L’Oréal Group have struck a worldwide licensing deal that will create, develop, and distribute luxury cosmetic products under the Miu Miu brand. L’Oréal Luxe’s first perfumes will be available in 2025, subject to regulatory approval.
This news follows the triumph of L’Oréal and Prada’s partnership. “Over the past years, we have successfully established a very strong partnership with Prada teams. We are now thrilled to welcome Miu Miu and unleash together its outstanding potential in beauty,” L’Oréal Luxe President, Cyril Chapuy, said in a statement. ”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.”
L’Oréal hopes to improve its standing in the upscale cosmetics market with its new partnership with Miu Miu. In fiscal 2023, the Luxe division—which encompasses 25 luxury brands—saw a growth of 4.5%. The brand is moving toward ultra-premium beauty in order to appeal to people who aspire to luxury. It is anticipated that Miu Miu’s wide price range—between €30 and €600—will assist shoppers in introducing themselves to the world of premium beauty.
“This new chapter will sustain the brand’s growth and help to further untap Miu Miu’s full potential in the category,” Miu Miu CEO Benedetta Petruzzo said in a statement.