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Kering Beauté & The Beast

Inside C.E.O. Luca de Meo’s decision to abruptly abandon the company’s long-term beauty strategy—and what it means for the L’Oréal regime.

Luca de Meo
Less than six weeks into his tenure, de Meo has significantly improved cashflow, brought the focus back to Kering’s key businesses, and eradicated the risk that comes with outright ownership of its beauty brands. Photo: Nathan Laine/Bloomberg/Getty Images
Rachel Strugatz
October 22, 2025

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Last Sunday, L’Oréal and Kering announced that they were “entering a long-term strategic partnership in luxury beauty and wellness,” with L’Oréal paying nearly $4.7 billion for House of Creed and 50-year licenses to create beauty products for Balenciaga and Bottega Veneta, as well as Gucci, once its current license with Coty expires in 2028. The two companies also entered into a joint venture to explore future opportunities in yet-to-determined adjacent categories.