Benzinga | Jul 7, 2021 02:39PM EDT

Inter Parfums Partners With Salvatore For Ferragamo Brand Perfumes

* Manufacturer and distributor of prestige perfumes Inter Parfums, Inc. (NASDAQ:IPAR) signed an agreement with Salvatore Ferragamo SpA, an Italian luxury goods company, for an exclusive and worldwide license 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.

* Inter will operate through a wholly-owned Italian company, based in Florence, and will also guarantee production in Italy.

* "Inter Parfums' 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," said Salvatore President, Leonardo Ferragamo.

* Price action: IPAR shares are trading higher by 0.67% at $71.49 on the last check Wednesday.