ESTEE LAUDER TO BUY TOM FORD IN A $2.8 BILLION DEAL

Luxury cosmetics firm Estee Lauder will be buying designer fashion house Tom Ford in a deal worth $2.8bn (£2.4bn). The deal would be Estee Lauder’s biggest acquisition to date. The US beauty firm already licenses

Tom Ford fragrances and cosmetics and beat off competition from Gucci owner Kering SA to clinch the deal.

Tom Ford will remain in his current position as creative director until 2023, at least, the companies announced.