L'Oreal in talks to buy Mugler, Azzaro from Clarins

L'Oreal confirmed on Tuesday that it has entered into exclusive negotiations with the Clarins Group about the potential acquisition of perfume brands Mugler and Azzaro.

Cyril Chapuy, president of the L'Oreal Luxe division, said: "The perfume category is at the heart of our global strategy for growth at L'Oreal 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."

The French cosmetics company said the acquisition will remain subject to consultation with employee representatives and regulatory approvals.

"It should be completed in the course of 2019," it added.

No financial details were disclosed.

At 1000 BST, L'Oreal shares were up 0.9% at €251.60.