Coty‘s lucrative fragrance licenses, including Marc Jacobs, Gucci and Chloe, account for 80 per cent of the company’s prestige fragrance revenues.
The multinational signed a fragrance license agreement with Hugo Boss in 2016, following the transfer of select licenses in its mega-deal with Procter & Gamble.
A year later, the brand signed Aussie superstar, Chris Hemsworth, for its ongoing fragrance marketing campaigns and he also became the global ambassador for the clothing brand in January 2021.
Coty has renewed its licensing agreement for Hugo Boss’s men’s and women’s scents through to 2035.
The move springboards major growth plans for Hugo Boss juices, notably in the US, China and the Middle East for the men’s fragrances. The brand’s female scents are also expected to carve out a larger market share in the US and key European markets.
Also in the works is a strategy to “reinvent” the Boss men’s and women’s fragrances for Gen Z and strengthen the hero lineup – Boss – the Collection.
Hugo Boss fragrances have gained market share in core markets in recent years, said Sue Y. Nabi, CEO of Coty.
“We are delighted to extend our highly successful partnership with Hugo Boss, one of the leading premium fragrance brands in our portfolio. This long-term extension is in tune with Coty’s strategic objective to focus on key brands which can become global powerhouses.”
In a separate transaction, Coty sold its Lacoste fragrance license back to Lacoste. Within hours, Inter Parfums stepped into the breach to secure a 15-year licensing agreement with the French lifestyle brand.
The Lacoste/Coty collaboration has been in place for the past six years. The lucrative period saw the brand’s fragrances achieve a premium positioning boosted by the pillar juices, L’Homme and Match Point.
The new Inter Parfums agreement comes into effect on January 1st 2024. The fragrance maker also holds the worldwide fragrance licenses for many high-end brands including Coach, Jimmy Choo, Kate Spade and Van Cleef & Arpels.
According to Jean Madar, Chairman and CEO of Inter Parfums, Lacoste is an emblematic brand in the world of fashion and sport with a very high level of awareness and desirability throughout the world.
The new agreement covers all fragrance and cosmetic products and Inter Parfums will create, develop, produce and market Lacoste SKUs in selective distribution and through the brand’s own retail network. The first new Lacoste fragrance from the new collaboration will launch in 2024.
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