Kering agrees to sell beauty division to L’Oreal in partnership

Kering SA agreed to sell its beauty division to L’Oreal SA as part of a long-term strategic alliance, with Chief Executive Luca de Meo seeking to turn around the French luxury giant’s fortunes.The owner of fashion brands including Gucci said the deal aims to accelerate growth, according to a statement issued by both companies on Sunday night.The deal is valued at €4 billion ($4.7 billion), according to the statement. Kering launched its beauty division in 2023. The company acquired high-end fragrance label ...