The deal could be officially announced in the coming days.
American cosmetics giant Estee Lauder has agreed to purchase luxury fashion house Tom Ford. The deal is expected to be $2.8 billion.
According to The Wall Street Journal, the deal could be officially announced in the coming days. If the agreement is signed, the purchase will become the largest in the history of Estee Lauder.
Estee Lauder began talks to take over Tom Ford in August 2022. Later it was reported that the purchase of the fashion house is also interested in the fashion giant Kering.
Estee Lauder is one of the largest players in perfumes, cosmetics and care products in the global market. The portfolio of the New York company includes brands of MAC, Clinique, La Mer, Aveda, Jo Malone, Aramis and Tom Ford. The company has been producing Tom Ford Beauty under a license agreement since 2005.
After the closing of the takeover of the fashion house Estee Lauder plans to keep the existing license agreements for the production of perfumes and cosmetics, as well as gain the right to create clothing and accessories.
15 NOVEMBER 2022, USA
Abercrombie & Fitch opens new flagship in London
Zara lauches pre-owned service in 14 countries
Swarovski opens sparkling and shining flagship store in Seoul
McDonald's to open 10,000 restaurants worldwide by 2027
John Lewis debuts first-ever second-hand fashion pop-up store
Pepe Jeans set to expand with 100+ new stores across India in next three years
10 Asian-origin fashion brands making waves in the US 
Ikea city store opens in Brighton with acquisition of Churchill Square 
Miniso marks the opening of 100th US Store at Florida Mall 
Tesco trials scan-free checkouts in London 
Campari opens Sala Gaspare underground bar next to Milan's Duomo