Kering sells beauty division to L’Oreal, says companies will collaborate on wellness products
French luxury goods company Kering said Sunday it will sell its beauty division to L’Oréal for 4 billion euros ($4.66 billion). Under the deal, Clichy, France-based L’Oreal will acquire high-end fragrance company House of Creed, as well as licenses to create beauty and fragrance products for Kering brands such as Gucci, Bottega Veneta and Balenciaga….