Beauty brand L’Oréal has announced that, after obtaining the necessary authorisations from the relevant authorities, it has finalised the acquisition of the Mugler brands and Azzaro fragrances from Clarins Group.
As it stands, the companies include Mugler, Thierry Mugler (Fashion), Clarins Fragrance Group (CFG), CFG France, Cosmeurop and CFG UK – activities that, in 2018, represented approximately 340 million euros sales.
The agreement for the sale was signed by both parties back in October 2019, but it has been subject to the standard conditions precedent until now. “By joining L’Oréal, Mugler and Azzaro brands will pursue their international development while benefiting from the resources of the world’s beauty leader in marketing, distribution and innovation,” explained L’Oréal in an official statement.
In regards to the acquisition, President L’Oréal Luxe Cyril Chapuy, said: “We look forward to welcoming the Mugler and Azzaro teams to the L’Oréal family, and to accompanying them, especially in this difficult time.”
Two weeks ago, L’Oréal also announced the launch of a solidarity program to help with the fight against COVID-19. The plan included different solidarity programs, such as the production and distribution of several million units of hand sanitiser to all its European food distribution customers and a one million euros donation to the associations that are working around the clock to help the disadvantaged during these difficult times.