The Estée Lauder Companies, an American multinational cosmetics company, completed the acquisition of Tom Ford, a luxury fashion house founded by designer Tom Ford in 2005, for $2.8bn. "We are incredibly proud of the success Tom Ford has achieved in luxury fragrance and makeup and its dedication to creating desirable, high-quality products for discerning consumers around the world. As an owned brand, this strategic acquisition will unlock new opportunities and fortify our growth plans for Tom Ford. It will also further help to propel our momentum in the promising category of luxury beauty for the long-term, while reaffirming our commitment to being the leading pure player in global prestige beauty," Fabrizio Freda, The Estée Lauder Companies President and CEO.