Breaking: L'Oreal Buys YSL Beaute

YSL Beaute and its subsidiary Roger and Gallet have found have found a new home at L'Oreal. The French cosmetics giant has agreed to purchase the brand for $1.68 billion. Under the agreement, L'Oreal which will add the brand to its luxury umbrella, will also gain licenses to the Stella McCartney, Oscar de la Renta and Ermenegildo Zegna fragrance and cosmetics lines.