L’Oreal Paris has inked a deal to renovate the Hollywood Walk of Fame, a Walk of Fame spokeswoman told WENN on Wednesday.

The cosmetic giant has been named a Friend of The Walk of Fame by the Hollywood Chamber of Commerce for the Los Angeles landmark’s upcoming 50th anniversary, which coincides with L’Oreal’s 100th year.

“As a Friend of the Walk of Fame, L’Oreal Paris will help fund the Walk’s renovation and restoration, preserving the world-famous Hollywood landmark for millions of annual visitors and ensuring its survival for years to come… We are grateful for their contribution.”

Hollywood Chamber of Commerce president Leron Gubler adds, “L’Oreal Paris is setting an example that we hope other corporations will follow.”