Overview

• Kering and L'Oréal announced a binding €4 billion transaction, paid in cash at closing, with completion targeted for the first half of 2026.
• L'Oréal will acquire Creed and obtain rights to 50‑year exclusive licenses for Gucci, Bottega Veneta and Balenciaga, with Gucci commencing after Coty’s current license expires.
• The agreement includes royalty payments to Kering and the creation of a strategic committee to coordinate brand stewardship and oversee the transition.
• The companies plan a 50/50 joint venture to explore luxury wellness and longevity opportunities alongside the beauty deal.
• Kering presents the sale as a step to reduce debt and refocus after weak results, while L'Oréal materially expands its luxury and niche fragrance portfolio.