L’Oréal and Valentino have announced a worldwide long-term license agreement for the creation, development and distribution of fine fragrances and luxury beauty under the ‘Valentino’ brand.
The contract will be effective as of 1 January 2019, after customary regulatory approvals, if any. However, L’Oréal did not disclose the terms of the agreement.
The French beauty firm’s luxury products division already makes fragrances and cosmetics for Armani and Saint Laurent as well as its own labels such as Lancome.
Nicolas Hieronimus, Deputy CEO of L’Oréal, said “We are thrilled to have been granted the license of Maison Valentino. With its unique combination of prestige and modernity, Valentino definitely will appeal to millennial consumers around the globe and ideally complements our brand portfolio.”
Stefano Sassi, CEO of Valentino, said “We are very excited to start this new venture together with L’Oréal to further develop our beauty business. 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.”
Under the successful direction of CEO Stefano Sassi and Creative Director Pierpaolo Piccioli, Valentino embodies the image of beauty, and provides a strong inspiration for fragrance and beauty creation.
With this new license, L’Oréal will be one step closer to cosmetics group competitor Coty, which has licenses for Gucci, Hugo Boss, and Dolce & Gabbana.
Valentino was founded in 1960 by Valentino Garavani and Giancarlo Giammetti in Rome, and in 2012 it was acquired by the Qatari royal family’s investment firm Mayhoola.