Kering SA agreed to sell its beauty division to L'Oreal SA as part of a long-term strategic alliance, with Chief Executive Luca de Meo seeking to turn around the French luxury giant's fortunes. The owner of fashion brands including Gucci said the deal aims to accelerate growth, according to a statement issued by both companies on Sunday night. The deal is valued at €4 billion ($4.7 billion), according to the statement.
Saudi Arabia and nuclear-armed Pakistan have signed a formal mutual defense pact, state media from both countries said, in a move that significantly strengthens a decades-long security partnership. This agreement, which reflects the shared commitment of both nations to enhance their security and to achieving security and peace in the region and the world, aims to develop aspects of defense cooperation between the two countries and strengthen joint deterrence against any aggression.