At 61 years old, the fashion designer Tom Ford is now a billionaire proving it’s never too late to obtain your goals. Estee Lauder bought the Tom Ford Brand for $2.8 billion. What does this game-changing merger mean for Ford, Estee Lauder, and the industry?
Tom Ford has partnered with Estee Lauder for the past 15 years. The merger will now fully integrate the Tom Ford Brand into Estee Lauder’s portfolio. According to Forbes, The union also means Ford earns about $1.1 billion in cash after taxes. The fashion designer is not completely saying goodbye to his brand. He will stay on as the brand’s “creative visionary.” He is expected to stay in the role until the end of 2023. The deal will also bring a profit to Ford’s two current partners, Zegna and Marcolin. Zegna will now gain a long-term license for all men’s and women’s fashion. Marcolin will continue to make sunglasses and optical frames under the brand.
Ford first launched his brand in 2005. This new deal is motivation to any fashion entrepreneur thinking it’s not possible. Ford joined the fashion industry working for top luxury brands like Gucci before making his luxury brand. If this isn’t motivation enough, let’s look at the impressive list of billionaires in the fashion industry Tom Ford will now join. To name a few, Phil Knight and his family own Nike, which is worth $47.3 billion. Ralph Lauren’s brand is worth $6.7 billion. Johnny Morris, who owns Bass Pro Shops, is worth $ 6 billion. Let’s not forget entertainer turned fashion industry goddess Rihanna’s brand Fenty is worth $1.7 billion.
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