The celebrated jewelery brand Tiffany & Co. has inked pact with Coty to expand its fragrance business. Coty is the same fragrance company that has been behind scents like Marc Jacobs Decadence and Chloé.
Currently, Tiffany sells a small assortment of eight colognes and perfumes for men and women. As per licensing agreement between the two, Coty will develop, produce and distribute a collection of fragrances for men and women.
“Tiffany is among the world’s most important houses of luxury, and fragrances are an important expression of the brand,” said Tiffany CEO Frédéric Cumenal, in a statement.
There are no words on when the line will launch or whether it will replace Tiffany’s existing line of perfumes.
Tiffany’s collection with Coty will be sold in specialty retailers, as well as in Tiffany stores and through its Web site. This deal comes as Coty makes a group addition to its portfolio. As part of the merger between Coty and Procter & Gamble’s beauty business, 10 of P&G’s fragrance licenses will be transferred to Coty.
P&G’s Dolce & Gabbana will not be making the move with the likes of Hugo Boss and Gucci, since it did not consent to the transfer before a given deadline. To keep the transaction on schedule, the Italian luxury brand’s license will not be handed over in the deal.
“Tiffany is among the world’s most important houses of luxury, and fragrances are an important expression of the brand,” said Frédéric Cumenal, CEO of Tiffany & Co, in a brand statement.
“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,” he further added.