Prada and L’Oréal have signed a global licence deal that will pave the way for a range of Miu Miu branded beauty products.
The “long-term” ageement means that the Miu Miu brand -best known as a luxury fashion label - will be used “for the creation, development, and distribution” of beauty products for the L'Oréal Luxe division.
The first fragrances under L’Oréal umbrella are expected to be launched in 2025.
L’Oréal and Miu Miu sister brand Prada already have a licensing deal, resulting in a skincare and makeup line bwing launched last year.
Miu Miu CEO Benedetta Petruzzo, said: “We are excited to announce this partnership with a distinctive and leading beauty player such as L’Oréal. This new chapter will sustain the brand’s growth and help to further untap Miu Miu’s full potential in the category”.
Cyril Chapuy, President of L’Oréal Luxe said: “Over the past years, we have successfully established a very strong partnership with Prada teams. We are now thrilled to welcome Miu Miu and unleash together its outstanding potential in beauty. 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.”
The announcement came after L'Oréal reported a 6.9% rise in fourth quarter sales last night, slower than in the previous quarter. Sales totalled 10.6 billion euros compared with foerecasts of 10.9 billion euros, By late morning in Paris, L’Oreal shares were down 5.5%.
CEO Nicolas Hieronimus said the Chinese market had been disappointing in 2023, but its performance had been “pretty positive” in January.
