admin A long-term license agreement for the luxury Italian house’s beauty arm signed by two big players in the industry, L’Oréal and Prada. The agreement, which sees Prada switch from Puig – which currently holds its beauty license – will come into effect in January 2021. In May 2018, Valentino had already left Puig to join the L’Oréal team.
Specific terms of which were not disclosed in this agreement will come into effect on Jan. 1 2021. The news confirms speculation about tie-in in the summer of 2018. Since 2003, Puig has held Prada’s fragrance and beauty license.
CEO of Prada S.p.A. Patrizio Bertelli said, “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.”
Prada boasts an extensive fragrance portfolio, featuring major scents such as ‘La Femme Prada,’ ‘L’Homme Prada’ and ‘Prada Amber.’
“Prada is one of the most respected players in the global luxury industry,” added Cyril Chapuy, President of L’Oréal Luxe. “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.”
L’Oréal keeps delving deeper into designer fragrance category, where it vies with Coty Inc. to be first. Most recently the French beauty giant signed an agreement to acqiuire the Mugler brands and Azzaro fragrance from Groupe Clarins. That deal should go through in the first quarter of 2020.
Prada boasts an extensive fragrance portfolio, featuring major scents such as ‘La Femme Prada,’ ‘L’Homme Prada’ and ‘Prada Amber.’
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