L'Oréal and Kering Form Strategic Partnership

L'Oréal and Kering announced the signing of a long-term strategic partnership in the luxury beauty and wellness sectors. This comprehensive agreement encompasses L'Oréal's acquisition of the Creed brand, as well as beauty products and fragrance licences for Kering's iconic brands, along with joint business opportunities between the two groups in wellness and longevity.

Built on the success of Yves Saint Laurent Beauté, this collaboration aims to create new value by bringing together Kering's iconic luxury brands with L'Oréal's global beauty expertise.
Under the agreement, Kering will have the right to sell Kering Beauté – including the Creed brand – to L'Oréal. Creed, one of the world's most established brands, is known for its high-quality fragrances crafted from rare natural ingredients. Under the L'Oréal Luxe division, Creed will accelerate its global growth in both women's and men's categories.

The partnership also includes a 50-year exclusive beauty and fragrance licence for the Gucci brand. This licence will come into effect after the current Coty agreement expires. Additionally, 50-year licences for the Bottega Veneta and Balenciaga brands will be transferred to L'Oréal upon completion of the agreement.

The parties will establish a joint strategic committee to coordinate this partnership and monitor progress. The agreement, valued at EUR 4 billion, is expected to be completed in the first half of 2026. L'Oréal will also pay royalties to Kering for the use of the licensed brands.

Beyond the beauty sector, L'Oréal and Kering are joining forces to make new discoveries in luxury, wellness and longevity. This planned joint venture aims to deliver pioneering experiences and services by combining L'Oréal's innovative strength with Kering's luxury customer understanding.

L'Oréal CEO Nicolas Hieronimus commented on the agreement as follows:
"I am delighted to establish this long-term strategic partnership with one of the world's most prestigious and visionary luxury groups. This partnership will further strengthen L'Oréal in the luxury beauty sector. In the world of wellness, it will open new paths. With Creed, we will consolidate our leadership in the niche fragrance market, while with extraordinary brands such as Gucci, Bottega Veneta and Balenciaga, we will usher in a new era in luxury beauty."

Kering CEO Luca de Meo said the following regarding the agreement: "This strategic partnership is an important turning point for Kering. By combining our strengths with the global leader in the beauty sector, we will drive the growth of our brands in the fragrance and cosmetics categories and unlock their long-term potential. With L'Oréal's expertise, we are also charting new horizons in the wellness sector."

About L'Oréal Group:
L'Oréal Group, the world's leading beauty company, has dedicated itself for over 115 years to a single purpose: meeting the beauty needs of consumers worldwide. Its purpose of creating beauty that moves the world defines L'Oréal Group's approach to beauty as inclusive, ethical, generous, and committed to social and environmental sustainability. With a broad portfolio of 37 international brands and ambitious sustainability commitments in the 'L'Oréal for the Future' programme, L'Oréal Group works to deliver the best in terms of quality, efficacy, safety, authenticity and responsibility to everyone. Driven by a dedicated research and innovation team comprising more than 4,000 scientists and 8,000 technology experts, L'Oréal Group is focused on becoming a Techno-Beauty power centre, while creating the future of beauty.