French cosmetics giant L'Oréal and Clarins group announced Monday the conclusion of its agreement for the sale of the Mugler brands and Azzaro fragrances to L'Oreal, according to a news statement from the two groups.
The French cosmetics giant has entered into negotiations with Clarins with a view to acquire the two perfume brands, as well as Mugler’s fashion business, an operation which would reinforce L’Oréal’s luxury division.
France accounts for over one quarter of the total sales of the top 100 luxury corporations worldwide according to Deloitte’s 2019 report, with 9 groups listed and LVMH, L'Oréal, Kering and Chanel in the top 10.
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