Kering, the owner of Gucci, is close to selling its beauty division to L'Oréal for 4 billion dollars

The transaction, valued at approximately 4 billion dollars, is expected to include the acquisition of the niche perfume brand Creed and the rights to develop beauty products for the fashion houses Bottega Veneta, Balenciaga, and Alexander McQueen, according to a report published by The Wall Street Journal.

The company is facing declining sales at its flagship brand, Gucci, amid weaker demand in the luxury market, particularly in China. Since the announcement of De Meo's appointment, Kering's shares have risen by approximately 60%.