L'Oréal and Valentino have just announced the news of their collaboration on a beauty collection under the Valentino brand.
Revealing the news on Twitter, L'Oréal confirmed a worldwide long-term license agreement with the Italian fashion house, “for the creation, development and distribution of fine fragrances and luxury beauty”.
L'Oréal announces today the signature of a worldwide long-term license agreement with @MaisonValentino for the creation, development and distribution of fine fragrances and luxury beauty. https://t.co/HA5maIzOXZ pic.twitter.com/Bz8klWY6Hi— L'Oréal Group (@Loreal) May 28, 2018
Valentino’s perfume licence was previously held by Spanish fashion and fragrance company Puig. The aim of this new partnership is to bring Valentino to a wider (read: millennial) audience, and to cement it as a key beauty brand in the high-end space.
Nicolas Hieronimus, deputy CEO of L'Oréal, said in a press release: "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."
The French beauty giant’s luxury products division already makes fragrances and cosmetics for YSL and Armani, as well as its own labels including Lancôme and Kiehl's.
Adding to the announcement, 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 realise that potential.
The deal will be effective from January 1st 2019, so watch this space.