L'Oréal, finalised 4 billion acquisition of Kering Beauté
Kering and L'Oréal finalised their EUR 4 billion strategic partnership in the beauty sector.
The finalised agreement confirms L'Oréal's acquisition of Kering Beauté, including the Creed Maison, as well as the signing of beauty and fragrance licences for some of Kering's iconic Maisons.
Kering and L'Oréal also continue to explore development opportunities in the wellness and longevity sectors through a joint venture.
"Our strategic alliance with L'Oréal represents a decisive step forward for Kering," says Luca de Meo, CEO of Kering. "By leveraging L'Oréal's incomparable expertise in the beauty sector, we are opening a new phase of acceleration in the development of fragrances and cosmetics for our Maisons, which are among the most iconic in the world. This long-term partnership will enable us to fully exploit their potential in this category and support their development, leveraging on their distinctive creativity, desirability and excellence, while offering access to the world's most advanced Research & Innovation platforms, unrivalled know-how, manufacturing and distribution capabilities, and extraordinary media power".
"On behalf of the Group, I am delighted to welcome these extraordinary brands to the L'Oréal family," adds Nicolas Hieronimus, CEO of the L'Oréal Group. In the wake of Yves Saint Laurent Beauté's success over the last twenty years, this important new step in our strategic partnership with Kering allows us to strengthen our position as a world leader in beauty and luxury beauty, and to write a new chapter together for these iconic brands over the next fifty years, in order to unlock their enormous growth potential".
