The takeover follows consultation with employee representatives of both parties
L’Oréal has signed a deal to acquire the Clarins Fragrance Group (CFG) including the Mugler perfume brands and Azzaro Parfums, following previous reports of a takeover.
The acquisition also includes a takeover of Thierry Mugler (fashion), CFG France, Cosmeurope and CFG UK.
Combined, the businesses generated approximately €340m in 2018.
In a statement, L’Oréal noted: “The Clarins Group owns successful, international iconic fragrance brands and benefits from a recognised and valued know-how in the industry.
“Angel has revolutionised the market, Alien has built solid positions, Azzaro Pour Homme and Chrome are classics, and Wanted and Wanted Girl appeal to millenials.”
Going forwards, L’Oréal hopes to pursue the brands’ international development, while leveraging its own marketing, distribution and NPD channels.
The acquisition is slated to close in Q1 2020.