L’Oréal will produce fragrances and cosmetics for Italian fashion label Valentino – enhancing its perfumes business by winning a licence previously held by Spain’s Puig.
The French beauty company’s luxury products division already makes fragrances and cosmetics for Armani and Saint Laurent as well as its own labels, such as Lancome.
It is competing with the United States cosmetics group Coty, which became the world’s leading perfume producer by buying Procter & Gamble’s beauty division in 2015, and also has licences for brands such as Gucci, Hugo Boss or Dolce & Gabbana.
“L’Oréal aims to become the world leader in perfumes, a spokeswoman said.
“This licence should allow us to reach that goal.”
The company did not disclose the terms of the agreement, which will become effective from 2019, after regulatory approvals.
The contract with Puig was expected to expire at the end of 2018.