Estee Lauder closes in on £2.4bn takeover of fashion house Tom Ford
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US cosmetics giant Estee Lauder joins acquisition of designer fashion house Tom Ford for £2.4 billion
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Estee Lauder is closing in on a £2.4 billion takeover from Tom Ford.
The American beauty business is reportedly in exclusive talks with the designer fashion house and a deal is expected as early as this week.
Sources familiar with the deal told the Financial Times that Estee Lauder would take over both Tom Ford’s beauty range and clothing business, an area in which it has relatively little experience.
Dazzling: Ana de Armas in a recent Estee Lauder ad. The American beauty business is reportedly in exclusive talks with designer fashion house Tom Ford
The £70bn cosmetics group already owns the license to Tom Ford Beauty, a fragrance and make-up line Ford co-created with Estee Lauder and launched in 2011.
It would be Estee Lauder’s largest acquisition and the group MAC, Clinique and Aveda has beaten a number of rivals, including Gucci owner Kering, to Tom Ford.
The closure would underline the resilience of the luxury cosmetics and clothing sector, where wealthy shoppers have brushed off the rising cost of living.
Founded by fashion designer Tom Ford in 2005, the luxury brand is known for its menswear but also counts womenswear, handbags, cosmetics and perfumes as part of its product line.
The beauty range is believed to have performed particularly well in China, an important growth market for both companies