By Giulia Petroni

Prada SpA (1913.HK) said Wednesday that it has signed a long-term agreement with L'Oreal SA (OR.FR) for the creation, development and distribution of luxury beauty products.

"This agreement will allow the two companies to combine their expertise in each of their own sectors," the Italian luxury-fashion company said.

The deal is effective on Jan. 1, 2021, according to Prada.

Financial details of the transaction weren't disclosed.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 12, 2019 01:36 ET (06:36 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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