(Reuters) -French luxury group Kering is in advanced talks to sell its beauty division to beauty group L'Oreal for about $4 billion, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

L'Oréal would acquire fragrance brand Creed and gain rights to develop beauty products tied to Kering's fashion labels, including Bottega Veneta, Balenciaga, and McQueen, the Journal reported, adding the deal could be announced next week.

Kering launched its beauty division in 2023 with the acquisition of high-end fragrance label Creed.

Reuters could not immediately verify the report, while Kering declined to comment. L'Oreal did not immediately respond to a Reuters request for comment.