French cosmetics giant L'Oréal and the Clarins group announced Monday the conclusion of the agreement to sell the Mugler brands and Azzaro perfumes to L'Oreal, according to a joint statement from both groups.
They announced at the beginning of July to enter into exclusive negotiations for this operation.
L'Oréal acquires the “fragrance” division of Clarins, which represented a turnover of 340 million euros in 2018. The amount of the transaction was not disclosed.
The businesses sold by Clarins include Mugler, Thierry Mugler (fashion), Clarins Fragrance Group (CFG), CFG France, CFG UK and Cosmeurop.
The signing of the agreement followed the consultation of the employee representative bodies of the two companies.
The finalization of the acquisition is expected in the first quarter of 2020, the statement said.