Tom Ford pockets £1.2bn in Estee Lauder deal
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Tom Ford pockets £1.2bn after Estee Lauder acquires his luxury brand in £2.4bn deal
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Tom Ford will bank £1.2 billion after Estee Lauder snapped up his luxury brand in a £2.4 billion deal.
The 61-year-old fashion designer has a 64 percent stake in the company he founded in 2005. The deal includes a £1.9bn cash payment, netting him £1.2bn.
Ford previously served as creative director at Gucci and Yves Saint Laurent.
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He was credited with turning Gucci from an unadventurous learning company into the fashion powerhouse it is today.
Tom Ford menswear quickly proved a hit and also makes womenswear, handbags, cosmetics and perfumes.
Michelle Obama wore one of her dresses to a state dinner at Buckingham Palace.
Hailing a “transformational” partnership, Estee Lauder described Tom Ford as one of the “pre-eminent global luxury brands of the 21st century.”
The US beauty giant behind MAC, Clinique and Aveda fended off rivals including Gucci owner Kering with the deal.
Boss Fabrizio Freda said: “We are excited to build his vibrant future.”
Ford will remain creative director until the end of next year.