Inter Parfums, Inc. has announced that its agreement with Salvatore Ferragamo S.p.A., the parent company of the Salvatore Ferragamo Group, has been finalized, under which Inter Parfums, Inc. has been named exclusive worldwide licensee for the production and distribution of Ferragamo brand perfumes.
The 10-year license, plus the five-year optional term, is subject to certain conditions. As per the transaction agreement signed in July of this year, Inter Parfums is operating the Ferragamo fragrance business through a wholly-owned Italian company, based in Florence, with management and coordination of activities related to the license agreement, along with production, conducted in Italy.
Jean Madar, chairman and chief executive officer of Inter Parfums, Inc., said, “Firstly, we are delighted to welcome the many Salvatore Ferragamo employees who are joining our organization bringing with them decades of brand experience and know-how. From the start, we made a commitment to the Salvatore Ferragamo Group to devote the attention and resources necessary to grow the Ferragamo fragrance business within a selective luxury distribution framework that we have established within our global distribution network. Deriving from our work studying the brand’s potential, we are confident that the expertise we bring to product development, packaging, advertising and marketing will elevate the Ferragamo fragrance profile along with its sales, especially in the brand’s largest markets, notably China and North America.”
Madar concluded, “Ferragamo will rank among the five largest brands in our portfolio. With its inclusion, along with the growth of our existing business, we are getting closer to our near-term net sales goal of $1 billion. Moreover, with our newly established foothold in Italy, encompassing all phases of product development, production, as well as sales and marketing, we have reinforced our long-term commitment to Italy.”