Fashion Sold Its Perfume to L’Oréal. Beauty Is Now the Real Empire.

1 min read

On March 31, 2026, L’Oréal completed its 4-billion-euro purchase of Kering Beauté. The deal included the House of Creed and 50-year exclusive beauty and fragrance licenses for Bottega Veneta and Balenciaga. Gucci’s license moves over when Coty’s current license expires (Kering; L’Oréal).

First principles

• The fashion house sells the dream. The beauty group sells the bottle.
• Where L’Oréal’s growth comes from: In Q1 2026 it reported 12.15 billion euros in sales, with fragrance leading growth (L’Oréal Q1 2026).
• What comes next: The two groups are also exploring a wellness and longevity joint venture.

Team Jupiter or Team Saturn?

• L’Oréal: Jupiter. It keeps expanding its portfolio with licenses that run for half a century.
• Kering: Saturn. It sold the bottle to fix its balance sheet and keep the house.

Unpopular opinion: A 50-year license means the perfume will outlive the creative director whose name sells it.

Lillith Magic · Directed by Anthony Perlas. Opinion: the Jupiter/Saturn read is our editorial judgment of business behavior, not a statement of fact about any person.

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