L’Oreal announces Miu Miu licence, after Asian sales disappoint

By Thomson Reuters Feb 9, 2024 | 1:39 AM

PARIS (Reuters) – L’Oreal has signed a licensing agreement with high end fashion label Miu Miu for beauty products, the French cosmetics giant said on Friday.

“Following the successful collaboration with the Prada brand, Miu Miu is now joining the L’Oréal Luxe division for a new beauty chapter,” the company said.

L’Oreal expects to launch the first fragrances in 2025 under the agreement, which encompasses the creation, development, and distribution of beauty products.

L’Oreal on Thursday reported a 6.9% rise in fourth quarter sales, slower growth than in the previous quarter, as its travel retail business continued to feel the pinch from tighter control by the Chinese government of resellers known as “daigou”.

Analysts at Barclays said that they had expected Asia travel retail issues to take longer than the market expected, but that the scale was greater than they expected.

(Reporting by Piotr Lipinski and Mimosa Spencer; editing by David Evans and Jason Neely)