**Gucci Owner Kering Nearing Deal to Sell Beauty Unit to L’Oréal**
Kering, the French luxury goods company behind renowned brands like Gucci, is reportedly in advanced talks to sell its beauty division to local rival L’Oréal. According to a report by The Wall Street Journal on Saturday, sources close to the matter have confirmed the ongoing discussions between the two companies.
This potential deal marks a significant move in the luxury and beauty industry, as Kering looks to streamline its focus on its core fashion and leather goods brands, while L’Oréal aims to strengthen its position in the luxury beauty market.
**Company Overview**
– **Kering (OTCPK: PPRUF)**: A leading French luxury products producer, owning prestigious names such as Gucci.
– **L’Oréal (OTCPK: LRLCF / OTCPK: LRLCY)**: A global leader in cosmetics and beauty products, headquartered in France.
Further updates will follow as more information becomes available regarding the terms and finalization of the deal.
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