Prada, L’Oréal sign long-term licensing agreement
Italian luxury fashion house, Prada and French personal care company, L’Oreal have announced the signing of 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.
CEO of Prada,Patrizio Bertelli 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.”
President of L’Oréal Luxe, Cyril Chapuy also added: “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 is still subject to regulatory approval but is set to take effect from 1 January 2021.
L’Oreal has become an early adopted of AR following its acquisition of Modiface, a move credited with tripling conversion rates.