AFP
Jennifer Braun
Oct 22, 2019
L'Oréal finalises acquisition of Mugler and Azzaro from Clarins
AFP
Jennifer Braun
Oct 22, 2019
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 two groups entered into exclusive negotiations for the acquisition at the beginning of July.
L'Oréal acquired the "fragrance" division of Clarins, which represents approximately 340 million euros in sales in 2018. The amount of the transaction was not disclosed.
The businesses sold by Clarins include Mugler, Thierry Mugler (fashion), Clarins Fragrance Group (CFG), CFG France, CFG UK and Cosmeurop.
The signing of the agreement followed consultation with employee representatives from both parties.
The finalization of the acquisition is expected in the first quarter of 2020, the statement said.
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