The decision was taken following careful consideration about the performance of the business in the past year and the future direction for the Switzerland-based company, which produces a range of high-end fragrances and cosmetics, jewellery and life style products .
Art & Fragrance has developed a global distribution for this broad portfolio, but during the last financial year the growth of its Lalique division meant that it represented 67% of total sales, making it by far the most successful part of the business.
Lalique name is deemed more valuable
The success of the division helped push annual consolidated net profit to €8.5 million, and board members decided to build on this momentum by highlighting the Lalique name, which is more focused on lifestyle products.
The company executives announced that this renaming took effect from the beginning of July 2016, and will replace the new acronym ARTN with LLQ to identify its listing on the BX Berne eXchange.
According to the company’s beauty segment, which represents fragrance and cosmetics products, will now operate under a new sub-holding company called Art & Fragrance SA.
Business operations will remain constant
The board says that the decision will not affect the strategy and orientation of the business, which means the business activities will remain constant and it will continue to be based out of its registered office in Zurich.
The company bought the Lalique brand in 2008 for €44 million, as a means of pumping up its luxury status and broadening its portfolio, as well as muscling in on the luxury fragrance category.
At the time the France-based company was focused on the production of cut crystal glass, but approximately 15% of its business was derived from luxury fragrances.