Executives at Prada and L’Oreal have signed a long-term beauty deal.
On Thursday, representatives for the Italian fashion house and French cosmetics giant announced that they had agreed to pool their expertise for the new venture, which will include the creation, development, and distribution of luxury beauty products for the Prada brand.
“L’Oreal is the leading global beauty company,” said Prada chief executive officer Patrizio Bertelli. “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.”
Prada has long been involved in the fragrance industry, with its La Femme Prada and Candy scents proving to be favourites with consumers.
However, leaders at the label, headed by fashion designer Miuccia Prada, have yet to explore the make-up and cosmetics categories.
In light of the deal, Cyril Chapuy, president of L’Oreal Luxe, noted that he was thrilled to be working with the team at Prada.
“We are very pleased to have signed this licence agreement with Prada. Prada is one of the most respected players in the global luxury industry,” he commented. “A symbol of excellence and avant-garde, the Prada brand’s unique and unconventional philosophy appeals to consumers around the world. This licence will give L’Oreal Luxe the ideal complement to its portfolio of iconic brands.”
The agreement will come into effect on 1 January 2021.
Earlier this year, bosses at L’Oreal also announced plans to expand their fragrance offerings by acquiring the Mugler and Azzaro brands from Clarins Group.
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