L’Oreal Groupe will create, develop and distribute beauty products for the luxury label Miu Miu in a worldwide licensing agreement inked with its parent Prada.
Miu Miu’s first fragrance line under L’Oreal is expected to be released next year. Miu Miu will join L’Oreal Luxe division, which has a portfolio of 25 brands, including Lancome, Helena Rubinstein, Kiehl’s and Giorgio Armani.
“With its unique positioning, fueled by limitless creativity and experimentation, Miu Miu will perfectly complement L’Oréal Luxe’s portfolio of iconic brands and reinforce our worldwide leadership in Fragrances,” Cyril Chapuy, president of L’Oreal Luxe.
“This new chapter will sustain the brand’s growth and help to further untap Miu Miu’s full potential in the category,” said Benedetta Petruzzo, CEO at Miu Miu.
The agreement will be effective after customary regulatory approvals, if any.
L’Oreal acquired Australian luxury cosmetics brand Aesop from Brazil’s Natura & Co Holding for US$2.525 billion last year.