On October 20, Kering, the owner of the renowned Gucci brand, announced the sale of its cosmetics division, operating under the prestigious Creed perfume label, to French beauty giant L’Oreal for 4 billion euros, reports Baltimore Chronicle with reference to Reuters.
This transaction comes two years after Kering acquired Creed for 3.5 billion euros as part of a revised business diversification strategy aimed at moving away from its core fashion and leather goods, which had been the primary sources of the company’s profits.
The largest deal in the luxury goods sector over the past decade occurred in January 2017, when Italian eyewear manufacturer Luxottica merged with French lens producer Essilor in a 46-billion-euro transaction, creating the world’s biggest eyewear group.
Later, in November 2019, French conglomerate LVMH finalized its acquisition of the American jewelry giant Tiffany & Co. for 16.2 billion dollars in cash.
Another notable deal took place in April 2017, when French billionaire and LVMH owner Bernard Arnault consolidated control over the holding company Christian Dior in a 12-billion-euro agreement. As part of a series of complex transactions, LVMH acquired the Christian Dior Couture brand from the Christian Dior holding company for 6.5 billion euros, including debt.
Earlier we wrote that Nestlé to Cut 16,000 Jobs Worldwide as New CEO Launches Major Cost-Saving Plan.
