- Kristopher Fraser
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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
