Kering Sells Beauty Division to L’Oréal for $4.7 Billion
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The French luxury group Kering, known as the parent company of Gucci, has announced the sale of its beauty division to L’Oréal for $4.7 billion. The new CEO Luca de Meo aims to reduce the debt burden with this step and refocus on its core business of fashion. The business includes the fragrance manufacturer Creed and an exclusive 50-year license for the development of perfumes and cosmetic products under the brands Gucci, Bottega Veneta, and Balenciaga. Background: Debt Reduction as Top Priority With the deal, Kering is responding to the high...
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