Some suggestions:
use an align environment to contain both rows of the display-math material
use a \notag instruction in the first row to suppress the typesetting of an equation number
use \biggl and \biggr for all large parentheses and brackets
load the mathtools package -- a superset of the amsmath package -- and define macros called \abs and \norm. This'll make reading the input code much easier
optional: place brackets around the exponent of \abs{f_i} to help readers figure out what's going on

\documentclass{article}
\usepackage{mathtools} % for '\DeclarePairedDelimiter' macro
\DeclarePairedDelimiter\abs\lvert\rvert
\DeclarePairedDelimiter\norm\lVert\rVert
\begin{document}
\begin{align}
\int \prod_{i=1}^{m+1} \abs{f_{i}}\,d\mu
&\leq \norm{f_{1}}_{p_{1}}
\biggl[\,
\prod_{i=2}^{m+1}
\biggl(
\int|f_{i}|^{[p_{1}/(p_{1}-1) p_{i}(p_{1}-1)/p_{1}]}\,d\mu
\biggr)^{\!p_{1}/p_{i}(p_{1}-1)}
\,\biggr]^{(p_{1}-1)/p_{1}}\notag\\
&= \norm{f_{1}}_{p_{1}}
\prod_{i=2}^{m+1}
\biggl(
\int|f_{i}|^{p_{i}} \,d\mu
\biggr)^{\!1/p_{i}}
\end{align}
\end{document}