Tag: $L’Oreal

Armani is poised to kick off formal talks with the three potential investors anointed in the will of Giorgio Armani as it thrashes out a new strategy without the designer who kept an iron grip on the business for fifty years.

French beauty conglomerate L’Oreal (OREP.PA), posted weaker-than-expected third-quarter growth on Tuesday, weighed down by its performance in North America, but it flagged improving demand in China for its luxury brands.

Gucci owner Kering (PRTP.PA), has agreed to sell its beauty business to L’Oreal (OREP.PA), for 4 billion euros ($4.66 billion), in a major shift in strategy by new CEO Luca de Meo as he moves to tackle the luxury group’s high debt and refocus on its core fashion business.

Armani representatives have approached potential buyers over a minority stake in the renowned Italian fashion group, three sources told Reuters, starting a de facto auction, for a slice of one of the world’s best-known fashion empires weeks after the designer’s death.

Revenue at world’s biggest beauty company rose 3.4% in third quarter when analysts expected 6%

Shares in L’Oreal rose 5% on Friday after the French cosmetics giant beat expectations with a strong rise in first quarter sales, allaying concerns about a slowdown in the United States.

L’Oreal shares fell more than 7.3% in early deals Friday as the company reported lower-than-expected sales and pointed to a slowdown in demand in Asia.

PARIS, Oct 20 (Reuters) – L’Oreal shares fell on Friday to their lowest level since March, after a larger-than-expected hit to the cosmetic giant’s travel retail business in Asia, which also affected its luxury division.