【导语】开云集团将美妆业务出售给欧莱雅，释放行业新信号 中国基金报记者 赵心怡 两年高调布局，一朝"转身离场"。开云集团的美妆战略发生戏剧性转变。 10月20日，开云集团在官网宣布，以40亿欧元的价格将美妆业务出售给欧莱雅集团，包括去 年才以35亿欧元收购的香水品牌Creed，以及古驰、葆蝶家、巴黎世家等品牌的50年美妆授 权许可。本次交易将于2026年上半年完成。 图源：开云集团官网 此次开云集团的决定由9月刚刚上任的新CEO卢卡·德梅奥（Luca de Meo）推动。这位被称 为"雷诺救世主"的掌舵人，在上任不到两个月的时间里，便在开云集团推行了一系列"大刀阔 斧"的改革，包括给古驰换帅、取消集团副首席执行官等。 与2023年大张旗鼓组建美妆部门形成鲜明对比，开云的退出引发业内热烈讨论：当奢侈品集 团纷纷加码美妆业务之际，为何开云"激流勇退"？ 战略急转：三项关键布局 根据双方协议，此次合作有三大关键布局：欧莱雅将收购香水品牌Creed；接管三大奢侈品牌 （古驰、葆蝶家、巴黎世家）的美妆授权；双方共同探索健康与长寿领域。 当前古驰香水的授权由科蒂持有，预计新授权将在2028年科蒂现有授权期满后正式启用。 ...

Core Viewpoint - Kering Group has agreed to sell its beauty business to L'Oréal for €4 billion (approximately $4.66 billion) as part of a strategic move by new CEO Luca de Meo to address high debt levels and refocus on core fashion operations [1][2] Group 1: Transaction Details - The agreement allows L'Oréal to acquire Kering's perfume brand Creed and grants a 50-year exclusive license to develop beauty products based on Kering's fashion brands, including Gucci, Balenciaga, and Saint Laurent [1] - The sale is a significant step for Kering to reduce its net debt, which stood at €9.5 billion as of June 30, alongside €6 billion in long-term lease liabilities [1] Group 2: Business Performance - Kering's beauty business, established in 2023, recorded an operating loss of €60 million in the first half of the year, highlighting the challenges faced in diversifying away from Gucci [2] - Gucci's revenue fell by 25% year-on-year in the last fiscal quarter, increasing Kering's pressure to deleverage and avoid further credit rating downgrades [2] Group 3: Strategic Implications - The transaction marks a shift in strategy under CEO de Meo, who took over in September and has committed to rationalizing the business and restructuring if necessary to lower debt levels [2] - L'Oréal's acquisition is its largest to date, surpassing the $2.5 billion purchase of Australian brand Aesop in 2023, indicating L'Oréal's aggressive expansion strategy [2]