L'Oreal buys YSL

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L'Oréal has bought out the beauty division of Yves Saint Laurent this week from the Gucci group, for $1.68 billion.

The cosmetics giant is expanding its empire of luxury brands, which already includes Lancôme, Biotherm, Shu Uemura, Kiehl's and Giorgio Armani perfumes.

The move will give L'Oréal the long term worldwide licence for use of the YSL and Boucheron brands for perfume and cosmetics, and will also include the license for the beauty and fragrance divisions of Stella McCartney, Oscar de la Renta and Ermenegildo Zegna.

L'Oréal chief executive Jean-Paul Agon commented to WWD, 'This proposed agreement represents a great opportunity for L'Oréal and its luxury products division. Yves Saint Laurent is a mythical French luxury brand. It is admired the world over and is particularly complementary with our current brands. '

Robert Polet, CEO of the Gucci Group added, 'This agreement would be key for Yves Saint Laurent. The strength and expertise of L'Oréal would put the further development of the brand on a faster track.'

Thursday 24 January 2008

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