Inter Parfums, Inc. Completes Acquisition of Salvatore Ferragamo Fragrance Business and License
October 04 2021 - 8:30AM
Business Wire
Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that its
agreement with Salvatore Ferragamo S.p.A. (MTA: SFER), the parent
company of the Salvatore Ferragamo Group, has been finalized under
which Inter Parfums, Inc. has been named exclusive worldwide
licensee for the production and distribution of Ferragamo brand
perfumes. The 10-year license, plus the 5-year optional term, is
subject to certain conditions. As per the transaction agreement
signed in July of this year, Inter Parfums is operating the
Ferragamo fragrance business through a wholly-owned Italian
company, based in Florence, with management and coordination of
activities related to the license agreement, along with production,
conducted in Italy.
Commenting, Jean Madar, Chairman & Chief Executive Officer
of Inter Parfums, Inc. stated, “Firstly, we are delighted to
welcome the many Salvatore Ferragamo employees who are joining our
organization bringing with them decades of brand experience and
know-how. From the start, we made a commitment to the Salvatore
Ferragamo Group to devote the attention and resources necessary to
grow the Ferragamo fragrance business within a selective luxury
distribution framework that we have established within our global
distribution network. Deriving from our work studying the brand’s
potential, we are confident that the expertise we bring to product
development, packaging, advertising and marketing will elevate the
Ferragamo fragrance profile along with its sales, especially in the
brand’s largest markets, notably China and North America.”
Mr. Madar concluded, “Ferragamo will rank among the five largest
brands in our portfolio. With its inclusion, along with the growth
of our existing business, we are getting closer to our near-term
net sales goal of $1 billion. Moreover, with our newly established
foothold in Italy, encompassing all phases of product development,
production, as well as sales and marketing, we have reinforced our
long-term commitment to Italy.”
ABOUT INTER PARFUMS, INC.
Founded in 1982, Inter Parfums, Inc. develops, manufactures and
distributes prestige perfumes and cosmetics as the exclusive
worldwide licensee for Abercrombie & Fitch, Anna Sui,
Boucheron, Coach, Dunhill, Ferragamo, Graff, GUESS, Hollister,
Jimmy Choo, Karl Lagerfeld, Kate Spade, MCM, Moncler, Montblanc,
Oscar de la Renta, S.T. Dupont and Van Cleef & Arpels. Inter
Parfums is also the owner of Lanvin fragrances and the Rochas
brand. Through its global distribution network, the Company’s
products are sold in over 120 countries.
Statements in this release which are not historical in nature
are forward-looking statements. Although we believe that our plans,
intentions and expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such
plans, intentions or expectations will be achieved. In some cases
you can identify forward-looking statements by forward-looking
words such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "will," and "would," or
similar words. You should not rely on forward-looking statements,
because actual events or results may differ materially from those
indicated by these forward-looking statements as a result of a
number of important factors. These factors include, but are not
limited to, the risks and uncertainties discussed under the
headings “Forward Looking Statements” and "Risk Factors" in Inter
Parfums' annual report on Form 10-K for the fiscal year ended
December 31, 2020 and the reports Inter Parfums files from time to
time with the Securities and Exchange Commission. Inter Parfums
does not intend to and undertakes no duty to update the information
contained in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20211004005070/en/
Inter Parfums, Inc. Russell Greenberg, Exec. VP & CFO (212)
983-2640 rgreenberg@interparfumsinc.com www.interparfumsinc.com
Investor Relations Counsel The Equity Group Inc. Devin Sullivan
(212) 836-9608/dsullivan@equityny.com Linda Latman (212)
836-9609/llatman@equityny.com www.theequitygroup.com
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