L’Oreal, the French personal care company, has confirmed it has entered into exclusive negotiation with Clarins, a French skin care, cosmetics and perfume firm, with a view to acquiring the brands Mugler and Azzaro.
Mugler and Azzaro are positioned as luxury fashion and toiletry brands with a range of male, female and unisex fragrances. Mugler was created by French fashion designer Thierry Mugler, while the Azarro label was founded by Franco-Italian couturier and perfumer Loris Azzaro. Reuters reports a Clarins official as saying the two brands represent combined sales of €416 million ($470 million), 26% of Clarins’ group annual sales of €1.6 billion ($1.8 billion).
Commenting on the negotiation, L’Oreal Luxe president Cyril Chapuy said: “The perfume category is at the heart of our global strategy for growth at L’Oréal Luxe. In this context, we would be thrilled to welcome Mugler and Azzaro: these signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands”.
The acquisition should be completed in the course of 2019.
Source: L’Oreal / Reuters / Wikipedia