Gucci owner Kering is close to striking a deal to sell its beauty division to L’Oréal for about €4bn as its new chief executive looks to revitalise the struggling luxury group.
The potential sale, which was confirmed by people familiar with the matter, would represent a U-turn by the Paris-listed company, which had previously sought to grow its beauty business in-house.
It is also one of the one of the first big restructuring moves by new chief executive Luca de Meo, who arrived in September from carmaker Renault with a mandate to turnaround the flagging business.
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