Prada SpA said Dec. 11 that it entered into a long-term licensing deal with French cosmetic-products maker L'Oréal SA for the creation, development and distribution of Prada-branded luxury beauty products starting 2021.

The Italian luxury fashion house said the agreement will allow both companies to combine their expertise in each of their sectors. Prada manufactures luxury leather goods, footwear and apparel products, while L'Oréal produces beauty products across its portfolio of 36 brands.

Prada CEO Patrizio Bertelli said the partnership will help the company thrive across a number of new projects and broaden its global reach. Meanwhile, L'Oréal Luxe President Cyril Chapuy said the Prada license will complement the luxury arm's portfolio of brands well.

The agreement will commence Jan. 1, 2021, subject to applicable customary regulatory approvals.