L'Oréal acquires Mugler and Azzaro perfumes

Typically an economic downturn is a rare time for mergers and acquisitions, but L'Oréal has just completed the acquisition of both Mugler and Azzaro perfumes. Last year, the cosmetics conglomerate announced a deal with Clarins to purchase the two perfume brands, and in the midst of a global pandemic, they somehow have managed to finalize the deal.

“We are delighted to welcome in the L’Oréal family the staff of Mugler and Azzaro, who are now with us. We will do our best to take care of them at this very difficult time,” said Cyril Chapuy, president of L'Oréal Luxe, in a statement.

Fragrances might be tough to move in a quarantined world, as people are leaving their houses very little and nightlife is dead. Mugler and Azzaro fragrances do have their following though, and in the long-term this could prove to be a good investment for L'Oréal.