Beauty
Gucci owner to sell beauty division to L’Oréal for €4bn
The Gucci owner, Kering, is selling its beauty division to L’Oréal for €4bn (£3.5bn), as its new chief executive, Luca de Meo, seeks to turn around the French luxury company.
The deal will give the French beauty group L’Oréal Kering’s fragrance line Creed, which was founded in 1760. The deal also includes rights to develop fragrance and beauty products under Kering’s fashion labels Gucci, Bottega Veneta and Balenciaga under a 50-year exclusive licence.
In a significant shift in strategy, de Meo is trying to reduce Kering’s debt burden and refocus on its core fashion business.
The new 50-year deal with L’Oréal will start once Kering’s current deal with Coty for Gucci fragrances expires in 2028.
The sale will help reduce Kering’s net debt, which totalled €9.5bn at the end of June, on top of €6bn of long-term lease liabilities, easing concerns among investors.
It is de Meo’s first big move since he took the helm less than two months ago, as he pivots away from the strategy of his predecessor François-Henri Pinault, whose family controls the group.
Kering set up its beauty business in 2023 after acquiring the perfume maker Creed for €3.5bn to reduce its reliance on its Gucci brand, which makes up most of its profits. But the luxury group has struggled to ramp up the business, posting a €60m operating loss for the first half of the year.
The company has also been battling declining growth at its largest brand, Gucci, as demand from the key Chinese market has slowed sharply in recent years. Gucci’s revenues fell by 25% in the latest quarter.
The Italian fashion house underwent a shake-up under new management and creative director, Sabato de Sarno, but he was abruptly let go just two weeks before Milan fashion week in February. He has been replaced by Demna, who left his post at Balenciaga in the summer and last month presented his first Gucci collection, ditching the traditional catwalk format for a film by Spike Jonze.
Analysts at Jefferies estimate the beauty division’s potential sales at €800m and an operating profit of €280m, assuming a licence fee of 10% on Gucci sales. “This is likely to be taken positively for L’Oréal, another ‘buy and roll’ transaction in what is still a ‘hot’ fragrance category,” they said.
Analysts at Bernstein said: “We believe selling Kering Beauté at around the same price paid for Creed two years ago is a bitter but necessary medicine.”
The Kering share price increased by 5% in early trading in Paris, while L’Oréal rose nearly 1%.
The Guardian
Beauty
Melania Trump’s ‘Porcelain’ Smile Likely Veneers
Melania Trump often displays a sour expression that adds fuel to the speculation about the health of her marriage to Donald Trump. But she occasionally smiles for the camera, and when she does, it shines — literally. Melania has white teeth so perfect that we wondered if the first lady is among the high-profile figures who have veneers. Dr. Tyler Hales, celebrity cosmetic dentist and founder of Hales Aesthetic, believes she is. After reviewing a number of photos for Nicki Swift, including the image below, he analyzed the shape of her teeth and how they reflect light to reach his conclusions.
“A key indicator for me is that her smile appears brighter than the whites of her eyes, which strongly suggests veneers,” Hales told us. That wasn’t the only giveaway, though. Hales also noticed an unevenness that generally points to veneers because of a technical difficulty. “Upon closer inspection, the lower teeth appear slightly thicker. This is common with lower veneers, as many labs struggle to maintain a natural thickness in that area,” he explained.
The color of Melania’s teeth also helped Hales determine exactly what kind of veneers he believes she got. “While her teeth are very white, they have a slight grayish undertone. This leads me to believe she likely has Emax porcelain veneers on both her upper and lower teeth,” he said. The suspicion that she has veneers doesn’t surprise us. After all, Melania has undergone a major transformation between her modeling and first lady days.
Melania Trump has sparked plastic surgery rumors for years
Melania Trump’s smile may not be the same today, but that isn’t the only aspect of her physical appearance that has changed since she became a public figure through her relationship with Donald Trump. Melania has changed so much that many have issues seeing any reminiscent traits of her early modeling days from 1987 in her current face. “I cannot recognize her at all in these pics. My brain can’t even make the connection,” a Reddit user wrote in a 2023 post.
Many others echoed similar sentiments. “I can BARELY see it in her eye shape, even knowing who it is. Wow,” a second Redditor commented. In response to this comment, another netizen pointed out how different her smile has become. “Also, super weird to see her smiling and not just baring her teeth,” the user noted. Of course, most believe the differences are the result of plastic surgery, but they struggled to nail down which procedures given just how different she looks now. “I’m trying to pinpoint everything she must have had done but like… all of it???” a Redditor wrote.
Melania has denied plastic surgery rumors in the past, but not very many people buy it — not even professionals. Plastic surgeon Dr. Dan Yamini told our sister site The List that her almond-shaped eyes and chiseled cheekbones are most likely the result of a facelift and eyelid surgery, while her nose seems altered by rhinoplasty. That’s not to mention fillers and other nonsurgical procedures. She may not like it, but people will believe what they will.
Nicki Swift
Beauty
Estée Lauder, audacity and expertise
The beginnings. Born in 1908 to Hungarian Jewish immigrant parents, young Josephine Esther Mentzer became interested in the composition of beauty creams thanks to her chemist uncle, who had come from Vienna to live with her and her family in Queens, New York. Estée (a variation of her childhood nickname, Etsy—with an added accent for a chic, French touch!) had a knack for business. In the city’s beauty salons, where she was quickly noticed for her exquisite complexion, she demonstrated her products, often concocted in her kitchen. In 1946, she launched her brand with her husband, Joseph Lauter (they changed the “t” to a “d”). A year later, the couple signed their first contract with the Saks Fifth Avenue department store—an $800 order for products. The business was launched.
The empire. Estée Lauder has the soul of an entrepreneur, and above all, a remarkable gift of gab. She says: “In a perfect world, we should all be judged on the beauty of our souls, but in our less-than-perfect world, the beautiful woman has a definite advantage, and often the last word.” In nearly seventy years, the brand has become a beauty behemoth, notably under the leadership of one of Estée’s sons, Leonard Lauder, who passed away in 2025.
The secret formula. In her shops, which she visits assiduously, the boss repeats her mantra, the three Ts: “Telephone, Telegraph, Tell a woman ” – “Telephone, telegraph, tell a woman,” which basically means that word-of-mouth remains the best form of advertising.
The anecdote. One of the founder’s key ideas? To offer each customer a free sample of one of the brand’s products. Unheard of at the time.
The legacy. The group that bears his name, and also owns the brands Clinique, La Mer, Tom Ford Beauty or MAC makeup, is today in the world’s top 3 in cosmetics, after L’Oréal.
Story by Madame Figaro
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