On Sunday night, Kering and L’Oréal Group announced a major deal on beauty. The top-line move was the sale of Kering Beauté to L’Oréal, but there was another, interesting play: the two companies are teaming up to explore the opportunities at the crossroads of luxury wellness and longevity.
Under a 50-50 joint venture agreement, the two groups will partner to “craft cutting-edge experiences and services combining L’Oréal’s innovation capabilities with Kering’s deep understanding of luxury clients”, according to the release. “Together, we will also venture into new frontiers of wellness, combining the unrivalled expertise of L’Oréal with our unique luxury reach,” Kering CEO Luca de Meo said in a statement.