. The license currently granted to Marcolin for Tom Ford glasses will also be extended.
Tom Ford for his part estimated Estée Lauder was “the perfect home” for the brand. “They have been an amazing partner since the inception of my company and I am delighted to see them becoming the luxurious stewards of this new chapter of the Tom Ford brand,” According to the Wall Street Journal, other groups were in the running to buy Tom Ford, including the French company Kering, which already owns the company. the brands Gucci, Saint Laurent or Balenciaga.