Estee Lauder to buy fashion label Tom Ford in $2.8 billion deal

Luxury cosmetics firm Estee Lauder said it will buy designer fashion house Tom Ford in a deal worth $2.8 billion, its biggest deal ever. Estee Lauder already sells Tom Ford beauty products and fragrances and had introduced the line in 2006. The companies announced that Tom Ford will remain in his current position as creative director until 2023 at least.