Trump Inc. bought luxury fashion brand Dora and jewelry company Viscount Dora for $7.5 billion, raising the company’s net worth to $10.5 trillion.
The deal, the first for a Trump brand in 25 years, was expected to generate about $2 billion in annual revenue, according to Bloomberg.
Trump said the deal would bring the brand to the forefront of fashion, giving it visibility to consumers around the world and boosting the brand’s image.
“Dora is a global leader in fashion, and we’re pleased to be joining forces with the Dora brand to make our mark on the fashion world,” said Donald Trump, president and chief executive of Trump Cos., in a statement.
“It will also create new opportunities for the brand and our employees.”
Trump has been a fierce critic of his fellow Republican presidential candidate Mitt Romney for his economic policies.
The billionaire also has been the subject of accusations that he is a racist, as well as a serial cheater.
The billionaire’s brand has enjoyed a resurgence in recent years after a long decline.
Dora has been one of the biggest beneficiaries of the downturn in fashion sales and sales of jewelry and accessories, according an analysis by Forbes.
“This transaction is a major milestone for the Doria brand, which has been gaining traction over the past two years,” said Peter Hochberg, a global head of brand management for Ivanka Trump.
“The brand has been growing steadily and has continued to deliver impressive sales performance as consumers look for high quality, stylish fashion.”
Dora will continue to focus on luxury brands, including the luxury eyewear line Gioia and its jewellery line and the women’s designer line Dior.
Trump is also working on new lines for his brand.
The company has also opened a boutique in Los Angeles and is launching a new beauty line.
The news comes as Trump has been embroiled in a bitter battle with his rival for the Republican nomination, former Florida Gov.
Jeb Bush, over the business of his businesses.
The New York real estate tycoon has accused Bush of using his campaign to benefit himself at the expense of the country, saying he owes more than $150 million in back taxes from his real estate empire.
In a letter sent to Trump’s campaign on Wednesday, Bush’s legal team accused the billionaire of using a “smear campaign” against him.
The letter said the presumptive Republican presidential nominee is using his presidential campaign to “extort and manipulate” his opponents, and said his campaign’s refusal to release his returns shows that he “has never paid federal income taxes in more than 25 years.”