The renowned French beauty conglomerate L'Oreal SA (OTC:LRLCY) (OTC:LRLCF) is reportedly mulling over an investment opportunity in Omani luxury fragrance brand Amouage.
L'Oreal is in discussions regarding a potential acquisition of a minority stake in Amouage, reported Bloomberg, citing sources familiar with the matter.
Amouage, rooted in Oman's rich cultural heritage, is exploring a valuation exceeding €3 billion ($3.2 billion) for any prospective deal. Known for its opulent perfumes, Amouage has seen robust growth, with retail sales surpassing $210 million in 2023.
Founded in 1983, Amouage draws inspiration from Oman's historic significance as a trading hub for incense and myrrh.
Its premium fragrances, often dubbed as "the Gift of Kings," command prices as high as €365 for a 100-milliliter bottle, available in select boutiques and numerous retail outlets worldwide.
L'Oreal, a major player in the beauty industry, has been actively expanding its portfolio through acquisitions and licensing agreements.
Price Action: LRLCY shares closed lower by 2.28% at $90.94 Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons