L’Oréal and Armani have announced the signature of an agreement to renew their license until 2050.
The French beauty giant has been producing fragrance and cosmetics for the Italian designer label since 1988. The prestige collection of perfume, make-up and skin care generated revenue of more than €1 million last year and, says L’Oréal, is one of its best-performing luxury lines.
“The renewal of our agreement with Armani demonstrates our confidence in the success of this partnership which has proven its strength and coherence during all these years,” said Jean-Paul Agon, Chairman and CEO of L’Oréal. “There is real synergy between the savoir-faire of L’Oréal and the exceptional creative inspiration of Giorgio Armani, which contribute to make Armani one of the most beautiful and dynamic beauty brands in the world.”
“The collaboration with L’Oréal is one of the first licenses in our portfolio. We are very pleased to renew our agreement thus consolidating a very successful partnership. L’Oréal’s mission and high professionalism have always been aligned with the dynamic and creative spirit that is the core of my philosophy, and over the years our mutual trust has constantly generated excellent results,” said Giorgio Armani, President of the Armani Group.