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L’Oréal keeps on buying. The French beauty group has signed an agreement to acquire the Mugler brands and Azzaro fragrances from Groupe Clarins. The deal includes Mugler, the fashion label Thierry Mugler, Clarins Fragrance Group (CFG), CFG France, Cosmeurop and CFG UK. Together they generated about 340 million euros of sales last year.
Financial terms of the deal, which was announced yesterday after the close of the Paris bourse, were not disclosed. The plan is for it to be complete in the first quarter of 2020. The sale marks Groupe Clarin’s exit from both the perfume and ready-to-wear categories to focus on skin care.
The Azzaro fashion business is owned by Reig Capital Group, based in Andorra, and was not part of the discussion for the acquisition. L’Oréal is the second largest premium fragrance group, after it was overtaken by Coty in 2016, when it acquired the perfume business of Procter&Gamble.
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