Marcolin awarded long-term license for Tom Ford eyewear.
Following the takeover by Estée Lauder Companies Inc. of the Tom Ford brand for 2.8 billion dollars, in order to guarantee continuity and further development of the brand, an extension of the eyewear license agreement with Marcolin has been arranged with the new ownership. The agreement will guarantee a long-term license on payment by Marcolin of 250 million dollars. This will be funded by a combination of cash on balance sheet plus a capital increase by Marcolin shareholders of at least 50 million dollars.
The new licensing agreement is subject to completion of the purchase transaction of Tom Ford by Estée Lauder Companies Inc, scheduled to take place within the first half of 2023.
The founder of the fashion brand, Tom Ford, will remain as the 'creative visionary' until the end of 2023, while chairman Domenico De Sole will stay on as a consultant until that same time.