Prada and L’Oreal have formally pooled their expertise in luxury goods and beauty respectively after entering into a long-term license agreement which will see the latter create, develop and distribute products for its partner directly.
Patrizio Bertelli, CEO of Prada, commented: “L’Oréal is the leading global beauty company. Its position and experience make it the ideal 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.”
Cyril Chapuy, president of L'Oréal Luxe added: “A symbol of excellence and avant-garde, the Prada brand's unique and unconventional philosophy appeals to consumers around the world. This license will give L'Oréal Luxe the ideal complement to its portfolio of iconic brands.”
The license agreement is still subject to regulatory approval but is set to take effect from 1 January 2021.
L'Oreal has become an early adopted of AR following its acquisition of Modiface, a move credited with tripling conversion rates.