61-year-old Ford, who launched The Tom Ford Brand in 2005 and grew it into a luxury clothing and accessories powerhouse, sold his company Tuesday to Estée Lauder Companies (EL) in a deal valued at $2.8 billion.
The acquisition of Tom Ford Brands by Estée Lauder is expected to close in the first half of next year, pending regulatory approvals.
The deal will fully integrate Tom Ford Brands, which already has an ongoing a partnership with the cosmetics and skincare giant, into Estée Lauder’s diverse portfolio.
The two companies have been partners for more than 15 years after launching the Tom Ford Beauty brand together in 2006.
As a result of the sale, Ford now joins the ranks of global billionaires, according to Forbes, which estimates the designer, who owned nearly 64% of his company, will receive about $1.1 billion in cash from the sale after deducting estimated taxes.
Ford will stay on as the brand’s “creative visionary” after the deal closes and stay in that role through the end of 2023, according to the statement.
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