French luxury goods and cosmetics company L'Oréal has started exclusive talks with Clarins Group over buying the Mugler and Azzaro brands, the company said on Tuesday.
"The perfume category is at the heart of our global strategy for growth at L’Oréal Luxe. In this context, we would be thrilled to welcome Mugler and Azzaro," said Cyril Chapuy, who is President of the L’Oréal Luxe division.
"These signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands," he added in a statement.
L'Oréal did not disclose financial details regarding the planned acquisitions in its statement about the talks.
The group said that the acquisition is subject to consultation with employee representatives and the approval of the regulatory authorities.
It added that it should be completed in the course of 2019.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
