Estée Lauder closes in on $2.8 billion deal to buy Tom Ford

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,
-3.31%
prevailed in an auction for the high-end fashion label that drew competition from big names in luxury including Kering SA
KER,
-0.33%.
 The French company was poised to win the auction earlier this month, The Wall Street Journal reported.