Cosmetics

Kering sells beauty division to L’Oréal for 4 billion euros

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Kering has finalized the sale of its beauty and perfumes activities to L’Oréal for around 4 billion euros. This deal marks the first major decision by Luca de Meo, the group's new CEO since last month. The agreement, revealed by the Wall Street Journal the day before, builds on a long history of collaboration between the two French companies.