China step up rural employment support policy

China released a guideline to bolster employment and entrepreneurship prospects of rural migrant workers, as well as rural residents that have newly shaken off poverty.

The country will ensure full implementation of supportive measures in this regard, such as deferring social insurance premium payments and providing social insurance subsidies for migrant workers, according to the guideline issued by five state organs including the Ministry of Human Resources and Social Security and the National Development and Reform Commission.

Such support will prioritize industries that are major recipients of migrant workers, including the construction, manufacturing and service industries, the guideline said.

While encouraging migrant workers to seek jobs near their homes, the guideline also said that the country would expedite the development of rural sectors with local features and promote work-relief programs.

It also called for efforts to strengthen employment monitoring of rural residents that have been lifted out of poverty, to tilt policy support toward those being relocated for the sake of poverty alleviation, and to scrap unnecessary restrictions for rural job seekers.

Luxury beauty brand Estee Lauder said in a statement Tuesday it had agreed to buy designer Tom Ford's company for $2.3 billion.

The deal, which values Ford's business at $2.8 billion, will see the US fashion superstar remain in his position as creative director until the end of next year, the statement said.

Bringing the brand under the "stewardship" of Estee Lauder Companies (ELC) "will allow for continuity and the further evolution of the Tom Ford brand as one of the preeminent global luxury brands of the twenty-first century," New Yorkbased ELC said in its statement.

The deal includes the Tom Ford Beauty cosmetics and fragrance collection, with which Estee Lauder already has a licensing agreement until 2030.

Estee Lauder also holds major brands such as MAC cosmetics, Clinique and La Mer facial products, and Aveda.

The group expects Tom Ford Beauty to hit sales of one billion dollars a year within two years, betting on the success of its luxury perfumes in the United States and China.

"We are incredibly proud of the success Tom Ford Beauty has achieved in luxury fragrance and makeup and its dedication to creating desirable, high-quality products for discerning consumers around the world," head of Estee Lauder Companies Fabrizio Freda said in the statement.

"This strategic acquisition will unlock new opportunities and fortify our growth plans for Tom Ford Beauty," he added.

The deal also includes licenses for the brand's men's and women's fashion lines, eyewear label and accessories and underwear divisions, according to the statement.

The purchase of Tom Ford will grant Estee Lauder intellectual property rights to all of its lines.

The company will no longer have to pay royalties for Tom Ford Beauty and will be able to take advantage of new revenue sources by granting its own licenses.

The agreement notably provides for the extension and expansion of the license granted by Tom Ford to Ermenegildo Zegna for clothing, accessories and underwear lines.

The license currently granted to Marcolin for Tom Ford glasses will also be extended.

"I could not be happier with this acquisition as The Estee Lauder Companies is the ideal home for the brand," 61-year-old Ford said in the statement.

Domenico De Sole, chairman of Tom Ford International, will remain at the company as a consultant until Ford leaves at the end of 2023, the ELC statement said.