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L'Oreal Group and Prada S.p.A. have signed a long-term licensing agreement to create, develop, and distribute Miu Miu products worldwide. Under the deal, Prada's sister brand will join the L'Oreal Luxe business unit.
As per WWD News, the beauty license for the Miu Miu brand was previously granted to Coty Inc. after it secured a deal with the Prada Group in 2013. At that time, the companies agreed to produce luxury fragrances that would be sold under the company's name. This contract marked the first time Prada concurred with a perfume tie-up.
Miu Miu Aims to Use the Partnership for Growth
Miu Miu believes the license agreement will help its brand grow further and reach untapped markets to see and realize its full potential in the beauty industry. At any rate, they will release luxury fragrances for the first project with L'Oreal.
Market Watch reported that neither Miu Miu nor L'Oreal disclosed the financial details of the deal. Miu Miu will use its new collaboration with the French cosmetic firm to boost sales and expand its presence in the beauty market.
Launch of First Beauty Products Under the Deal
L'Oreal is set to release the first Miu Miu fragrances under its brand next year. Then again, it was shared that the two companies' partnership will go into effect after the usual regulatory approvals if required.
"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," L'Oréal Luxe's president, Cyril Chapuy, said in a press release. "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."
Miu Miu's chief executive officer, Benedetta Petruzzo, further stated, "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."
