L’Oréal has announced its strategic acquisition of a minority stake in the luxury fragrance brand Amouage, a move that follows the company’s recent collaboration with the fashion house Jacquemus. This news was released alongside L’Oréal’s annual performance report on February 7.
Transformative Year Ahead
Nicolas Hieronimus, CEO of L’Oréal, characterized 2024 as a transformative year for the company as it strives for future growth. He noted that the brand has advanced its marketing efforts and research and innovation (R&I) through the incorporation of artificial intelligence and cutting-edge technology. Moreover, L’Oréal has taken significant initiatives to unify its IT systems, streamline organizational structures, and strengthen the resilience of its industrial and supply chain functions. Hieronimus emphasized ongoing portfolio refinement, which recently included acquiring the licensing rights for Miu Miu, investing in the Korean brand Dr.G, and, of course, its stake in Amouage.
Amouage’s Impressive Growth
While the specifics of the deal—such as financial terms—have not been publicly disclosed, Amouage’s pedigree is noteworthy. Established in 1983 by the Albusaidi family in Oman, the brand is renowned for its dedication to utilizing rare, high-quality ingredients to craft its fragrances. In a remarkable rise, Amouage reported a 24% increase in sales for 2024 compared to the previous year, achieving total revenues that surpassed USD 210 million. This impressive growth is more than double what the brand recorded just three years ago.
Source: Premiumbeautynews.com