Luxury fashion conglomerate Kering has announced the sale of its beauty unit to cosmetics giant L’Oreal for a staggering $4.66 billion. The deal includes popular brands such as Yves Saint Laurent and Boucheron, expanding L’Oreal’s presence in the luxury beauty market. Kering plans to use the proceeds to focus on its core fashion and accessories businesses.

Read more at Investing.com: Kering to sell beauty unit to L’Oreal for $4.66 billion