Jean-Paul Agon, L'Oréal's CEO, stated: “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. We are convinced that its integration into our Luxury Products Division would speed up its development. This strategic agreement will reinforce our position in the luxury cosmetics market”.
Robert Polet, Gucci Group CEO, said: "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. The collaboration between L'Oréal and Yves Saint Laurent Couture would comfort the consistency of the Yves Saint Laurent brand image”.
The transaction should be signed in the next weeks, following consultation of personnel representative bodies, and will be submitted to the approval of competition authorities.
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