Tom Ford is set to become a billionaire as Estée Lauder has agreed to buy his namesake brand in a $2.8 billion USD deal.

The deal will make the cosmetics giant the sole owner of the Tom Ford brand. The designer himself is confirmed to stay with the brand until the end of 2023, while his future role after that remains unclear as of now.

Ford shared in a press release, “I could not be happier with this acquisition as The Estée Lauder Companies is the ideal home for the brand. They have been an extraordinary partner from the first day of my creation of the company and I am thrilled to see them become the luxury stewards in this next chapter of the Tom Ford brand.” He continued, “Ermenegildo Zegna and Marcolin have been spectacular long-standing partners as well and I am happy to see the preservation of the great relationship that we have built over the past 16 years. With their full commitment, I trust they will continue the brand’s future as a luxury company that strives to produce only the highest quality fashion and eyewear.”

In addition to his fashion line, the acquisition was confirmed largely thanks to Tom Ford’s beauty line including fragrance, cosmetics, and skincare with which Estée Lauder has had a longstanding licensing agreement. The most notable is the brand’s perfumes, with “Black Orchid” and “Tuscan Leather” being some of the bestselling scents.

“We are honored that Tom Ford has been part of our ELC family for more than 15 years, from our first collaboration with the Estée Lauder brand to the launch of Tom Ford Beauty and through its most recent successes,” William P. Lauder, Executive Chairman of Estée Lauder Companies, continued in the statement. “ELC and Tom Ford share a deep appreciation for luxury, creativity, entrepreneurial spirit, and a commitment to excellence, and above all, the extraordinary talent that fuels our businesses.”

With fragrance booming in the beauty and luxury spaces, Tom Ford joins Estée Lauder’s lineup of perfume brands, which includes Frédéric Malle, KILIAN PARIS and Le Labo.