Prada and L'Oréal announce the signing of a long-term license.

Cosmetics powerhouse L’Oréal has signed a long-term licensing agreement with one of the global leaders in the luxury goods industry.

The deal with Prada will see L’Oréal create, develop and distribute luxury fragrances and beauty products under the Italian fashion house’s name.

In a statement released by L’Oréal, Cyril Chapuy, president of L’Oréal Luxe said:

“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.”

The announcement  comes after Prada decided not to renew its current perfume licence held by Puig.

Puig, who holds licenses including Christian Louboutin and Comme des Garçons and owns Paco Rabanne, Jean Paul Gaultier, Dries Van Noten, Penhaligon’s and L’Artisan Parfumeur, has held the Prada license for the past 16 years.

L’Oréal also acquired the Valentino perfume and fragrance license from Puig last year.

Patrizio Bertelli, CEO of Prada S.p.A. said in a statement:

“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.”

The agreement, which is subject to regulatory approval, is set to begin in January 2021.

L’Oréal is also taking over the fragrance division of Clarins, which includes the Azzaro Fragrance and Mugler brands, early next year.

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