THE WHAT? L’Oréal and Prada have entered into a long-term licensing agreement, which will see the development of luxury beauty products for the Prada brand effecting 1 January, 2021.
THE DETAILS The collaboration signals the end of Prada’s long-held agreement with Puig, with which it has held a fragrance and beauty licence since 2003.
Patrizio Bertelli, CEO of Prada S.p.A.: “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 WHY? The new agreement will better place L’Oréal against competitor Coty as it vies to top the designer fragrance category following recent acquisitions of brands such as Mugler and Azzaro fragrances from Groupe Clarins.
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.”