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International Business Times UK

Annalyn Zoglmann

Kering Sells Beauty Division to L'Oréal in £3.36 Billion Deal — Here's Why

Kering de Meo LOréal Gucci Luca de Meo Balenciaga Bottega Veneta Luxury FrançoisHenri Pinault Creed

Kering (Credit: Reuters)

KEY POINTS

CEO Luca de Meo is selling the beauty business to reduce Kering's €9.5 billion debt and focus on its struggling core fashion labels.
The move signals a return to fashion-first priorities under de Meo.

Luxury powerhouse Kering has announced the sale of its beauty division to L'Oréal for £3.36 billion, in a landmark deal that marks a sharp strategic shift under new chief executive Luca de Meo.

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