Prada S.p.A. and L'Oréal today announced the signing of a long-term license agreement for the creation, development, and distribution of luxury beauty products for the Prada brand.
The agreement will take effect on January 1, 2021. It will allow the two companies to combine their expertise in each of their own sectors.
Patrizio Bertelli, CEO of Prada S.p.A., comments, “L’Oréal is the leading global beauty company. Its position and experience makes it the ideal partner for Prada to develop its full potential across a variety of new projects, leverage Prada’s well-established fragrance identity and reach even more audiences around the world.”
Cyril Chapuy, President of L'Oréal Luxe, says, “We are very pleased to have signed this license agreement with Prada. Prada is one of the most respected players in the global luxury industry. A symbol of excellence and avant-garde, the Prada brand's unique and unconventional philosophy appeals to consumers around the world. This license will give L'Oréal Luxe the ideal complement to its portfolio of iconic brands.”
Prada S.p.A.signed a licensing deal for Coty Inc. to develop a fragrance line under the new Miu Miu Parfum brand, which debuted in 2015.
Puig has held Prada's fragrance and beauty license since 2003.
Growing L'Oréal's Luxury Division
This deal seems to be a continuation of L'Oréal's plans to grow its Luxury division.
Back in October, L'Oréal signed an agreement to acquire Mugler and Azzaro fragrances, through the acquisition of Clarins' fragrance division. The deal also included Thierry Mugler (Fashion), Clarins Fragrance Group (CFG), CFG France, Cosmeurop, and CFG UK.