PARIS – L’Oréal and Kering today announced that their strategic partnership has been finalized following approval from regulators. Consummation of the deal confirms L’Oréal’s acquisition of Kering’s Beauté, including the House of Creed, and the signing of beauty and fragrance licenses for the Kering brands.
The alliance, first announced in October, also gives L’Oréal the rights to enter into a 50-year exclusive license for the creation, development and distribution of fragrance and beauty products for Gucci, an agreement that won’t take effect until after Kering’s existing license with Coty expires.
For L’Oréal, the acquisition adds another jewel to its growing luxury portfolio, which already includes Yves Saint Laurent Beauté, Lancôme, and Aesop, acquired in 2023.
“Building on the success of Yves Saint Laurent Beauté over the past 20 years, this significant new step in our strategic partnership with Kering allows us to strengthen our position as the 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 immense growth potential,” Nicolas Hieronimus, CEO of L’Oréal Group, said in a press release.
The two companies said they intend to keep exploring new ventures in luxury wellness, merging L’Oréal’s research strength with Kering’s knowledge of wealthy consumers.
