Kering to sell beauty unit to L'Oreal for $4.66 billion

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PARIS, Oct 19(Reuters) - Gucci owner Kering PRTP.PA has agreed to sell its beauty business to L'Oreal OREP.PA for 4 billion euros ($4.66 billion), the company said on Sunday, as new CEO Luca de Meo moves to tackle the luxury group's high debt and refocus on its core fashion business.

Under the deal, French beauty giant L'Oreal will acquire Kering's fragrance line Creed, as well as the rights to develop products under Kering's fashion labels Bottega Veneta and Balenciaga.

($1 = 0.8576 euros)


(Reporting by Dominique Patton and Tassilo Hummel in Paris, Anusha Shah in Bengaluru; Editing by Edmund Klamann)

((dominique.patton@thomsonreuters.com))

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