Beauty business: Kering sells beauty division to L’Oreal; $4.6 billion deal sealed
French luxury group Kering has agreed to sell its beauty division, including the high-end perfume brand Creed, to L’Oreal for $4.6 billion. The move marks a major step for Kering as it looks to tackle its growing debt.Under the agreement announced on Sunday, L’Oreal will also secure 50-year exclusive licences to make and sell beauty…