French luxury goods company Kering announced Sunday it is selling its beauty division to L’Oréal for 4 billion euros ($4.66 billion). Under the agreement, L’Oréal will acquire the House of Creed high-end fragrance company and licenses to create beauty and fragrance products for Kering brands including Gucci, Bottega Veneta, and Balenciaga. The companies will establish a strategic committee to ensure coordination and are exploring joint opportunities in the wellness and longevity market. The all-cash deal is expected to close in the first half of 2026, with L’Oréal also paying royalties to Kering for licensed brand use.