Luca de Meo moves to reshape the luxury group
Luxury conglomerate Kering, owner of Gucci, Bottega Veneta, and Saint Laurent, is close to finalizing a €4 billion deal to sell its beauty division to L’Oréal, according to Financial Times. The sale would represent a major shift for the Paris-listed company, which had previously planned to grow its cosmetics business internally.
The transaction marks one of the first significant steps taken by new CEO Luca de Meo, appointed in September 2024 after a successful tenure at Renault. His mandate includes revitalizing Kering’s struggling operations and reducing the company’s debt, which reached €9.5 billion in June.
Read full article here: turnovernews.com
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