Estee Lauder seeks to buy Tom Ford for $2.8b

Paris: Estee Lauder Cos. is close to a deal to buy US luxury brand Tom Ford, founded by the former longtime creative director for Gucci, the Financial Times reported Friday.

The transaction would value Tom Ford, a fashion empire that spans across menswear, eyewear, beauty and fragrance, at $2.8 billion, the report said.

Ford, a 61-year-old Austin, Texas, native, started his namesake company in 2005, a year after leaving Gucci, which he revitalized during a decadelong stint as creative director. He also was creative director for the house of Yves Saint Laurent following Gucci’s acquisition in 1999.

The brand sells eyewear produced and distributed by Marcolin SpA, as well as beauty and fragrance licensed to Estee Lauder. The brand’s offerings also include accessories such as watches and small leather goods.