L'Oréal is reportedly in discussions with Omani fragrance house Amouage regarding a potential minority stake acquisition valued at around €3 billion ($3.39 billion). Founded in 1983, Amouage has gained recognition for its luxurious fragrances infused with ancient resins like myrrh and frankincense, with its global sales doubling to approximately $210 million over the past three years under the leadership of chairman Sayyid Khalid Bin Hamad Al Busaidi and creative director Renaud Salmon. L'Oréal interest aligns with its strategy of investing in perfume brands, having previously acquired companies like Viktor & Rolf, Valentino, Ralph Lauren, and Yves Saint Laurent, as well as Aesop in 2023.