Luca de Meo makes his first major move since taking the helm of Kering in a category-defining deal with L'Oréal that unwinds one of the biggest strategic pivots of his predecessor, Francois-Henri Pinault. WHO: Kering is a global, family-led luxury group, home to people whose passion and expertise nurture creative houses across couture and ready-to-wear, leather goods, jewelry, eyewear, and beauty: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, McQueen, Brioni, Boucheron, Pomellato, Dodo, Qeelin, Ginori 1735, as well as Kering Eyewear and Kering Beauté. In 2024, Kering employed 47,000 people and generated revenue of €17.2 billion. Kering set up its beauty business in 2023 after acquiring perfume maker Creed, and reported a €60 million operating loss for the first half of the year.For 115 years, L’Oréal has been the world’s leading beauty player with a broad portfolio of 37 international brands and ambitious sustainability commitments. With more than 90,000 committed employees, a balanced geographical footprint, and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Groupe generated sales amounting to €41.18 billion. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 6,400 digital talents, L’Oréal is focused on inventing the future of beauty and becoming a beauty tech powerhouse.WHY: De Meo had told shareholders he planned to take some difficult decisions to reduce debt at the group, including rationalizing and reorganizing where necessary.