The parent company of iconic luxury brands like Gucci and Saint Laurent has agreed to sell its beauty business to L’Oreal.

Kering announced the reported $4.66 billion agreement on Sunday.

As part of the deal, L’Oreal, the world’s largest cosmetics company, will acquire Kering’s fragrance line Creed and exclusive rights to develop fragrance and beauty products for 50 years under Kering’s fashion labels, including Bottega Veneta and Balenciaga.

The partnership also notably includes the rights to a 50-year exclusive license for Gucci, Kering’s flagship brand.

That agreement will begin after the expiration of a current license with Coty ends in 2028.

CNBC reported new Kering CEO Luca de Meo pursued the deal to tackle the luxury group’s high debt and refocus on its core fashion business.

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