L’Oreal has announced a long-term beauty licensing agreement with Prada that will see the beauty behemoth responsible for the creation, development, and distribution of luxury beauty products for the Italian fashion house, bolstering Prada’s product categories in the luxury space.
Patrizio Bertelli, CEO of Prada S.p.A. said: ‘L’Oréal is the leading global beauty company. Its position and experience make 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.’
Cyril Chapuy, President of L’Oréal Luxe, added: ‘We are very pleased to have signed this license agreement with Prada. 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 agreement will come into effect on 1 January 2021 pending regulatory approvals.