Kering and L'Oréal announced on 19 October 2025 a long-term strategic partnership in luxury beauty and wellness. This binding agreement encompasses the acquisition of 100% of the shares of Kering Beauté which ownes the House of Creed and beauty and fragrance licences Kering's iconic brands, Gucci, Balenciaga and Bottega Veneta.
A true heritage name in haute parfumerie, Creed stands among the leading high-end luxury fragrance Houses, celebrated for its craftsmanship and mastery of rare natural ingredients. As part of L’Oréal Luxe, Creed will be best positioned to accelerate even further its global development across both men’s and women’s markets.
Furthermore, the fifty-year Gucci licensing agreement will begin after the expiration of the current license with Coty, in compliance with Kering's obligations under the existing licensing agreement. The two other licenses were also granted for fifty years from the completion of the transaction.
Building on the success of Yves Saint Laurent Beauté, this alliance further consolidates the long history of collaboration of two global leaders with complementary strengths — iconic luxury brands of Kering and the world-class expertise of L’Oréal in beauty — to accelerate growth and unlock considerable value across high-potential categories. This agreement amounts to €4 billion, payable in cash upon completion of the transaction, expected in the first half of 2026. L'Oréal will also pay royalties to Kering for the use of the licensed brands.
On 7 January 2026, L’Oréal successfully placed a bond issue with a total nominal amount of €1.75 billion.
The offering consists of three tranches:
The net proceeds from the bonds will be used for general corporate purposes, including partially financing the acquisition of the additional 10% stake in Galderma announced in December 2025.
The bonds were delivered on 12 January 2026.
L'Oréal announced on 8 December 2025, the acquisition of an additional 10% stake in Galderma Group AG. This transaction will increase L'Oréal's stake in Galderma to 20%.
As part of this increased stake, Galderma's Board of Directors will consider the appointment of two non-independent directors representing L'Oréal, to replace the members of the consortium led by EQT, effective from the 2026 Annual General Meeting.
This additional investment was finalized on 10 February 2026, for €4.2 billion. From that date, L'Oréal consolidated this stake in Galderma using the equity method.
