L’Oréal will partner up with Valentino, producing fragrances and cosmetics for the Italian fashion label.
The deal comes after the French beauty company won a licence previously held by Spain’s Puig.
The beauty firm’s luxury products division already produces fragrances and cosmetics for Armani and Saint Laurent as well as its own labels, such as Lancome.
A spokeswoman for the beauty company said “L’Óreal aims to become the world leader in perfumes. This license should allow us to reach that goal,”
Valentino’s CEO Stefano Sassi, commented on the beauty and fragrances partnership.
“We believe Valentino has great potential within the category and that with L’Oréal’s unparalleled expertise in the sector, we will be able to realise that potential.”
The French beauty giant competes with American cosmetics group Coty, which became the world’s leading perfume producer by buying Procter & Gamble’s beauty division in 2015 and has licences for brands such as Gucci, Hugo Boss and Dolce & Gabbana.
The contract with Puig was due to expire at the end of 2018.
L’Óreal did not disclose the terms of the agreement, which will become effective on 1 January 2019, after regulatory approvals.