L’Oréal has signed an agreement for the acquisition two designer fragrance brands, Thierry Mugler and Loris Azzaro, from Groupe Clarins.
The announcement was made yesterday following exclusive talks that have reportedly been underway since July. The financial terms of the deal, that will be finalised in early 2020, have not been revealed.
The acquisition will further strengthen L’Oréal's positioning in the designer fragrance category, developing and distributing the iconic brands responsible for the likes of Angel and Azzaro Pour Homme. They will join L’Oréal's existing portfolio of brands that includes Giorgio Armani, Guy Laroche, Lancome, Roger & Gallet, Viktor & Rolf, Cacharel, Diesel, Ralph Lauren and Saint Laurent, among others.
"The perfume category is at the heart of L'Oréal Luxe's global growth strategy," said president of L'Oréal Luxe Cyril Chapuy. "These signatures with a long history in fashion and olfaction would perfectly complement our brand portfolio," he added.
According to WWD, the sale will mark Groupe Clarins' exit from the perfume and ready-to-wear markets in order to focus exclusively on skincare.
