By Gary Symons
TLL Editor in Chief
Beauty and fashion come together in a big way this week, as L’Oreal Groupe signed a worldwide, long-term license agreement with Miu Miu.
L’Oreal is currently the world’s largest cosmetics company, thanks to its market valuation soaring to $253 billion by the end of 2023, a 33% rise from its $190.5 billion valuation at the end of 2022.
On the other side of this deal is Prada’s Miu Miu brand, which was formed in 1993 as a reflection of the style sense of Prada matriarch Miuccia Prada, who founded the label.
Miu Miu is the sister label to Prada, with the name coming from Miuccia Prada’s family nickname. It was established as a more youthful, playful and affordable alternative to the Prada line.
Now, L’Oreal and Miu Miu have joined forces with an agreement for the creation, development, and distribution of luxury beauty products for the Miu Miu brand. Following the successful collaboration with Prada brand, Miu Miu is now joining the L’Oréal Luxe division for a new beauty chapter.
“We are excited to announce this partnership with a distinctive and leading beauty player such as L’Oréal,” said Miu Miu CEO Benedetta Petruzzo. “This new chapter will sustain the brand’s growth and help to further untap Miu Miu’s full potential in the category.”
The first fragrances under L’Oréal are expected to be launched in 2025. The agreement will be effective after customary regulatory approvals, if any.
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