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PPR & L'Oréal agreement for YSL Beauté project
24
Jan '08
PPR announces that it has received a firm offer from L'Oréal for YSL Beauté pursuant to which:

- the use of the Yves Saint Laurent and Boucheron brands in the field of fragrances and cosmetics would be entrusted to L'Oréal in the form of a very long-term exclusive worldwide license, under market conditions;
- licenses for fragrances and cosmetics of the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna brands would be transferred to L'Oréal;
- and the shares of YSL Beauté Group including its Roger & Gallet subsidiary would be sold to L'Oréal at a price reflecting an enterprise value of €1,150 million.

The Yves Saint Laurent, Boucheron and Stella McCartney brands remain the property of the PPR Group.

On the basis of this offer, PPR has entered exclusive negotiations with L'Oréal in view of carrying out this transaction.

François-Henri Pinault, PPR Chairman & CEO, said: “With this strategic agreement with the world leader in cosmetics, Gucci Group gives YSL Beauté the opportunity to take full advantage of its upside potential. It also enables the Yves Saint Laurent brand, in the field of beauty, to fully align its ambition with its worldwide reputation. Yves Saint Laurent would thus boost its position as a great luxury brand. With its expertise and knowledge of international markets, L'Oréal would be able to continue and step up the work already achieved to date. L'Oréal would also offer a unique development platform forthe Roger & Gallet, Boucheron, Stella Mc Cartney, Oscar de la Renta and Zegna brands. With this projected agreement, PPR reasserts its ambition to bolster the development of the Gucci Group's brands.”


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