Luxury goods group Gucci and P&G Beauty announced the signing of a licensing agreement for the production, sale and distribution of Fine Fragrances products under the Gucci brand.
The agreement is effective immediately and marks the beginning of a long-term partnership in the fragrance business between the two global players.
The existing agreement between Gucci and Wella / Cosmopolitan Cosmetics (acquired by Procter & Gamble in 2003) is therefore considered expired.
Mark Lee, President and CEO of Gucci, said, “The new license with Procter & Gamble is an opportunity to develop the great untapped potential of the fragrance sector for Gucci. We are fully confident to see our 85 year heritage enhanced by a series of exclusive luxury fragrances. We enthusiastically begin what we expect will be a long term successful relationship in this category.”
Hartwig Langer, President of P&G Prestige Products, said, “We are proud and honored to have been chosen to be part of the Gucci success story. This is going to be a long term relationship. We are eager to learn from the distinct brand positioning and strong heritage of Gucci, creating together new fragrances which fulfil the dreams and desires of men and women all over the world."
Langer added that the signing of the Gucci fine fragrance license is perfectly in line with P&G's corporate strategy to develop faster-growing, higher margin, more asset efficient businesses with global leadership potential.
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