Dive Brief:
- Prada SpA and L’Oréal Groupe have signed a global, long-term license agreement for a line of Miu Miu beauty products, according to a Friday announcement.
- Under the deal, L’Oreal will be responsible for “the creation, development and distribution” of beauty products for Miu Miu. The line’s first fragrances are expected to launch in 2025.
- This deal follows the 2019 announcement of Prada’s licensing agreement with L’Oreal to create a line of beauty products for the Prada brand. Paradoxe, the first fragrance to launch under that deal, debuted in 2022, and a makeup and skincare line followed in August 2023.
Dive Insight:
This will be Miu Miu’s first fragrance launch under Prada Group’s license with L’Oreal. In 2015 under a licensing deal with Coty, the brand launched a fragrance under the Miu Miu label with the guidance of Prada Group founder Miuccia Prada.
Nonetheless, Prada Group has been in the beauty business for over two decades, first with Prada brand beauty line launched in 2000, then through a license agreement with Puig inked in 2003, and now with L’Oreal, which acquired the beauty license after Prada Group ended its relationship with Puig in 2018. This deal furthers the fashion brand’s presence in beauty.
L’Oreal is the largest beauty company in the world, with 2023 sales of 41.2 billion euros, or approximately $44.4 billion, according to the company’s annual report released Friday. Joining Prada and now Miu Miu in L’Oreal’s Luxe division are luxury cosmetics lines from brands including Valentino, Yves Saint Laurent, Ralph Lauren and Maison Margiela.
“Over the past years, we have successfully established a very strong partnership with Prada teams,” Cyril Chapuy, president of L'Oréal Luxe, said in the release. “We are now thrilled to welcome Miu Miu and unleash together its outstanding potential in beauty. With its unique positioning, fueled by limitless creativity and experimentation, Miu Miu will perfectly complement L’Oréal Luxe’s portfolio of iconic brands and reinforce our worldwide leadership in Fragrances.”
The new Miu Miu beauty deal will capitalize on the brand’s enormous popularity in the luxury sector. In December, Prada’s younger sister brand was named the year’s “buzziest brand” for the second year in a row on Lyst’s 2023 Year in Fashion report, which tracks fashion’s most talked-about brands.
“We are excited to announce this partnership with a distinctive and leading beauty player such as L’Oréal,” Benedetta Petruzzo, Miu Miu’s CEO, said in the release. “This new chapter will sustain the brand’s growth and help to further untap Miu Miu’s full potential in the category.”
In the nine months ended Sept. 30, Prada Group net revenues were up 12% to 3.34 billion euros, according to earnings announced in October. For the period, the Prada brand saw a retail sales boost of 13% year over year, while Miu Miu saw a 49% increase due that the company credited to “growing brand awareness and increasingly strong client connections globally.”
