L’Oréal ’s possible acquisition of Kering Beauty could cause a seismic beauty industry shift.

The Wall Street Journal reported on Saturday that Kering is nearing a $4 billion sale of its beauty unit to L’Oréal.

A Kering spokesperson declined to comment Saturday on the report. Spokespeople from L’Oréal could not be reached over the weekend. The company is due to publish its quarterly results Tuesday, so is in a quiet period.

“This is a real game-changer. It is earth-shattering,” said an industry expert, of a L’Oréal-Kering Beauty deal. “It has implications for everyone.”

For Kering, it would provide a much-needed injection of cash to reinvest in its struggling brands, and a bold move by chief executive officer Luca de Meo, who took the reins in September and has wasted no time in m

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