Kering Said to Discuss €4 Billion Sale of Beauty Unit to L’Oreal

Kering SA is in talks to sell its beauty business to L’Oréal SA in a deal worth about €4 billion ($4.7 billion), according to people with knowledge of the matter, as new Chief Executive Luca de Meo seeks to turn around the luxury giant’s fortunes.

The deal could be announced as soon as next week, although discussions could still fall apart, the people said, asking not to be identified because the information is private.

Kering declined to comment, while L’Oreal, which owns Garnier and Maybelline New York, didn’t immediately respond to a request for comment. The discussions were earlier reported ...