Fashion and lifestyle designer, Tom Ford has officially joined the billionaire gang after selling his brand to beauty giant, Estée Lauder. With thi
Fashion and lifestyle designer, Tom Ford has officially joined the billionaire gang after selling his brand to beauty giant, Estée Lauder.
With this purchase, Estée Lauder is now the sole owner of the Tom Ford brand and all its intellectual property.
The company already had a deal with Tom Ford Beauty, but will now keep the license past its original 2030 expiration and will no longer have to pay royalty payments.
Tom Ford Beauty achieved nearly 25% net sales growth at the end of Estée Lauder’s fiscal year in June 2022, as compared with the prior year.
Estée Lauder expects the brand to rake in $1 billion in net sales, according to the news release.
As for the newly acquired fashion house, Ford will continue to serve as the creative head of the brand through 2023.
Chairman of Tom Ford International, Domenico De Sole will also stay on as a consultant through 2023.
61 year old Ford’s net worth is also made up of two homes – in Los Angeles and New York City – worth a collective $65 million, according to Forbes, and his total net worth is now estimated to be $1.2 billion