NEW YORK, Oct. 24, 2012 /PRNewswire/ -- Coty B.V. and Karl Lagerfeld B.V. mutually agreed to end the fragrance license. Under the agreement, Coty has exclusive rights to continue to sell its existing inventory of products within the Karl Lagerfeld fragrance portfolio.
"The working relationship with Karl Lagerfeld and Karl Lagerfeld B.V. has always been built on mutual respect and professionalism," said Jean Mortier, president, Coty Prestige. "It was an honor working with a renowned designer such as Karl Lagerfeld, however, it became increasingly apparent that our companies' respective strategies were no longer a perfect match."
"We have enjoyed an extremely constructive partnership with Coty for many years and do highly appreciate the many achievements during this period. Coty has always been a great partner," said Pier Paolo Righi, president and CEO of Karl Lagerfeld B.V.
Coty is the new emerging leader in beauty with net revenues of $4.6 billion for the fiscal year ending June 30, 2012. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty's product offerings include such global brands as adidas, Calvin Klein, Chloe, Davidoff, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
For additional information about Coty Inc., please visit www.coty.com
About KARL LAGERFELD
Under the creative direction of Karl Lagerfeld, one of the world's most influential and iconic designers, the Lagerfeld Portfolio represents a modern approach to distribution, an innovative digital strategy and a global 360 degree vision that reflects the designer's own style and soul. The portfolio comprises three labels:
- Karl, the new line aimed at a cosmopolitan and digitally-savvy clientele, launched exclusively online.
- Karl Lagerfeld Paris, the premium ready-to-wear collection for women and men.
- Lagerfeld, the menswear line for every day, urban living.
Each line has its own accessories offering including eyewear, bags, shoes, and fragrance.
Located in the Saint-Germain-des-Pres district of Paris, the KARL LAGERFELD Company has been part of the portfolio of the British investment fund, APAX PARTNERS, since 2006.