The latest milestone for Tom Ford sees him enter the billionaire's club!
After selling his company to Estée Lauder this week, the skincare giant valued the Tom Ford brand at $2.8 billion, with the designer expected to take home about $1.1 billion in cash from the sale after taxes, according to Forbes.
Estée Lauder already had an ongoing a partnership with Tom Ford's beauty division, which includes his best-selling prestige fragrances. The acquisition is expected to close in the first half of next year, pending regulatory approvals.
Ford was already extremely rich, of course, having owned numerous pricey homes in LA, New York, London and Santa Fe. He also directed two successful films, A Single Man and Nocturnal Animals.
“I could not be happier with this acquisition as The Estée Lauder Companies is the ideal home for the brand,” Ford, who will remain "creative visionary" through the end of 2023, said in a statement. “They have been an extraordinary partner from the first day of my creation of the company and I am thrilled to see them become the luxury stewards in this next chapter of the Tom Ford brand.”
Forbes adds that Ford also made investments in art and real estate, including an Andy Warhol self-portrait he sold for $32.6 million and the 20,662-acre Cerro Pelon Ranch in New Mexico he sold last year. He also sold a four-story Victorian mansion in London for $17 million.
Photo via BFA