L’Oréal has announced it has signed an agreement to acquire the Mugler and Azzaro fragrances, through the acquisition of Clarins' fragrance division.

At the closing of the deal, this division will include the following companies: Mugler, Thierry Mugler (Fashion), Clarins Fragrance Group (CFG), CFG France, Cosmeurop and CFG UK. The brands represented approximately 340 million euros sales in 2018.

Employee representatives of both parties were first consulted, L’Oréal states.

The Clarins Group owns successful, international iconic fragrance brands and benefits from a recognized and valued know-how in the industry. Angel has revolutionized the market, Alien has built solid positions, Azzaro Pour Homme and Chrome are classics, and Wanted and Wanted Girl appeal to Millenials.

By joining L’Oréal, Mugler and Azzaro brands will pursue their international development while benefiting from the resources of the world’s beauty leader in marketing, distribution and innovation.

The acquisition is subject to the standard conditions precedent and should be completed within the first quarter 2020 after customary regulatory approvals.

Earlier this year, L'Oréal confirmed it entered into exclusive negotiations with the Clarins Group to acquire these brands, which would become part of its luxury division.

Cyril Chapuy, president, L'Oréal Luxe, said, "The perfume category is at the heart of our global strategy for growth at L'Oréal Luxe. In this context, we would be thrilled to welcome Mugler and Azzaro: these signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands."