Creed and Gucci Beauty rights go to L'Oréal
Luxury group Kering will sell its beauty division, including the Creed brand, to French company L'Oréal, as well as the development of Gucci-branded beauty products after the current license with Coty expires, CE Report quotes ANSA.
This was announced in a joint statement by the two companies.
The deal, which includes the sale of Creed and the establishment of 50-year licenses for Kering’s iconic brands, is valued at €4 billion, to be paid in cash upon completion.
The announcement comes just a month after Luca de Meo took over as CEO of Kering, tasked with revitalizing the group.
