It’s official: The Estée Lauder Cos. is the new owner of Tom Ford, marking the beauty giant’s first venture into the fashion world and its biggest deal ever.
Under the agreement, Tom Ford, founder and chief executive officer of Tom Ford, will continue to serve as the brand’s creative visionary after closing and through the end of calendar 2023. Domenico De Sole, chairman of Tom Ford International, will stay on as a consultant through that period, too.
For its part in the deal, Ermenegildo “Gildo” Zegna, CEO of Ermenegildo Zegna Group, which owns Thom Browne, described Tom Ford as one of the most “iconic and distinctive ultra-luxury brands in the world” and said this next step together perfectly aligns with its strategy. “We have been partners and shareholders of the Tom Ford fashion business since its inception and I have worked with Tom for many years and consider him an esteemed friend,” he added.
But not all parts of the beauty arm have been performing equally well. Lauder revealed earlier this month in its first-quarter fiscal-year earnings that Tom Ford Beauty makeup was negatively impacted by the decline in retail traffic and travel due to the COVID-19-related restrictions, but on the positive side, Tom Ford Beauty fragrance net sales grew by strong double digits, powered by launches such as Noir Extreme Parfum and Ébène Fumé.
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