Overshadowed by the buzz surrounding L’Oréal’s beauty partnership with fashion brand Jacquemus, the group’s investment in the Omani brand Amouage has gone largely unnoticed.
On announcing its annual results last Friday, February 7, L’Oréal revealed it had acquired a minority stake in the high-end fragrance brand.
“2024 was a defining year as we made L’Oréal future fit and laid many foundations for our next conquests: we augmented our marketing and R&I capabilities with AI and tech, advanced with the harmonisation of our IT, simplified our organisational structures, and strengthened our industrial and supply chain resilience. We also continued to sharpen our portfolio: we acquired the Miu Miu license and Korean brand Dr.G, and took minority stakes in Galderma and Amouage,” said Nicolas Hieronimus, CEO of L’Oréal.
Neither the terms nor the financial details of the transaction were disclosed.
Founded in the Sultanate of Oman by the Albusaidi family in 1983, Amouage is a high perfumery house renowned for the use of high quality and rare fragrance ingredients. In 2024, the brand reported a 24% increase in growth compared to the previous year and revealed that its sales had more than doubled in three years, surpassing USD 210 million.
