Kering to divest beauty business to L’Oréal in €4bn transaction

Kering, the owner of luxury brands such as Gucci and Saint Laurent, has agreed to sell its beauty business to L’Oréal for €4bn ($4.65bn). The deal includes the transfer of the House of Creed and the beauty and fragrance licences for Kering's luxury brands to L’Oréal. The acquisition will see L’Oréal obtaining a 50-year exclusive licence to create, develop and distribute fragrance and beauty products for Gucci once the existing agreement with Coty concludes. L’Oréal will also receive similar exclusive li ...