Gucci-owner Kering has agreed to sell its beauty business to L’Oreal for 4 billion euros ($4.7 billion). The decision comes as part of the luxury group’s efforts to reduce debt and refocus on its fashion business.

The partnership includes the rights to enter into a 50-year exclusive license for the creation, development, and distribution of fragrance and beauty products for Gucci. Under this deal, L’Oreal will acquire Kering’s fragrance line Creed. L’Oreal will also have the rights to develop fragrance and beauty products under Kering’s luxury fashion label Bottega Veneta, Gucci and Balenciaga.