Tom Ford pockets £1.2bn in Estee Lauder deal


Tom Ford pockets £1.2bn after Estee Lauder snaps up his luxury brand in a £2.4bn deal

Tom Ford will bank £1.2billion after Estee Lauder snapped up his luxury brand in a £2.4billion deal.

The 61-year-old fashion designer owns a 64 per cent stake in the firm he set up in 2005. The deal includes a £1.9billion payment in cash, handing him £1.2billion.

Ford was previously creative director at Gucci and Yves Saint Laurent.

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He was credited with turning Gucci from an unadventurous family leather firm into the fashion powerhouse it is today.

Tom Ford menswear quickly proved a hit and it also makes women’s apparel, handbags, cosmetics and perfumes. 

Michelle Obama wore one of its dresses to a state dinner at Buckingham Palace.

Hailing a ‘transformational’ tie-up, 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 its vibrant future.’

Ford will stay as creative director until the end of next year.

Read more at DailyMail.co.uk