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Prada signs licensing deal with L'Oréal

By Kristopher Fraser

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Business

Prada S.p.A. and L'Oréal have signed a long-term license agreement for the creation, development and distribution of luxury beauty products for the Prada brand. This agreement will allow the two companies to combine their expertise in each of their own sectors.

“L’Oréal is the leading global beauty company," Prada CEO, Patrizio Bertelli, in a statement. "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.”

"We are very pleased to have signed this license agreement with Prada," said Cyril Chapuy, president of L'Oréal Luxe, in a statement. "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.”

The license agreement, having obtained the applicable customary regulatory approvals, will come into effect on 1 January 2021. In 2018, Prada's sales rose, despite a slowdown in the second half. As Prada works to ensure they continue on a track of profitability, this license with L'Oréal will help them expand their beauty offerings and corner the beauty market, which is typically the bread-and-butter of most luxury brands.

photo: via Prada.com
L'Oreal
Prada