License agreement between L’Oréal and Gucci Beauty to take effect next year

L’Oréal has signed an exclusive 50-year licensing agreement for the development and distribution of Gucci Beauty products. The agreement will take effect next summer, following the termination of the partnership between Gucci and Coty, which had previously been announced by Kering.

Sooner than planned

Last fall, the French luxury group Kering sold its fragrance brand Creed to cosmetics giant L’Oréal. At the same time, the two giants also announced a long-term partnership, under which L’Oréal would receive exclusive licenses for 50 years to create, develop, and distribute fragrance and beauty products from Balenciaga, Bottega Veneta, and Gucci.