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French beauty giant L’Oréal has completed its acquisition of Kering’s beauty portfolio, the two companies announced Tuesday.
The deal, which was first announced in Oct. 2025 and valued at around €4 billion ($4.6 billion), sees L’Oréal take control of Kering’s beauty portfolio, including the fragrance house Creed that Kering acquired in 2023 for $3.8 billion and 50-year licenses for brands like Bottega Veneta and Balenciaga.
Under the agreement, L’Oréal has secured exclusive rights to develop and distribute Gucci fragrances and other beauty products, though the licence will only transfer once the brand’s current arrangement with Coty expires. That date is currently set for 2028, but L’Oréal chief executive Nicolas Hieronimus said in Feb. that the group is in discussions to receive the license sooner.
Beyond beauty, the acquisition formalises a broader strategic partnership between the two groups, who will continue to explore opportunities at the intersection of wellness, luxury and longevity through a joint venture.
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“This significant new milestone in our strategic partnership with Kering reinforces our position as the world’s number one in both beauty and luxury beauty,” Hieronimus said in a statement.
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The French luxury giant has put aside its ambitions of running beauty in-house. Despite having an enviable stable of brands, the complexity of the business and mounting debt meant it wasn’t worth the pain.
