Estee Lauder agrees to buy Tom Ford brand for $2.3 bn

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AFP

New York (AFP) – Luxury beauty brand Estee Lauder said in a statement Tuesday it had agreed to buy designer Tom Ford’s company for $2.3 billion.  The deal, which values Ford’s business at $2.8 billion, will see the US fashion superstar remain in his position as creative director until the end of next year, the statement said.  Bringing the brand under the “stewardship” of Estee Lauder Companies (ELC) “will allow for continuity and the further evolution of the Tom Ford brand as one of the preeminent global luxury brands of the twenty-first century,” New York-based ELC said in its statement. The…

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