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Core Insights - Kering and L'Oréal have announced a strategic partnership in the luxury beauty and health sector, with a total transaction value of €4 billion (approximately ¥33.3 billion), marking L'Oréal's largest acquisition to date [1][3] - This move is seen as a significant step for Kering's new CEO, Luca de Meo, in optimizing the group's finances and focusing on its core fashion business [1][3] - For L'Oréal, this acquisition is a major investment in building a high-end beauty and fragrance portfolio, potentially disrupting the global beauty market [1][3] Transaction Details - L'Oréal will acquire the British luxury perfume brand Creed, which Kering purchased for €3.5 billion in 2023, along with a 50-year exclusive license to develop, produce, and distribute perfumes and beauty products for Kering's brands, including Bottega Veneta and Balenciaga [3][5] - L'Oréal will take over the license for Gucci's fragrance and beauty products after the current agreement with Coty expires in 2028 [3][5] - The transaction is expected to be completed in the first half of 2026 and will be paid in cash, with L'Oréal also paying royalties based on sales [5] Strategic Implications - L'Oréal currently holds the beauty and fragrance license for Yves Saint Laurent, acquired for €1.7 billion in 2008, and aims to replicate this success with the newly acquired brands [5] - Kering's beauty division has shown promise, with beauty revenue reaching €323 million in 2024, primarily from Creed, despite a 16% decline in total revenue for Kering [8] - The partnership will also involve the establishment of a 50-50 joint venture to explore business opportunities in the beauty and health sectors [5] Market Context - Kering's beauty business has been a rare highlight amid declining financial performance, with a significant drop in net profit and revenue for its core brand, Gucci [8][10] - L'Oréal has been actively expanding its high-end beauty portfolio, including recent acquisitions and partnerships with brands like Prada and Jacquemus [11][13] - The collaboration between Kering and L'Oréal exemplifies a strategic shift in the luxury sector, focusing on specialization and resource sharing to navigate market challenges [13]