Huawei Launches Mate XT2 Foldable Phone in China 
Ingenia Rejects A$1.9 Billion Warburg Pincus Takeover Bid 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
SpaceX Turbine Push Unlikely to Threaten Howmet, Bernstein Says 
Oil Prices Rally as Brent Nears $100 on U.S.-Iran Escalation 
Norway Core Inflation Rises to 3% in August 
Brent Oil Tops $100 as Middle East Conflict Threatens Supply 
Brazil Court Suspends Sigma Lithium Mine Operations 
German Inflation Accelerates to 2.9% in August 
UK Food Inflation Forecast to Hit 6.4% by Mid-2027 
China Inflation Accelerates in August as CPI, PPI Rise 
Iraq Seeks 6 Million Bpd OPEC+ Oil Quota 
US Bans Canadian Alcohol, Motorcycles as Trade War Escalates 
Zara Owner Inditex Sales Rise 9% in August 
Amazon Prime Air Cargo Plane Crash Kills Five at Miami Airport 
South Korea GDP Surges on Chip and AI Boom 
Add as a preferred source on Google
The Estée Lauder Companies Inc. announced it is now the sole owner of the Tom Ford brand as it finally completed the acquisition process. The New York City-based cosmetic company is now the exclusive owner of the luxury fashion house’s intellectual property (IP) as well.
The deal values Tom Ford SA at $2.8 billion, and this was paid through various means - a combination of cash on hand, $250 million fund received from Marcolin S.p.A., and profits from the issuance of commercial paper. Estée Lauder paid around $2.25 billion at closing and has an additional aggregate amount of $300 million in deferred payments to the sellers which will be due starting July 2025.
With ELC taking over the company, coupled with its licenses with the Marcolin Group and Ermenegildo Zegna N.V., the Tom Ford brand can continue to grow and develop in the fashion industry. In any case, it was in November 2022 when Estée Lauder revealed it agreed to buy Tom Ford. The deal proceeded with the expectation that the brand would also bring the apparel business to ELC, which has been strictly focused on beauty for years.
The New York Times reported that it was the largest deal in the luxury space last year. The purchase comes as major brands set out to look for new growth drivers as business operations in China, which has been a haven for luxury brands, have become difficult due to pandemic restrictions.
At that time, The Estée Lauder Companies’ president and chief executive officer, Fabrizio Freda, said in a press release, “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.”
He added, “As an owned brand, this strategic acquisition will unlock new opportunities and fortify our growth plans for TOM FORD BEAUTY. 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.”
