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The Guardian - UK
The Guardian - UK
Business
Julia Kollewe

Gucci owner Kering to sell beauty division to L’Oréal for €4bn

Kering Gucci Luca de Meo De Meo LOréal Balenciaga Creed
Creed cologne in Saks Fifth Avenue, NYC
Kering’s fragrance line Creed is among the beauty brands moving to L’Oréal. Photograph: Patti McConville/Alamy

The Gucci owner, Kering, is selling its beauty division to L’Oréal for €4bn (£3.5bn), as its new chief executive, Luca de Meo, seeks to turn around the French luxury company.

The deal will give the French beauty group L’Oréal Kering’s fragrance line Creed, which was founded in 1760. The deal also includes rights to develop fragrance and beauty products under Kering’s fashion labels Gucci, Bottega Veneta and Balenciaga under a 50-year exclusive licence.

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