Inter Parfums To Purchase Certain Assets Of Oscar De La Renta Fragrance Division And Enter Into A Worldwide Exclusive License Agreement
Inter Parfums, Inc. (NASDAQ GS:IPAR) today announced that its
wholly-owned subsidiary Inter Parfums USA, LLC entered into an agreement
to acquire certain assets of the fragrance division of Oscar de la
Renta, LLC, the...
Inter Parfums, Inc. (NASDAQ GS:IPAR) today announced that its wholly-owned subsidiary Inter Parfums USA, LLC entered into an agreement to acquire certain assets of the fragrance division of Oscar de la Renta, LLC, the internationally renowned fashion house. Terms were not disclosed. Simultaneously, the firms entered into a worldwide and exclusive licensing agreement to create, produce and distribute perfumes and cosmetics under the Oscar de la Renta brand. Financo LLC acted as the financial advisor to Inter Parfums, USA, LLC in connection with this transaction. The acquisition is expected to be completed by December 2, 2013, when Inter Parfums will take over production and distribution of the existing Oscar de la Renta fragrance collections, which have been operated in-house at Oscar de la Renta since 2009 when the firm reached an agreement to terminate their license agreement with L’Oréal. Upon completion of the acquisition, Oscar de la Renta, LLC will no longer operate directly a fragrance and beauty division. Alex Bolen, Chief Executive Officer of Oscar de la Renta, LLC commented, “Over the last few years, we are pleased to have re-established Oscar de la Renta as an important brand in prestige fragrances. Our critical efforts to rebuild in-house created a strong business that is well-positioned for the next phase of development in the fragrance and beauty category. Having reached this point, it became clear that Inter Parfums would make an ideal partner that can leverage its global sales, marketing and production expertise to build upon what we have created, while accelerating growth domestically and internationally.” Jean Madar, Chairman and CEO of Inter Parfums, Inc. said, “Oscar de la Renta is an iconic brand in both the world of fashion and fragrance. While running the fragrance operation in-house, Oscar de la Renta has successfully reinstated the brand to its position at the height of luxury. Inter Parfums looks forward to building on that success by devoting our resources and know-how to expanding the Oscar de la Renta fragrance business around the world.”