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L'Oreal will produce 'Valentino' cosmetics and perfumes since 2019

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L'Oreal, a French beauty group, produces the perfume and cosmetics of the Italian fashion brand Valentino.

According to foreign fashion media such as BOF, Valentino signed a cosmetics license agreement with L'Oreal on May 28th.

Under the terms of the agreement, L'Oreal will strengthen its fragrance business by acquiring a previously licensed Valentino perfume and cosmetics license from the Catalan group Puig.

"L'Oreal has a goal to become a world leader in perfume in the future," said L'Oréal. "This Valentino license agreement will make it one step ahead of that goal."

L'Oreal did not disclose the terms of the contract at all, and the two companies' agreements will enter into force in 2019. At the end of 2018, the Puig Group's license agreement expires.

Meanwhile, L'Oreal took over the beauty sector of Procter & Gamble in 2015 to become a world-class perfume maker and has licenses from brands such as Gucci and Hugo Boss.