French fashion and sportswear label Lacoste has bought back its fragrance license from Coty for an undisclosed sum and signed a new deal with Inter Parfums, Inc.’s majority-owned Paris-based subsidiary, Interparfums SA.
In a statement released from Coty, the beauty company said that the selling back the fragrance license was by “mutual agreement” and was done to advance its own strategic objectives, which include focusing on its larger fragrance licenses.
Coty has managed Lacoste’s fragrances for the past six years. During its tenure, Coty adds that Lacoste men’s fragrances have secured a premium positioning in the market, with two award-winning pillars, L’Homme and Match Point, multiple innovations, and a 17-place improvement in French market rankings.
Sue Y. Nabi, chief executive at Coty, said: “We are very proud of the Lacoste fragrance brand and the growth we have achieved through our highly successful partnership over the past six years. Lacoste has been a great partner to Coty and their fragrances continue to have outstanding potential.
“For both Coty and Lacoste, the exit by end of CY23 represents our respective yet mutually beneficial priorities. This sale advances Coty’s strategic objectives, by enabling Coty to further focus on our largest fragrance licenses, while accelerating our deleveraging agenda through the sales proceeds.”
Thierry Guibert, president at Lacoste, added: “We are very appreciative of Coty's support throughout our partnership. With Coty, Lacoste has taken an important step in the development of its fragrance lines.
"It is now time for the brand to renew its approach to continue its growth, in a market where Lacoste still has great potential.”
Lacoste and Interparfums SA sign a 15-year fragrance license deal
Following the buy-back of its fragrance license, Lacoste confirmed in a separate statement that it had signed a new worldwide exclusive 15-year agreement with Interparfums SA, effective January 1, 2024.
Under this agreement, including an entrance fee of 90 million euros, Interparfums will be responsible for the creation, development, production and marketing of all perfume and cosmetics lines under the Lacoste brand, in selective distribution as well as in the Lacoste boutique network.
The first new perfume line under the deal is scheduled to be launched in 2024. On the new fragrance license, Guibert said: “Interparfums' proven know-how and creativity will be key assets to continue the development of our fragrance category, which plays a significant role in Lacoste's reputation. Our common vision will enable us to take an approach that is increasingly in line with the brand's strong identity codes, whose fragrances still have great potential.”
Jean Madar, chairman and chief executive of Inter Parfums, Inc., added: “Lacoste is an emblematic brand in the world of fashion and sport with a very high level of awareness and desirability throughout the world.
“The management team has a clear and precise vision of the brand's great development potential, which will also allow us to take the perfumes higher and further. This is an important new strategic step in the life of Interparfums. We are delighted and thrilled about this exciting partnership.”