Kering nears sale of beauty unit to L'Oréal, according to Wall Street Journal

French luxury group Kering, which has been struggling for years, is reportedly close to selling its beauty division — valued at US$4 billion — to fellow cosmetics giant L’Oréal, the world’s, according to The Wall Street Journal. Contacted by AFP, Kering declined to comment, while L’Oréal has not yet responded. The American financial daily reports that the deal could be announced as soon as next week, provided talks don’t fall through or a rival bidder doesn’t appear. The news comes just…

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