Gucci's parent company, Kering, said it has agreed to sell its beauty business to L'Oreal for $4.66 billion (over ₹40,000 crore). The move, led by CEO Luca de Meo, is aimed at tackling the luxury group's high debt and refocusing on its core fashion business, Reuters reported. Under the deal, French beauty giant L'Oreal will acquire Kering's fragrance line Creed.