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Valentino and L’Oréal Ink Fragrance and Beauty License

Their agreement goes into effect on Jan. 1.

PARIS — The Valentino beauty license is changing hands.

L’Oréal and the Italian fashion house announced jointly Monday that they have signed a long-term, worldwide licensing agreement for fine fragrances and luxury beauty. It goes into effect on Jan. 1.

The license is currently been held by Puig and before that was part of Procter & Gamble’s portfolio.

“With its unique combination of prestige and modernity, Valentino definitely will appeal to Millennial consumers around the globe and ideally compliments our brand portfolio,” Nicolas Hieronimus, deputy chief executive officer at L’Oréal, said in a statement.

“We believe Valentino has great potential within the category and that with L’Oréal’s unparalleled expertise in the sector, we will be able to realize that potential,” said Stefano Sassi, ceo of Valentino.

The Maison Valentino was founded in Rome in 1960. Its artistic director is Pierpaolo Piccioli.

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L’Oréal’s Luxe Division includes fragrance licenses such as Yves Saint Laurent, Giorgio Armani and Maison Margiela.