Estee Lauder agrees to buy Tom Ford brand for $2.3bn

Tom Ford attends the Met Gala in May 2022 in New York City

NEW YORK: Luxury beauty brand Estee Lauder said in a statement Tuesday it had agreed to buy designer Tom Ford's company for $2.3 billion.

The deal, which values Ford's business at $2.8 billion, will see the US fashion superstar remain in his position as creative director until the end of next year, the statement said.