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Benzinga
Benzinga
Business
Lekha Gupta

Gucci's Owner Sells Beauty Arm To L'Oréal In $4.6 Billion Deal

Gucci Kering LOréal Luxury Balenciaga Bottega Veneta
Loreal,Campany,Logo,On,The,Building,,Warsaw,,Poland,-,February

French luxury group Kering SA (OTC:PPRUF) (OTC:PPRUY)  on Sunday disclosed a long-term partnership with L’Oréal (OTC:LRLCF) in the luxury beauty and wellness segment.

As per the agreement, the Gucci-owner will sell its Kering Beauté business to L’Oréal for 4 billion euros ($4.66 billion) in cash.

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