New chief executive Luca de Meo aims to bring down debt burden and refocus on core fashion businessBusiness live – latest updatesThe 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. Continue reading...