Patrizio Bertelli, CEO of Prada commented, “L’Oréal is the leading global beauty company. Its position and experience makes 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 said, “We are very pleased to have signed this license agreement with Prada. Prada is one of the most respected players in the global luxury industry. 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, having obtained the applicable customary regulatory approvals, will come into effect on January 1, 2021. Puig formerly held Prada's fragrance and beauty license since 2003.