Estée Lauder “The Sweet Smell of Success” has acquired Tom Ford, marking the beauty giant’s first venture into fashion and its largest deal to date.Lauder outbid rival Kering, which was reported earlier this month to be a front-runner for the company, when it paid $2.3 billion to acquire the luxury fashion, beauty, and eyewear brand.

In 2021, Lauder agreed to pay $2.2 billion for a majority stake in Deciem. This acquisition is Lauder’s largest to date.Tom Ford, founder and chief executive officer of Tom Ford, will remain the brand’s creative visionary after closing and through the end of 2023.

“Tom Ford and Jo Malone are two of our largest midsized brands that are knocking at the door of being over that $1 billion threshold to become large brands over the next couple of years,” Tracey Travis said at a Deutsche Bank conference earlier this year in Paris.

COVID-19-related lockdowns in China, record high inflation, and currency fluctuations have weighed on Lauder’s full-year forecast. We will see but fashion is an other story!