Approved · Notification · Phase 1 · decided in 34 days, 22 Sept 2026
L'Oréal, through its subsidiary Lake Beauté, proposes a 50-year worldwide exclusive licence from Kering subsidiaries Guccio Gucci S.p.A. and Gucci America Inc. for Gucci brand fragrance and beauty products. This transaction impacts the premium fragrance and cosmetics market, with Coty's current licence scheduled to terminate early.
Lake Beauté (formerly known as Kering Beauté), a French wholly-owned subsidiary of L'Oréal SA (L'Oréal), proposes to enter into a 50-year worldwide exclusive licence (Proposed Licence or Gucci Beauty Licence) from Guccio Gucci S.p.A. (Gucci Italy) and Gucci America Inc. (Gucci America), both wholly-owned subsidiaries of Kering SA (Kering), for the creation, development, manufacture and distribution of fragrance and beauty products under the Gucci brand. 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 is the French-based parent and holding company of the Kering Group, a global luxury group which owns and operates a portfolio of luxury brands, including Gucci. The Gucci beauty and fragrance business is currently operated by Coty Inc. (Coty) under a long-term worldwide exclusive licence, which is now scheduled to terminate on 30 June 2027 (one year ahead of the original licence term). L'Oréal and the Gucci beauty and fragrance business (as currently operated by Coty) both supply premium fragrances and, to a lesser extent, premium colour cosmetics in Australia.