L'Oreal announces Miu Miu licence, after Asian sales disappoint (updated)

Prada SpA

09/02/2024 07:27

(Adds detail)
       PARIS, Feb 9 (Reuters) - L'Oreal  OREP.PA  has signed a
licensing agreement with high end fashion label Miu Miu for
beauty products, the French cosmetics giant said on Friday.
    "Following the successful collaboration with the Prada
brand, Miu Miu is now joining the L'Oréal Luxe division for a
new beauty chapter," the company said.
    L'Oreal expects to launch the first fragrances in 2025 under
the agreement, which encompasses the creation, development, and
distribution of beauty products.
    L'Oreal on Thursday reported a 6.9% rise in fourth quarter
sales, slower growth than in the previous quarter, as its travel
retail business continued to feel the pinch from tighter control
by the Chinese government of resellers known as "daigou".
        Analysts at Barclays said that they had expected Asia
travel retail issues to take longer than the market expected,
but that the scale was greater than they expected.
  
        
  
    

 (Reporting by Piotr Lipinski and Mimosa Spencer; editing by
David Evans and Jason Neely)
 ((piotr.lipinski@thomsonreuters.com;))