Kering to sell beauty unit to L'Oreal for $4.66 billion

Core Insights - Kering, the owner of Gucci, has agreed to sell its beauty business to L'Oreal for 4 billion euros, equivalent to approximately $4.66 billion, as part of a strategic move by new CEO Luca de Meo to address the luxury group's high debt levels [1] Company Summary - The sale of Kering's beauty business marks a significant shift in the company's strategy under the leadership of CEO Luca de Meo [1] - The transaction is valued at 4 billion euros, indicating a substantial investment by L'Oreal in expanding its portfolio [1] Industry Context - This acquisition by L'Oreal reflects ongoing consolidation trends within the beauty industry, as companies seek to enhance their market positions and product offerings [1] - The deal may influence competitive dynamics in the luxury beauty segment, potentially impacting other players in the market [1]