Kering & Perfume: Key Milestones
- 2008 — Exit YSL Beauté manufacturing; move to licensing.
PPR (now Kering) sold Yves Saint Laurent Beauté to L’Oréal for ~€1.15bn; L’Oréal got long-term rights to YSL fragrances/cosmetics. This set the template: Kering houses leaned on external beauty partners. - 2010s — Licenses concentrated with Coty.
Coty held (or later confirmed) licenses tied to Gucci (a Coty pillar) and, across the period, Alexander McQueen, Balenciaga, Bottega Veneta, etc. (various waves over the decade). - Feb 2023 — Kering creates “Kering Beauté.”
The group brings beauty back in-house as a growth pillar; Raffaella Cornaggia (ex-Estée Lauder) appointed CEO to build beauty for Bottega Veneta, Balenciaga, Alexander McQueen, Pomellato, Qeelin. - Jun 2023 — First big bet: Creed.
Kering Beauté acquires The House of Creed (niche luxury fragrance) for ~€3.5bn (reported), aiming to anchor the division with a profitable, fast-growing label. - 2024 — In-house launches/relaunches.
Kering signals new perfumes for Bottega Veneta by year-end, followed by Balenciaga and Alexander McQueen; Bottega’s line is relaunched. - Oct 2025 — Strategic U-turn: Sale to L’Oréal.
Under new CEO Luca de Meo, Kering agrees to sell Kering Beauté (incl. Creed) to L’Oréal for ~€4bn and to grant 50-year exclusive licenses for Gucci (effective after current Coty license expires, widely reported as 2028), Bottega Veneta, and Balenciaga. The deal also sets up a strategic committee and a wellness/longevity partnership between the groups. Closing targeted H1 2026.
What it means
- 2008–2022: “Asset-light via licenses.”
- 2023–2024: “Build an in-house beauty arm (Creed as cornerstone).”
- 2025–>2026: “Refocus on fashion; monetize beauty** (cash in Creed + lock long-term royalties via 50-year licenses to L’Oréal; Gucci transitions after Coty’s term).”