Why Estée Lauder Bought Tom Ford

Tom Ford is the jewel in Estée Lauder’s crown — and it only cost $2.8 billion to keep it there.

After months of speculation, the beauty conglomerate announced Tuesday that it has agreed to buy the Tom Ford brand. Estée Lauder will pay approximately $2.3 billion, with the brand’s eyewear partner, Marcolin, paying Estée $250 million at the closing. Estée said it would fund the transaction through cash, debt and $300 million in deferred…