L’Oréal has completed its acquisition of Kering Beauté, the beauty arm of the luxury group, including Gucci Beauty, House of Creed, and a 50-year exclusivity license to create, develop, and distribute fragrance and beauty products under the Bottega Veneta and Balenciaga brands.

The transaction has been in the works since October last year.

Kering CEO Luca de Meo said the partnership with L’Oréal aims to leverage the company’s expertise in the beauty sector and accelerate growth in fragrances and cosmetics.

“This long-term partnership will allow us to fully realize their potential in this category and support their development, drawing on the creativity, desirability, and excellence that set them apart,” de Meo said.

Regarding Gucci, the 50-year exclusivity license will commence upon the expiration of the existing agreement with Coty.

L’Oréal and Kering said they will also explore opportunities in wellness and longevity through a joint venture.

“This milestone in our strategic partnership with Kering reinforces our position as the world’s number one in beauty and luxury beauty,” said Nicolas Hieronimus, L’Oréal CEO.

“Over the next 50 years, we will work together to write the next chapter for these brands and unlock their significant growth potential.”