Estée Lauder to acquire TOM FORD brand for $2.3B net; deal includes Zegna and Marcolin licenses

ESTEE LAUDER COMPANIES INC

Total enterprise value $2.8B; ELC pays ~$2.3B net of $250M from Marcolin at closing.
Tom Ford remains creative visionary through end of 2023; Zegna gets long-term fashion license, Marcolin extends eyewear license.
Deal dilutive to fiscal 2023 adj. EPS by ($0.05)-($0.15); roughly neutral in fiscal 2024.
TOM FORD BEAUTY net sales grew ~25% in fiscal 2022; expected to reach $1B annual sales in next few years.
Deal expected to close in first half of calendar 2023, subject to regulatory approvals.

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