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L'Oréal agrees to buy Mugler, Azzaro fragrance brands from Clarins Group

L'Oréal SA on Oct. 21 signed an agreement to acquire Groupe Clarins SA's fragrance division, which includes luxury brands Mugler and Azzaro, after consultations with employee representatives of both the companies.

The French cosmetics company said the acquired fragrance division includes Mugler, Thierry Mugler (Fashion), Clarins Fragrance Group, CFG France, Cosmeurop and CFG UK. These units accounted for about €340 million in sales in 2018.

The deal will bolster the scent portfolio of the owner of Garnier, Kiehl's and Urban Decay labels and help the Mugler and Azzaro brands pursue their international development by benefiting from L'Oréal's resources in marketing and distribution.

The deal is expected to close within the first quarter of 2020, subject to standard conditions and customary regulatory approvals.