Fashion designer Tom Ford, who set up his own brand 18 years ago and has enjoyed great success with it, is leaving. A few months after selling the brand to Estee Lauder for $2.8 billion (€2.5 billion), the 61-year-old is finally turning his back on his company.
Ford, who became an international fashion star as chief designer of Gucci and Yves Saint Laurent, founded the fashion house named after him together with Gucci’s former managing director Domenico De Sole, who is also leaving, as Estee Lauder announced today. The new chief designer will be long-time Ford employee Peter Hawking. Estee Lauder’s Guillaume Jesel becomes new CEO.
Zegna obtains brand name license
The takeover of Tom Ford was one of the largest in recent years for the cosmetics group. According to the Financial Times, the takeover was also fairly new territory for Estee Lauder.
The Italian fashion company Ermenegildo Zegna also buys Tom Ford International. Estee Lauder, which holds the trademark rights, gives Zegna the right to use the brand name for 30 years. Zegna wants to expand internationally with the deal.
