PARIS, France — French luxury goods and cosmetics company L'Oréal has started exclusive talks with Clarins Group about buying the Mugler and Azzaro brands, L'Oréal said on Tuesday.
"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," said Cyril Chapuy, president of the L'Oréal Luxe division.
"These signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands," he added in a statement.
L'Oréal did not disclose financial details regarding the planned acquisitions in its statement about the talks.
The Azzaro brand was founded by Loris Azzaro in the 1960s and Mugler was founded in the 1970s.
L'Oréal has been trying to revive its sluggish mass market division at a time when its higher-end products such as Lancôme or Kiehl's have been finding favour with shoppers seeking luxury anti-ageing treatments, for instance.
In April, L'Oréal reported an 11.4 percent rise in first-quarter group sales to 7.6 billion euros ($8.6 billion) driven by its more expensive brands.
By Sudip Kar-Gupta, editors: Dominique Vidalon and Jason Neely.