Coty Inc. And Puig Announce Mutual Decision Not To Renew North American Distribution Agreement
NEW YORK, Feb. 15, 2013 /PRNewswire/ -- Coty Inc., a new emerging leader in beauty, and Puig S.L., a respected fashion and fragrance company, have mutually decided not to renew their distribution agreement in North America, which expires June 30, 2013. This decision is the amicable end to a six-year partnership, during which Coty has significantly expanded the market presence for Puig fragrances, and allows Coty to focus fully on its own brands.
"After the strong and collaborative partnership Coty has enjoyed with Puig over the past six years, we are now at the stage where we need to fully focus on our own portfolio, which has grown bigger and stronger over the past years," said Mr. Michele Scannavini, CEO, Coty Inc. "We are all proud of the great work we've done and results achieved with the Puig business, and we wish the company continued success in the future."
As a result of this decision, Coty Prestige will assume selling responsibility for the Coty Beauty brands that are distributed in Prestige retailers, which are currently sold by a third party distributor.
"Puig is very appreciative of the support and the very positive results of the collaboration with Coty in the U.S. and Canada over the past years," said Mr. Marc Puig, Chairman and CEO of Puig. "Our business has more than doubled during this period. As a result the time has come for Puig to redefine a new approach to pursue growth in the North American markets."
About Coty Inc.
Coty is a new emerging leader in beauty with net revenues of $4.6 billion for the fiscal year ended 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
Puig is a third-generation family-owned fashion and fragrance business based in Barcelona. Puig's strength lies in its ability to build brands, in shaping the image of brands through fashion, and in translating that same image into the world of fragrance through storytelling and product excellence.
Puig's strong performance has resulted in substantial growth and revenues of € 1.3 billion in 2011. Its success stories include a combination of owned brands such as Carolina Herrera, Nina Ricci, Paco Rabanne and Jean Paul Gaultier, licenses such as Prada, Valentino and Comme des Garcons, and celebrity fragrances. Puig products are sold in more than 130 countries.
Further information can be found at http://www.puig.com.
SOURCE Coty Inc.