Melissa Juried Kriebel
The American multinational cosmetics company Estée Lauder bought Tom Ford for $2.8 billion, making the renowned designer a billionaire. Announced Tuesday, Estée Lauder will pay $2.3billion while Marcolin Spa, the Italian eyewear manufacturer will pay $250 million. Part of this deal means the Ermenegildo Zegna Group will continue a license agreement for the fashion side of things, while Marcolin will continue producing eyewear.
Tom Ford produces some of the most desired sunglasses and eyeglasses that fashion has ever seen. There’s a retro touch to them. The Tom Ford FT5401, Tom Ford FT5355, and Tom Ford FT5507 frames are some of the most sought-after models. The FT0836 frames in optical and sunglasses are Elvis in shape, a must have for the desire. And it’s helpful to know the materials used are made to last.
“As an owned brand, this strategic acquisition will unlock new opportunities and fortify our growth plans for Tom Ford Beauty,” notes Fabrizio Freda, President and CEO for Estée Lauder Cos, in a statement.
Mr. Ford himself will stay on as creative lead until the end of 2023, but who knows his role after. More filmmaking? That would be amazing. Domenico De Sole, chairman of Tom Ford International will consult until the end of next year as well. This deal, Estée Lauder’s largest acquisition to date, will close sometime by Q2 of next year after the regulatory process has gone through.
At sixty-one, Tom Ford doesn’t look anywhere near it. He’s accomplished a lot in his life. From a small Texas town, he has embraced the American dream. Working as creative director for Gucci and Yves Saint Laurent before launching his own brand, he made a name for himself in fashion. He’s also a screenwriter and film director. A Single Man and Nocturnal Animals (starring Jake Gyllenhaal and Amy Adams) are his works of art too. In 2005 he launched his eponymous brand and it has morphed into a major player in the fashion industry with its men’s and women’s lines, and accessories. Their relationship isn’t new. It was a year later that Estée Lauder and Tom Ford began working together on the brand’s beauty side of things. He’s also the current chairman of the CFDA, which is coming to an end when designer Thom Browne will take the reins on January 1, 2023.
A next step for Tom Ford leaves us wondering what he will do next, after the end of 2023.