40亿欧元交易引奢侈品美妆变局：开云集团售业务“回血”，欧莱雅揽授权“扩局”

Core Points - Kering Group announced a significant transaction with L'Oréal Group, involving the sale of its fragrance and beauty division for a total of €4 billion (approximately ¥33.2 billion) [1] - The deal includes the acquisition of the Creed brand and a 50-year exclusive licensing agreement for several luxury brands, including Gucci, Bottega Veneta, and Balenciaga [1][4] - The transaction is expected to be completed in the first half of 2026 and will be paid in cash [1][4] Financial Impact - Kering's beauty division, established in 2023, has shown high growth potential, with Creed being a significant revenue contributor, generating €323 million in 2024 [3] - Kering's overall revenue declined by 16% year-on-year to €7.587 billion in the first half of 2023, with Gucci's revenue down 27% [6] - The sale is seen as a way for Kering to alleviate financial pressure and focus on core brands, although it may hinder future diversification efforts [6][7] Market Reactions - Industry experts express skepticism about the transaction, suggesting that the €4 billion price tag is excessive for a group of brands facing challenges [4][8] - The sale may limit Kering's ability to adapt to future trends in the luxury market, particularly the shift towards lifestyle services [7] - The deal also affects Coty Group, which currently holds the licensing rights for Gucci beauty products until 2028, potentially impacting Coty's strategic direction [9][10] Strategic Considerations - The acquisition by L'Oréal is expected to enhance its high-end product offerings, but it faces risks related to brand performance and market dynamics [8] - The beauty industry is experiencing a shift towards brand diversification, with new competitors emerging, which may challenge L'Oréal's market position [8] - The sale of Kering's beauty division is part of a broader strategy to streamline operations and focus on core business areas [6][7]