Luxury cosmetics company Estee Lauder is buying designer fashion house Tom Ford.

The deal is worth around $2.8 billion and is Estee Lauder’s largest deal to date. $2.3B of the purchase price is coming from Estee Lauder, with around $250M coming from Italian eyewear manufacturer Marcolin SpA.

As part of the deal, Ermenegildo Zegna Group and Marcolin S.p.A. will enter into long-term license agreements for Tom Ford fashion and Tom Ford eyewear.

If the deal goes through (subject to regulatory approvals), it will close in the first six months of 2023.

“I could not be happier with this acquisition,” Tom Ford said in a joint statement with Estee Lauder. He called the cosmetic company “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.”

Estee Lauder said that the purchase will “unlock new opportunities and fortify our growth plans for Tom Ford Beauty.” They added, “It will also further help to propel our momentum in the promising category of luxury beauty for the long-term while reaffirming our commitment to being the leading pure player in global prestige beauty.”

Ford himself will stay in his position as creative director until at least 2023.