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Gucci owner Kering has agreed to sell its beauty business to L'Oreal for 4 billion euros ($4.66 billion), in a major shift in strategy by new CEO Luca de Meo as he moves to tackle the luxury group's high debt and refocus on its core fashion business.

Under the deal, French beauty giant L'Oreal will acquire Kering's fragrance line Creed, which former CEO Francois-Henri Pinault acquired in 2023 for 3.5 billion euros, as well as exclusive rights to develop fragrance and beauty products for 50 years under Kering's fashion labels including Bottega Veneta and Balenciaga.

L'Oreal will also get the Gucci license, also for 50 years, once a deal with Coty, which analysts believe to last until

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