Prada, L’Oréal Sign Beauty License

PARIS – Prada and L’Oréal have signed a long-term beauty license, Prada has said in a notice to the Hong Kong stock exchange, where it is listed.
The agreement will come into effect on Jan. 1, 2021.
The Prada beauty license is currently held by Puig.
The news confirms speculation about the tie-in reported by WWD this summer.
“L’Oréal is the leading global beauty company. Its position and experience makes it the idea 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,” said Patrizio Bertelli, chief executive of Prada, in the notice.
“A symbol of excellence and avant-garde, the Prada brand’s unique and unconventional philosophy appeals to consumers around the world,” said Cyril Chapuy, president of L’Oréal Luxe.
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