Who Gets to Own Italian Luxury? | Prada, Gucci & Armani Are Writing Three Different Answers
Fashion Month Update | Who Gets to Own Italian Luxury? | Prada, Gucci & Armani Are Writing Three Different Answers
Prada is spending time. Kering is buying time. Armani is deciding whether to sell time at all, and the founder already set the deadline. Strip away the runways and what's left are three balance-sheet strategies, each still mid-sentence. We'll update this story as Paris and the Armani talks unfold.
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The €4 Billion Kering Beauty Division Sale to L'Oréal Signals Bold Transformation at Kering
Kering has entered a new chapter under its first external CEO, Luca de Meo, the automotive turnaround specialist from Renault. Just weeks into his tenure, de Meo made his first major strategic move: selling Kering's entire Beauty Division to L'Oréal for €4 billion. This bold decision reverses a key strategy from predecessor François-Henri Pinault, who had acquired Creed perfumes for €3.5 billion in 2023 to diversify beyond Gucci. With Kering's debt at €9.5 billion and its stock down 78% from peak, the beauty sale provides crucial capital while allowing the luxury group to refocus on its core fashion and leather goods business.
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