“I could not be happier with this acquisition as The Estée Lauder Companies is the ideal home for the brand,” the prominent designer shared in a statement
Estée Lauder Companies fronted the luxury industry headlines as they officially acquired TOM FORD for a deal valued at $2.8 billion. The newly-signed agreement named the beauty giant as the sole owner of the brand with the plan to render its ready-to-wear category under the license of the Ermenegildo Zegna Group.
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Meanwhile, Tom Ford, the prominent designer behind his eponymous label, is confirmed to stay with the brand as a creative visionary until the end of 2023. Alongside is Chairman Domenico De Sole who will serve as a consultant in the same period.
“I could not be happier with this acquisition as The Estée Lauder Companies is the ideal home for the brand. 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,” Ford wrote in a press release. The designer also praised Ermenegildo Zegna and Marcolin as his longtime partners. “With their full commitment, I trust they will continue the brand’s future as a luxury company that strives to produce only the highest quality fashion and eyewear.”
Aside from its retail line, the acquisition is influenced by the strength of Tom Ford Beauty, including its line of fragrance, cosmetics, and skincare, with which Estée Lauder has had a longstanding licensing agreement. A notable mention is the brand’s luxury fragrances, with “Black Orchid” and “Tuscan Leather” as a leader of its best-selling list.
“We are incredibly proud of the success Tom Ford Beauty has achieved in luxury fragrance and makeup, and its dedication to creating desirable, high-quality products for discerning consumers around the world,” ELC President and Chief Executive Officer Fabrizio Freda said in a press release. Freda also expressed the company’s plans to fortify the growth of the brand. “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.”
Estée Lauder Companies continues to lead the luxury beauty game for this year. Prior to its recent acquisition, the brand also announced its partnership with Balmain for the release of its beauty line.
Featured Image from TOM FORD by ADAM KATZ SINDING (via Instagram)
