Yesterday Tiffany and Coty announced their agreement to develop women’s and men’s fragrances for the luxury retail market.
“Tiffany is among the world’s most important houses of luxury, and fragrances are an important expression of the brand,” Frédéric Cumenal, chief executive officer of Tiffany & Co. tells the press.
The deal is a licensing agreement that will allow for the development, production and distribution of a new Tiffany fragrance line. Scents for both women and men will be part of collection, which will sell at Tiffany stores and other choice retailers.
“We are pleased to work with Coty, an industry leader in the prestige fragrance category, on the development of a more meaningful fragrance portfolio through this licensing agreement,” says Cumenal.
The Coty portfolio of bands encompasses categories from fragrance to color cosmetics and from skin care to body care.
Currently the company holds 26 fragrance brands, including Chloé, Calvin Klein, Guess, Vera Wang, Davidoff, and Marc Jacobs.
That portfolio is set to increase by nearly 50% thanks to the Tiffany deal and the addition of 10 fragrance brands Coty picked up in its 2015 deal with P&G.
Once that transaction gets regulatory approval, these will also be Coty fragrance brands: Hugo Boss, Gucci, Lacoste, Bruno Banani, Escada, Mexx, James Bond, Gabriela Sabatini, Stella McCartney, and Alexander McQueen.
“Tiffany’s luxury heritage lends itself perfectly to Coty’s prestige fragrance portfolio,” says Bart Becht, chairman and interim chief executive officer of Coty, in a press release about the deal.
“We look forward to bringing Coty’s unique expertise to Tiffany by establishing a strong fragrance business for the brand.”