Estée Lauder Cos.
EL,
will acquire Tom Ford in a deal valued at roughly $2.8 billion, building on a longstanding licensing agreement and marking the cosmetics giant’s largest-ever acquisition, executives said Tuesday.
Estée Lauder prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA
KER,
The French company was poised to win the auction earlier this month, The Wall Street Journal reported.