Luxury M&A, succession, and brand licensing activity

Kering closes $4B beauty sale to L'Oréal; L'Oréal Q2 +6% (dermatological +11%, North Asia +4.5%), Gucci license acceleration to 2027. Armani profit doubles, stake sale speculation. Capstone M&A: 75 deals H1 2026 +21% YoY, EBITDA 9.8x, brand aggregators upmarket, GLP-1 wardrobe 31M customers; PE pullback 50%. Crown Brands acquires Cosabella (following Hanky Panky) signaling focused roll-up in premium intimates via licensing partnerships with operating partners (Rafar, Dreamwear). Authentic Brands Group names new operating partners for Guess growth (kids, home, intimates, footwear) — Guess at $6B retail is Authentic's second-largest brand. Gucci 50-year beauty license. LVMH succession scrutiny. Harley-Davidson licenses BDA for apparel.