THE WHAT? L’Oréal has announced that it has finalized the acquisition of the Mugler brands and Azzaro fragrances from Clarins Group after obtaining the necessary authorizations from the relevant authorities.
THE DETAILS The deal, which was struck on October 21 last year, covered Clarins’ entire fragrance division.
“We look forward to welcoming the Mugler and Azzaro teams to the L’Oréal family and to accompanying them, especially in this difficult time,” Cyril Chapuy, President, L’Oréal Luxe said in a statement.
THE WHY? A contract is a contract, pandemic notwithstanding, and this one was always expected to complete in the first quarter. L’Oréal’s plan to push these brands internationally may have to be paused for the moment, however.