WWD has today reported that L’Oréal and Italian fashion house Valentino have announced a long-term, worldwide licensing agreement for fine fragrances and luxury beauty. According to the publication the agreement will come into effect on January 1, 2019.
The license is currently being held by Puig and before that was part of Procter & Gamble.
“With its unique combination of prestige and modernity, Valentino definitely will appeal to Millennial consumers around the globe and ideally compliments our brand portfolio,” said L’Oréal deputy chief executive officer Nicolas Hieronimus, in a statement.
“We believe Valentino has great potential within the category and that with L’Oréal’s unparalleled expertise in the sector, we will be able to realize that potential,” said Valentino ceo Stefano Sassi.
We will follow up when more details of the agreement are released.
