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Estée Lauder business costs Portuguese group $270 million

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Félix da Costa quer continuar a somar recordes

Global giant of beauty and cosmetics Este Loder announced this week that it has reached an agreement to buy American designer Tom Ford’s company for $2,800 million (€2,685 million). Portuguese group Américo Amorim earned $270 million.

Estée Lauder said in a statement that while “under [sua] management” will ensure the “continuity and evolution of the Tom Ford brand” as one of the world’s premier luxury brands.

The operation, which to date will be the largest operation carried out by the cosmetics group, which is still awaiting the necessary approvals, is expected to be completed in the first half of 2023.

Américo Amorim, a Portuguese group from the Américo Amorim family, owns a 10% stake in Tom Ford, meaning it could net around €270 million from the deal, according to the latest available data.

“This strategic acquisition will open up new opportunities and strengthen our growth plans for Tom Ford Beauty,” said Fabrizio Freda, president and chief executive officer (CEO) of Estée Lauder, quoted in the statement.

“It will also help ensure our long-term growth in the promising luxury cosmetics category, while reaffirming our commitment to global leadership in the prestige beauty segment.”

Estée Lauder says it intends to finance the acquisition with $300m (€288m) of cash and debt, as well as deferred payments to sellers, maturing in July 2025.

Under the terms of the agreement, Tom Ford, founder and chief executive officer (CEO) of Tom Ford International, will remain the brand’s chief creative officer until the end of 2023. Domenico De Sole, President (Chairman) of Tom Ford International, will remain a consultant until the same date.

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Although Estée Lauder mentioned that the agreement values ​​Tom Ford at $2,800 million (about €2,685 million at current exchange rates), the New York-based cosmetics group must pay about €2,300 million (€2,208 million). after a $250 million (€240 million) payment to Italian eyewear manufacturer Marcolin.

Estée Lauder intends to finance the acquisition with cash, debt and $300 million (€289 million), according to The Wall Street Journal digital publication.

Tom Ford, 61, joined Gucci in 1990 as a womenswear “designer” and was named creative director in 1994, a position he held for 10 years. During this time, the Gucci group’s sales rose from $230 million to $3 billion, making the company one of the most profitable luxury brands in the world.

A native of Texas, the “designer” founded his own company in 2005. In addition to his luxurious ready-to-wear collections, Ford also named lines of beauty products, accessories, and eyewear after him.

Tom Ford Beauty perfumes and cosmetics have been available since their launch in 2006 under a licensing agreement with Estée Lauder, which also owns MAC, Clinique, La Mer and Aveda cosmetics.

Estée Lauder predicts Tom Ford Beauty’s sales will reach $1,000 million (€959 million) within two years, driven largely by the success of its luxury perfumes in the US and China.

Now that the deal has been announced, Estée Lauder is acquiring the intellectual property rights to all Tom Ford lines, she no longer has to pay royalties for Tom Ford Beauty, and she is able to generate new revenue streams by granting herself licenses to use the brand.

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The agreement provides, in particular, for the renewal and expansion of the license granted by Tom Ford to Ermenegildo Zegna for a line of clothing, accessories and underwear. The license currently issued to Marcolin to manufacture Tom Ford eyewear will also be renewed.

In a statement, Tom Ford called Estée Lauder “the perfect home” for the brand.

“They have been an incredible partner from the very beginning of my business and I am delighted to see them become the luxury stewards of this new chapter of the Tom Ford brand,” he said.

According to the Wall Street Journal, other groups were bidding to buy Tom Ford, including France’s Kering, which already owns Gucci, Saint Laurent and Balenciaga.

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Pioli ‘pulls’ Leao by the ears and says the Portuguese ‘must make a dash’

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Pioli 'pulls' Leao by the ears and says the Portuguese 'must make a dash'

FROMTefano Pioli, Milan coach, gave an interview on the Italian radio program Sky Calcio Club on Sunday in which he talked about Rafael Leao’s participation in the 2022 Mundial, a test in which the Portuguese striker was a replacement for Fernando Santos. ‘, indicating that he has been talking to his player over the past few days.

“If we talk? They have an obligation to call me at the end of the game. He is happy because Portugal is doing well. It is clear that he would like to play more. I can take advantage of this for a contract extension,” said Pioli, who also spoke about the Portuguese’s renewal process.

“He is fine with us and management and Rafael are talking. We are waiting for good news,” the Transalpine coach fired.

Looking at his player’s short playing time at this 2022 World Cup, Pioli admitted that Rafael Leau would like to have more playing time for the national team, but hinted that the Portuguese striker is not unhappy.

“If he plays a little? It’s hard to judge because Portugal has a very high quality team. Rafael is happy because Portugal is having a good World Cup, but there is a lot of quality and competitiveness in the attacking sector of the Portuguese team. “, – stressed the coach of the Italian, who also left a small warning to Rafael Leau.

“When you see him in training, you immediately understand that he has incredible potential. He has technique and speed that few others have. Over the course of a period, he had to develop and adapt to the reality at Milan, where the pressure is different from what he is. he was in Lille. It took time, but his potential to become a great player was always there. But he still needs to make the leap to become a champion because he can be even more decisive in the opponent’s zone,” he stressed.

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“If you think about Rafael from two years ago, he has made tremendous progress. He’s missing a few things, but he’s smart and approachable. I can give him all the ideas he wants, but his talent must be left free. should improve his heading, given his physique,” he concluded.

Read also: Spaniards say Carlo Ancelotti is “in love” with Rafael Leao

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Portugal, nuts and the Portuguese consumer: a successful trilogy

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Portugal, nuts and the Portuguese consumer: a successful trilogy

Nuts have become part of a limited group of Portuguese agri-food sectors that manage to achieve much-desired food self-sufficiency. In the case of almonds it is 170% and in the case of chestnuts it is 116% in relation to the national consumption.

The value of Portuguese agricultural production in 2021 was 9.6 billion euros, representing a growth rate of 14.6% compared to 2020, and therefore it is fair to say that dried fruits today, with a production of 80,000 tons and exports reaching 100 million euros contributed. to this success.

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Ronaldo scores first goal in World Cup playoffs | international football

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Ronaldo scores first goal in World Cup playoffs |  international football

Portugal’s Cristiano Ronaldo, the top scorer in the history of the Portuguese football team, is still looking for the first stage goal to knock out the World Cups, with Switzerland, the next opponent in the 2022 World Cup, one of the last options.

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