Estee Lauder Cos. is purchasing luxury giant Tom Ford in a $2.8 billion transaction. The transaction is expected to conclude in the first half of 2023, subject to regulatory clearances. In Estee Lauder’s fiscal year that ended June 30, net revenues increased by nearly 25% over the previous year. The beauty firm expects the beauty line to generate $1 billion in net sales over the next few years. Ermenegildo Zegna Group and Marcolin S.p.A. will negotiate long-term licence arrangements for Tom Ford fashion and Tom Ford eyewear, respectively, as part of the announced partnership.