L’Oreal to Acquire Kering Beauty Division for $4.6B

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.

The companies said they will establish a strategic committee to ensure coordination between Kering brands and L’Oréal. 

Read more at AP News