Shares in the fashion group rose after it said it will sell its fragrance line Creed where bottles of perfume can cost as much as £350.

The share price of Kering, the French luxury group that owns Gucci and other brands, jumped sharply Monday after it announced the $4.6-billion sale of its beauty products division to L'Oreal. Proceeds of the sale of its beauty division, which includes its leading perfume brand Creed, will go to alleviate the 9.5 billion euros ($11 billion) in debts it has racked up.

The share price of Kering, the French luxury group that owns Gucci and other brands, jumped sharply Monday after it announced the $4.6-billion sale of its beauty products division to L'Oreal. Proceeds of the sale of its beauty division, which includes its leading perfume brand Creed, will go to alleviate the 9.5 billion euros ($11 billion) in debts it has racked up.

Gucci owner Kering has agreed to sell its beauty business to L’Oreal for €4bn as part of a long-term strategic partnership.

French luxury goods company Kering said Sunday it is selling its beauty division to L’Oreal for 4 billion euros ($4.66 billion).