Estée Lauder Cos. is nearing a deal to buy Tom Ford for roughly $2.8 billion, building on a longstanding licensing deal and marking the cosmetics giant’s largest-ever acquisition, according to people familiar with the matter.
Estée Lauder
EL,
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.