Estée Lauder Agrees to Buy Tom Ford Brand in $2.8 Billion Deal
The celebrity name in skincare, makeup and fragrance is going on a buying spree.
Actress Lindsay Lohan is the first to be named to the new luxury beauty brand Estée Lauder. The company on Monday said Lohan will join its roster of celebrity endorsers, and will lead the Estée Lauder Beauty line.
Founded in 1891 in New York, Estée Lauder is known for its innovative products. The company says its brands were the first to launch in skincare, and makeup, and for its innovative product launches, including the launch of a lipstick.
The brand was founded by Marie-Louise Estée, who died in 2002, leaving the company to Lindsay Lohan. Lindsay Lohan and her sister Samantha Lohan announced in January that they were forming a new cosmetics company, called Estée Lauder Beauty.
Lohan has been dating Orlando Bloom for more than a year, and they announced their upcoming wedding last month.
“My favorite scent is an unpronounceable name,” Lindsay Lohan told The Hollywood Reporter in January. “It’s my favorite perfume.”
The Estée Lauder Brand will debut in the fall of 2012, and has been in the works since October, when Lohan officially changed her name and launched her makeup line with Tom Ford Beauty.
“The launch of Estée Lauder is the perfect time for us to bring our unique story to new audiences across the world,” Lohan, 20, said in a statement. “In this effort, we’ve found that our beauty brand, our products and our story are in line with the values of our company, the great brands we admire and our new passion for fashion.”
“For us, it is an exciting and inspiring time in our industry, with a new consumer demand for an emotional connection to fashion. The success of Estée Lauder will open up a whole new way of thinking and feeling about fashion, which is an important cultural and social force,” said Estée Lauder President, Richard Cibrian.
Fashion will also be a major focus of the line, featuring a “new approach to color,” according to Lohan.
“The Estée Lauder brand focuses on the power of stories