Beauty products group Estée Lauder has announced the acquisition of the Tom Ford brand for a total price of $2.3 billion.

Estée Lauder was already a long-standing partner of Tom Ford’s for fragrance and beauty products; it was Estée Lauder that launched the original Tom Ford fragrance in 2006 and the brand’s beauty range has expanded since then to include make-up and skin-care too.

However, although Estée Lauder will now be the sole owner of the Tom Ford brand and all its intellectual property, it will place the Tom Ford men’s and women’s fashion business in the hands of another partner, Ermenegildo Zegna.

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