L'Oréal SA has signed a long-term license agreement with Italian luxury fashion company Valentino Fashion Group S.p.A., according to a May 28 announcement jointly issued by both companies.
Under the agreement that becomes effective Jan. 1, 2019, the French cosmetics company will create, develop and distribute fragrance and beauty products under the Valentino brand.
Valentino CEO Stefano Sassi said it would leverage L'Oréal's expertise in the beauty sector to further develop that segment of its business, while L'Oréal deputy CEO Nicolas Hieronimus said Valentino would complement its brand portfolio with an appeal to millennial consumers.
