Statement from the Competition Council regarding the economic concentration project concerning the acquisition by the company ‘L’Oréal SA’ of the exclusive control of the company ‘Kering Beauté SAS’

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the ‘summary of the transaction’ below, containing information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible for it. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed transaction.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and groups concerned:

• The acquirer: the company “L’Oréal S.A”;
• The target: the company “Kering Beauty A.S”.

Nature of the operation

• Acquisition of exclusive control.

Economic sector concerned:

• Production and wholesale of luxury perfumes and cosmetics.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this announcement, i.e. January 29, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received a notification of a proposed economic concentration structured as follows:

1. L’Oréal S.A. will acquire 100% of the shares of Kering Beauty S.A.S., which itself holds 100% of the capital of Fontaine Ltd, the parent company of the luxury perfume group Creed.
2. Before the acquisition by L’Oréal of Kering Beauty S.A.S., the relevant Kering entities (as licensors) will grant to Kering Beauty S.A.S.(as a licensee) a global license for the use and exploitation of rights related to perfumes, cosmetics, candles, and skincare products for the Bottega Veneta and Balenciaga brands.

This operation constitutes a concentration insofar as it will result in a change of control of Kering Beauté SAS, which will hold, at the time of the completion of the Contemplated Transaction (i) 100% of the capital of Fontaine Ltd, the parent company of the luxury perfume group Creed; and (ii) the Balenciaga and Bottega Veneta licenses covering beauty product categories. “L’Oréal SA” is the French parent company and ultimate holding company of the L’Oréal group, active worldwide in research, development, manufacturing, marketing, distribution, and sale of beauty and personal care products. In 2024, L’Oréal’s global revenue amounted to MAD 467,274.36 million (43,486.8 million euros). “Kering SA” is the French parent company and holding company of the Kering group, a global luxury group that operates and develops a series of renowned houses – including Balenciaga and Bottega Veneta – in the fields of fashion and leather goods, jewelry, eyewear, and beauty. The Creed Group is an international group specializing in luxury perfumes, headquartered in London, United Kingdom. Balenciaga and Bottega Veneta are luxury fashion houses owned by the Kering group.As part of a general strategy to expand the universe of the Houses of the Kering group, Kering Beauty launched the beauty collections of Bottega Veneta in October 2024 and Balenciaga in September 2025, focusing on the distribution of luxury perfumes and, in a limited way (from 2025 and only for Bottega Veneta), on the sale of candles.

Made in Rabat, on January 19, 2026