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International Business Times

Business

Kering Sells Beauty Division to L'Oréal in €4 Billion Deal — Here's Why

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

Kering

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 €4 billion, in a landmark deal that marks a sharp strategic shift under new chief executive Luca de Meo.

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