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Coty subsidiary files lawsuit against Kering and Gucci

A subsidiary of beauty giant Coty has filed a lawsuit against Kering and Gucci in a UK commercial court weeks after a landmark acquisition deal between Kering Beauty and L’Oréal. A case filing by HFC Prestige International Operations Switzerland SARL – the documents of which have not yet been made public – has listed Gucci America Inc; Guccio...

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Mayhoola contemplates the future of Balmain: Exit, overhaul or reinvention?

When Mayhoola for Investments acquired Balmain in 2016 for around 485 million euros (approximately 546 million dollars), it was viewed as a confident move by Qatar’s sovereign-backed fund to expand its luxury footprint beyond Valentino. Nearly a decade later, that confidence is being tested. The announcement that Olivier Rousteing will step down...

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Kering-owned McQueen considers job cuts at its headquarters

Fashion brand Alexander McQueen is “launching a strategic review” amid a wider ongoing turnaround at its parent company Kering. The brand is considering 55 redundancies at its London-based headquarters, Kering confirmed on Thursday, following a report by WWD. These 55 positions represent 20 percent of the headquarters' workforce, Kering...

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Kering shares rise after third-quarter sales beat expectations

Shares in the French luxury group Kering rose sharply on the Paris Stock Exchange on Thursday. This followed the release of its third-quarter sales, which, despite a 10 percent decline, surpassed market expectations. The stock was up sharply by 8.12 percent to 332.35 euros at around 9:25 am CET, in a market that rose by 0.27 percent. “Kering has...

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Gucci continues to weigh on results: Kering reports 10 percent revenue decline in Q3

Kering announced a 10 percent revenue decline for the third quarter on Wednesday. This is the first financial release since Luca de Meo took office in September as the new chief executive officer, tasked with getting the luxury group back on track. Revenue fell to 3.4 billion euros, a decline less severe than in previous quarters. However,...

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L'Oréal deal to 'help us lighten the ship and relaunch our fashion brands' - Kering's Luca de Meo

Kering, which has been trying to revive its flagship brand Gucci for years, will present its third-quarter revenue on Wednesday. This is the first financial publication since Luca de Meo's arrival in September as chief executive officer to turn around the luxury group. This publication comes 72 hours after the announcement of the sale of...

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An analysis of Kering Beauté's refocusing strategy and sale to L’Oréal

Far from a hasty analysis, the sale of Kering's beauty division to L’Oréal for approximately four billion euros is more than a simple divestment. It is a decisive move, driven by an undeniable logic of debt reduction and refocusing. FashionUnited breaks down the five operational reasons behind this major transaction. “So, Kering selling its ‘...

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What impact will the sale of Kering's beauty division have on Armani?

The sale of Kering's beauty division to L'Oréal has called into question the potential acquisition of a stake in the Armani Group by the French beauty giant. Concern as to the future of L'Oréal's relationship with Armani has been raised by the media, which has speculated whether the brand's heirs may be forced to seek a different future home for...

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Kering shares jump on sale of beauty division to L'Oreal

The share price of Kering, the French luxury group that owns Gucci and other brands, jumped sharply Monday after it announced the $4.6 billion sale of its beauty products division to L'Oreal. Its shares soared more than five percent at the opening of Paris trading, following its announcement Sunday of the deal that would also give L'Oreal...

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Kering sells its beauty division to L'Oréal to boost recovery

French luxury group Kering, which has been struggling for several years, is selling its beauty division to fellow French company L'Oréal for four billion euros. This move is expected to help reduce its debt and continue its recovery. The news was first reported on Saturday by the Wall Street Journal. Kering is selling its beauty division,...

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EU fines Gucci, Chloé and Loewe millions for violating competition rules

Brussels, Belgium – The European Union announced on Tuesday that it had imposed fines totalling 157 million euros on luxury firms Gucci, Chloé and Loewe for breaching competition rules. The sanctions follow surprise raids conducted in April 2023 and an antitrust investigation by the European Commission in July 2024. The EU's executive arm...

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New Kering CEO charts turnaround plan with customer focus and faster timelines

The new chief executive officer (CEO) of luxury group Kering, Luca de Meo, is set to speak with the group's key managers. This group comprises several hundred executives. They will meet after reviewing a memo outlining several workstreams to revive the group, AFP learned on Wednesday, confirming a report from La Lettre. The meeting will take the...