L'Oreal in talks with Clarins to buy the Mugler and Azzaro brands

PARIS (Reuters) - French luxury goods and cosmetics company L'Oreal <OREP.PA> has started exclusive talks with Clarins Group over buying the Mugler and Azzaro brands, L'Oreal said on Tuesday.

"The perfume category is at the heart of our global strategy for growth at L’Oréal Luxe. In this context, we would be thrilled to welcome Mugler and Azzaro," said Cyril Chapuy, who is President of the L’Oréal Luxe division.

"These signatures, with a long history in fashion and olfaction, would perfectly complete our portfolio of brands," he added in a statement.

L'Oreal did not disclose financial details regarding the planned acquisitions in its statement about the talks.

(Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon)