The French giant has inked a deal with the Italian fashion house to assume the worldwide fine fragances and luxury beauty business of the brand from Janurary 1, 2019.
L'Oréal and Valentino forge deeper ties. The French cosmetics group has inked a long-term, worlwide deal with the Italian designer brand for the manufacture of its fine fragrances and luxury beauty lines. The accord goes into effect on January 1, 2019, according to WWD.
At present, the license to produce Valentino’s fragrances is owned by Spanish group Puig. The company, one of the key players in the field through licenses such as Jean Paul Gautier, appointed José Manuel Albesa as president of brands, markets and operations last April, a newly created position.
Stefano Sassi, chief executive officer of Valentino, explained that L'Oréal's expertise will allow the company to continue developing its potential in the fragrance and cosmetics market. L’Oréal’s fragrance licensing business also includes designer brands like Yves Saint Laurent, Giorgio Armani and Maison Margiela.
L'Oréal also holds the fragrance licenses of Yves Saint Laurent, Giorgio Armani and Maison Margiel
The signing of L'Oréal's license agreement with Valentino came a few days after the French cosmetic giant bought American hair colour brand Pulp Riot. Previously, the company closed the acquisition of South Korean makeup label Nanda.
L'Oréal ended last fiscal year with a 15% increase in net income compared to 2016, to 3.6 billion euros. On the other hand, the company’s turnover rose only by 0.7% in the same period, to slightly exceed 26 billion euros.