Approved · Notification · Phase 1 · decided in 27 days, 11 Feb 2026
L'Oréal S.A. is acquiring 100% of the shares in Kering Beauté S.A.S., the parent company of the Creed luxury fragrance group. Kering Beauté will also become the exclusive 50-year licensee for Balenciaga and Bottega Veneta beauty product categories. This transaction is in the beauty and personal care products industry.
L'Oréal S.A. ( L'Oréal ) proposes to acquire 100% of the shares in Kering Beauté S.A.S ( Kering Beauté ), which is wholly owned by Kering Holland, itself 100% held by Kering S.A. Kering Beauté is the French-based parent company of the Creed luxury fragrance group and will, prior to completion of the acquisition, become the exclusive licensee of the beauty product categories of Balenciaga and Bottega Veneta. These licenses will be granted for 50 years and allow Kering Beauté to use and operate the rights associated with the fragrance, cosmetics, candles and skin care product categories for Bottega Veneta and Balenciaga in all jurisdictions worldwide. L'Oréal is the French-based parent and ultimate holding company of the L’Oréal Group, which is active worldwide in the research, development, manufacturing, marketing, distribution and sale of beauty and personal care products. Kering Beauté may, at a future date following the acquisition, be granted a 50-year license to use and operate the rights associated with the fragrance, cosmetics, candles and skin care product categories for the Gucci brand (owned by a Kering entity) in all jurisdictions worldwide. This acquisition is not the subject of the current notification.