L'Oréal Completes Acquisition of Kering Beauté and Acquires Creed
L'Oréal finalizes its strategic partnership with Kering by completing the acquisition of Kering Beauté on March 31, 2026. This deal includes the acquisition of Maison Creed and the exclusive fifty-year licenses for Bottega Veneta and Balenciaga, confirming a major restructuring in the luxury sector announced in October 2025.
L'Oréal has incorporated three major luxury brands into its fold. Maison Creed, one of the premier luxury fragrance brands, joins the French group directly. Concurrently, L'Oréal has secured exclusive rights to create, develop, and distribute fragrance and beauty products for Bottega Veneta and Balenciaga for a duration of fifty years. These two brands are now part of the L'Oréal Luxe ecosystem under a long-term licensing agreement. For the Gucci brand, L'Oréal will be able to conclude an exclusive fifty-year licensing agreement after the current contract with Coty expires, adhering to Kering's obligations towards its existing partner. L'Oréal and Kering are also exploring opportunities in longevity and wellness through a joint venture.
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This completion marks a decisive step for L'Oréal Luxe, solidifying its position as the global leader in beauty and luxury beauty. Nicolas Hieronimus, CEO of L'Oréal, emphasizes that the operation strengthens the group's leadership for the next fifty years. Cyril Chapuy, President of L'Oréal Luxe, highlights the integration of teams that bring these houses to life and the ambition to become the ultimate destination for aspirational luxury beauty experiences worldwide. Meanwhile, Luca de Meo, CEO of Kering, sees this long-term partnership as an acceleration in the development of some of the most iconic fragrances and cosmetics in the industry.
« 2025 a été une année déterminante pour L’Oréal : nous avons réalisé des résultats solides tout en transformant le Groupe en profondeur. »
Résultats annuels 2025: chiffre d’affaires de 44,052 milliards d'euros (+1,3 % publié, +4,0 % à données comparables); marge brute à 74,3 %, marge d’exploitation à 20,2 %, bénéfice net par action à 12,71 €, dividende par action à 7,20 €, cash-flow opérationnel de 7,161 milliards d'euros; croissance soutenue par toutes les divisions et zones, forte dynamique e-commerce (~ 30%), et initiatives stratégiques (IA, M&A, Galderma).
Risks mentioned
Incidences macroéconomiques et incertitudes sur le marché mondial de la beauté
Effets de change et droits de douane défavorables
Opportunities identified
Plan de lancements et IA renforçant l’innovation produit
Croissance via le e-commerce et l’expansion internationale (Etats-Unis, Chine, marchés émergents)
Acquisitions et expansion via la participation accrue dans Galderma
Outlook / guidance
Management commentary: L’Oréal prévoit une année 2026 optimiste malgré les incertitudes macroéconomiques, et compte sur la croissance du chiffre d’affaires et des résultats grâce à sa stratégie multi-Divisions et à ses initiatives en intelligence artificielle et transformation digitale.
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