Fashion house Prada has named L'Oréal as the successor of its fragrance licence, after ending its partnership with Puig in 2018.
The deal with the French brand owner will come into effect from 2021 and will see the Italian prestige company join L'Oréal’s luxe portfolio.
Patrizio Bertelli, CEO of Prada, described its new partner as the “leading global beauty company”.
He said: “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's extension perfume line includes recent launches La Femme Water Splash, Candy Sugar Pop and L'Homme Absolu.
Cyril Chapuy, President of L'Oréal Luxe, added: “Prada is one of the most respected players in the global luxury industry.
“A symbol of excellence and avant-garde, the Prada brand's unique and unconventional philosophy appeals to consumers around the world.
“This licence will give L'Oréal Luxe the ideal complement to its portfolio of iconic brands.”