Estee Lauder to buy designer brand Tom Ford

Luxury cosmetics steadfast Estee Lauder volition bargain decorator manner location Tom Ford successful a woody worthy $2.8bn (£2.4bn), the institution has announced.

The woody would beryllium Estee Lauder's biggest acquisition to date.

The US quality steadfast already licenses Tom Ford fragrances and cosmetics, and bushed disconnected contention from Gucci proprietor Kering SA to clinch the deal.

Estee Lauder said the acquisition would "unlock caller opportunities". Ford said it was the perfect location for the brand.

Tom Ford said successful a associated connection with Estee Lauder: "I could not beryllium happier with this acquisition arsenic The Estée Lauder Companies... person been an bonzer spouse from the archetypal time of my instauration of the institution and I americium thrilled to spot them go the luxury stewards successful this adjacent section of the Tom Ford brand."

Tom Ford himself volition stay successful his existent presumption arsenic originative director, the companies announced.

Following the news, shares successful Estee Lauder fell somewhat successful after-hours trading.