8 MONTHLY ROUND - UP NEWS Estée Lauder Buys Designer Brand Tom Ford Luxury cosmetics firm Estée Lauder is buying designer fashion house Tom Ford in a deal worth $2.8bn, it’s been announced. This would be Estée Lauder’s largest acquisition to date. Estée Lauder believes the acquisition would “unlock new opportunities”, whilst Ford said this is the ideal home for his brand. He will remain in his current position as Creative Director until at least 2023, the two companies announced. American designer Tom Ford, who started his brand in 2005, is the current head of the Council of Fashion Designers of America and has previously worked as Creative Director at Gucci and Yves Saint Laurent. Following the announcement, shares in Estée Lauder, worth billions, fell slightly in after-hours trading. Furniture Retailer Made Goes Into Administration Online furniture retailer has entered administration, with 399 reported job losses. “We thank you for being a part of our story, and hope to meet again”, says the Made website, after the company announced its closure. Although Made struggled to secure a buyer, Next agreed to buy its brand name, website and intellectual property for £3.4m. However, it is not going to buy the remaining stock. Due to the collapse of the online furniture retailer, 12,000 orders will remain uncompleted and undelivered. There’s no information on whether customers will receive their order or get a refund for it. “This is likely to be a recurring theme with consumer-orientated businesses over the coming months as the economy continues to face a squeeze. Many businesses are facing similar pressures and The Stories Everyone’s been Talking about Photo: Wikicommons - Debbie Rowe
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