French luxury goods company Kering said Sunday it is selling its beauty division to L’Oreal for 4 billion euros ($4.66 billion). Under the agreement, Clichy, France-based L’Oreal will acquire the House of Creed high-end fragrance company as well as licenses to create beauty and fragrance products for Kering brands like Gucci, Bottega Veneta and Balenciaga. Kering and L’Oreal said they are also exploring joint business opportunities in the wellness and longevity market. L’Oreal previously acquired the beauty license for Kering’s Yves Saint Laurent brand in 2008.
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