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.

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