Debt-laden French luxury group Kering is selling its beauty products business including its leading perfume brand Creed to cosmetics giant L’Oreal in a deal worth $4.6 billion, the companies said Sunday.<\/p>\n
The deal also gives L’Oreal 50-year exclusive licenses to develop and distribute products under Kering’s fashion labels Gucci, Bottega Veneta and Balenciaga.<\/p>\n
Kering and the French grooming giant said in a joint statement they were “entering a long-term strategic partnership in luxury beauty and wellness”.<\/p>\n
They valued the deal at four billion euros overall, subject to regulation, with payment expected in the first half of 2026.<\/p>\n
“Through Creed, we will establish ourselves as one of the leading players in the fast-growing niche fragrance market,” said L’Oreal chief executive Nicolas Hieronimus in the statement.<\/p>\n
The 50-year exclusive licenses will take effect after the current licence with American company Coty expires in 2028.<\/p>\n
The announcement comes around one month after Kering’s new CEO Luca de Meo took the helm, tasked with reducing the group’s debt, which stands at around 9.5 billion euros.<\/p>\n
In July, Kering reported a 46 percent drop in net profit in the first half of the year to 474 million euros, and a 16 percent plunge in revenue to \u20ac7.6 billion.<\/p>\n
De Meo called the deal a “decisive step for Kering”.<\/p>\n
kap\/rlp\/dhw\/tc<\/p>\n
\u00a9 Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"
Debt-laden French luxury group Kering is selling its beauty products business including its leading perfume brand Creed to cosmetics giant L’Oreal in a deal worth $4.6 billion, the companies said Sunday. The deal also gives L’Oreal 50-year exclusive licenses to develop and distribute products under Kering’s fashion labels Gucci, Bottega Veneta and Balenciaga. Kering and […]<\/p>\n","protected":false},"author":3,"featured_media":14714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"jnews_post_split":[],"footnotes":""},"categories":[196],"tags":[1052,169,1092,2137,1048],"class_list":["post-14708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-business","tag-france","tag-kering","tag-loreal","tag-merger"],"_links":{"self":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/14708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/comments?post=14708"}],"version-history":[{"count":1,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/14708\/revisions"}],"predecessor-version":[{"id":14716,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/posts\/14708\/revisions\/14716"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/media\/14714"}],"wp:attachment":[{"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/media?parent=14708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/categories?post=14708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.iq\/en\/wp-json\/wp\/v2\/tags?post=14708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}