L’Oreal says interested in Armani stake

PARIS: French cosmetics group L’Oreal said Tuesday it is interested in taking a stake in Italian company Armani — as its late founder suggested — even as it moves ahead with a multi-billion-dollar purchase of Kering’s beauty division.

“The acquisition of Kering’s beauty activities changes nothing in terms of our intention to be part of Armani,” L’Oreal boss Nicolas Hieronimus told Le Figaro newspaper.

L’Oreal and Kering — the struggling French luxury group that owns Gucci — announced on Sunday that L’Oreal was buying Kering’s beauty division for USD4.6 billion, its biggest acquisition ever.