Tom Ford is now a billionaire, thanks to the $2.8 Billion Estée Lauder deal

 A blockbuster deal to sell his eponymous fashion brand has catapulted fashion designer TomFord into the global billionaires club.

Ford, 61, who launched The Tom Ford Brand in 2005 and grew it into a luxury clothing and accessories powerhouse, sold his company Tuesday to Estée Lauder Companies (EL) in a deal valued at $2.8 billion.

The acquisition of Tom Ford Brands by Estée Lauder is expected to close in the first half of next year, pending regulatory approvals. The deal will fully integrate Tom Ford Brands, which already has an ongoing a partnership with the cosmetics and skincare giant, into Estée Lauder's diverse portfolio.