“We look forward to welcoming the Mugler and Azzaro teams to the L’Oréal family, and to accompanying them, especially in this difficult time,” said Cyril Chapuy, president of L’Oréal Luxe, in a statement.
L’Oréal revealed last October that it had signed an agreement to purchase the Mugler brands and Azzaro fragrances, which generated sales of about 340 million euros in 2018. News of exclusive talks between L’Oréal and Groupe Clarins about the holdings was revealed in early July.
The deal, financial terms of which were not disclosed, allows L’Oréal to delve deeper into the prestige designer fragrance category. The sale marks Groupe Clarins’ exit from the perfume and ready-to-wear markets, so it can focus on skin care.