At the publication of its annual results for 2024, global beauty giant L’Oréal confirmed that it has acquired a stake in fine perfumery brand Amouage, becoming a long-term minority investor.

“Amouage is the fastest-growing fragrance brand in Oman,” said Nicolas Hieronimus, CEO of L’Oréal, during a conference with analysts and the press on Friday February 7, underlining the group’s intention to become more entrenched in the Middle East.

Last April, Bloomberg mentioned the possible acquisition of a minority stake, citing sources close to the matter. Amouage’s owner and majority shareholder, the Sabco Group, then indicated a valuation of more than €3 billion for the company, in the event of an agreement with L’Oréal.

Amouage was founded in 1983, and promotes the heritage of the Sultanate of Oman. Its products, hailed as the “gift of kings,” are distributed via about 20 directly owned stores and 1,000 multibrand retailers, including department stores, selective perfumery chains and airport stores.

Amouage perfumes are priced from €365, and in 2023 the brand generated a revenue of $210 million (€202 million). 

With this acquisition, the L’Oréal group has again bolstered its luxury division which, in 2024, recorded a revenue of €15.5 billion, up 2.7% on a comparable basis.

In the last two years, the division’s portfolio has been expanded to incorporate Aesop, whose sales are worth $1 billion, the Miu Miu license, whose first fragrances will be released next month, and Jacquemus, with which L’Oréal has very recently signed a licence deal, as well as buying a minority stake in the label.