Benzinga | Jul 7, 2021 01:38PM EDT

Inter Parfums Reports Deal For Fragrance Business, License With Salvatore Ferragamo, No Terms Disclosed

Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that Salvatore Ferragamo S.p.A. (MTA: SFER), the parent company of the Salvatore Ferragamo Group, one of the world's leading players in the luxury sector, and Inter Parfums, Inc., a manufacturer and distributor of prestige perfumes, have signed a transaction agreement whereby an exclusive and worldwide license will be granted for the production and distribution of Ferragamo brand perfumes. The license will be effective from October 2021 and will last for 10 years with a 5-year optional term, subject to certain conditions.

With reference to the management and coordination of activities related to the license agreement, Inter Parfums, Inc. will operate through a wholly-owned Italian company, based in Florence, and will also guarantee the production in Italy.

"Inter Parfums' great competence and recognized creativity make it the ideal partner to preserve the values and heritage of our brand with Made in Italy products. Its great commercial expertise will also ensure a new boost to the business of our fragrances, which will be distributed through a carefully selected sales network," commented Leonardo Ferragamo, President of Salvatore Ferragamo S.p.A.

"We are very proud that Salvatore Ferragamo has chosen Inter Parfums for this new partnership. Salvatore Ferragamo is in fact one of the most iconic and well-known brands in the luxury segment to which we want to dedicate all our attention for the best future development. The entry of Ferragamo in our portfolio represents a great opportunity to further develop our business in the fashion and luxury segment," commented Jean Madar, Chairman and CEO of Inter Parfums, Inc.