Coach Inc, a leading marketer of modern classic American accessories, and BeautyBank, a division of The Estee Lauder Companies Inc, announced that they have signed an exclusive agreement to create fragrances and related products to be sold in Coach US retail stores.
Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc, said, "I'm extremely pleased to announce this agreement with BeautyBank, which will allow Coach to enter an entirely new and complementary product category."
"Over time, we have noted our consumers' desire to give us trial in new categories, and we believe that fragrance will provide additional reasons for our customers to visit and purchase in Coach stores. Importantly, we're delighted to be working with such an outstanding group with a long history of success in this arena."
"Coach is an outstanding brand," stated William P. Lauder, President and Chief Executive Officer, The Estee Lauder Companies. "We are thrilled to work with a talented management team in an endeavor which enhances our corporate strategy to associate ourselves with the best upscale brands in the world."
Jane Hudis, President, BeautyBank, agreed, adding that "Coach is one of the hottest, most inventive brands today. This is a great creative collaboration between two innovative teams and we're excited to be working with such a dynamic company."
The first fragrance, set to launch in Spring 2007, will be the vision of Coach creative headReed Krakoff working in close collaboration with Hudis and the BeautyBank creative team.
"I wanted to create a fragrance that embodies the many personalities of the Coach woman," commented Krakoff, President, Executive Creative Director of Coach. "Together with BeautyBank, we have developed a fragrance that is fresh and sophisticated."
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