L'Oréal and Prada sign beauty license

Prada and L'Oréal have signed a long-term license agreement for the luxury Italian house's beauty arm.

The agreement, which sees Prada switch from Puig -- which currently holds its beauty license -- will come into effect in January 2021.

"L'Oréal is the leading global beauty company," said Patrizio Bertelli, CEO of Prada S.p.A. "Its position and experience makes it the ideal partner for Prada to develop its full potential across a variety of new projects, leverage Prada's well-established fragrance identity and reach even more audiences around the world."

"Prada is one of the most respected players in the global luxury industry," added Cyril Chapuy, President of L'Oréal Luxe. "A symbol of excellence and avant-garde, the Prada brand's unique and unconventional philosophy appeals to consumers around the world. This license will give L'Oréal Luxe the ideal complement to its portfolio of iconic brands."

Prada boasts an extensive fragrance portfolio, featuring major scents such as ‘La Femme Prada,' ‘L'Homme Prada' and ‘Prada Amber.'