In a terse press release on its website, Estée Lauder Companies announced on 28 April that the acquisition of Tom Ford had been completed and that ELC was now the sole owner of the brand and its intellectual property.
The total value of the deal was settled on 20222, at a total of $2.8 billion, and as 'Next in Beauty' reported then, $2.25 billion had been paid by Estée Lauder, while the remaining amount was financed through an IOU company. 250 million was provided by the Marcolin Group, under an agreement to remain the owner of the Tom Ford eyewear license.
As the fashion news portal notes, the entire management of the Tom Ford house has been restructured, with Guillaume Jesel as the new president and chief executive of the house, replacing Domenico De Sole, and Peter Hawkings as its new creative director.