L’Oréal to acquire the beauty portfolio of Kering for $4.6bn.

L’Oréal, a global beauty company specializing in cosmetics, skincare, haircare, and fragrances, agreed to acquire the beauty portfolio of Kering, a global luxury group managing fashion, leather goods, jewelry, and eyewear brands, for $4.6bn. “This strategic alliance marks a decisive step for Kering. Joining forces with the global leader in beauty, we will accelerate the development of fragrance and cosmetics for our major Houses, allowing them to achieve scale in this category and unlock their immense long-term potential, as did Yves Saint Laurent Beauté under L’Oréal’s stewardship. Together, we will also venture into new frontiers of wellness, combining the unrivalled expertise of L’Oréal with our unique luxury reach. This partnership allows us to focus on what defines us best: the creative power and desirability of our Houses," Luca de Meo, Kering CEO.