Global luxury group Kering — which includes such brands as Gucci, Saint Laurent and Balenciaga — has sold the long-term rights for its beauty business to L’Oréal for $4.7 billion.
Under the long-term strategic relationship, L’Oréal acquires the fragrance license for Kering’s Creed and Beauté brands and also gains exclusive rights to develop fragrance and beauty innovations for other luxury brands, under certain rules and restrictions.
The company will enter into a 50-year exclusive license for the creation, development and distribution of fragrance and beauty products for Gucci. This begins after the current license with Coty expires and must respect Kering’s existing license agreements.
L’Oréal also obtains 50-year exclusive licenses for the creation, development and distribution of fragrance and beauty products for Bottega Veneta and Balenciaga upon the deal’s finalization.
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