- Vivian Hendriksz |
London - Burberry has announced the official start of its new, strategic partnership with Coty on Monday morning. The move signals the beginning of Burberry’s global licensing agreement with the beauty giant to accelerate the growth and development of its beauty business.
“Following months of hard work to ensure a smooth transition, we are pleased that this strategic partnership, which brings together tremendous beauty experience and expertise, has begun. Burberry is incredibly proud of what has been achieved in the last four years and we look forward, with the support of Coty, to further building on these foundations,” commented Marco Gobbetti, Chief Executive Officer at Burberry in a statement.
The new partnership is set to build on Burberry’s current beauty position in the market, which the British luxury fashion house spent the past four years cultivating. The new agreement sees Burberry continuing to lead the way on the creative side of the business, while Coty will offer its beauty business expertise, as the beauty range is set to benefit from Coty’s first-class global distribution. The partnership will provide an accretive impact to Burberry’s earnings from FY2019 onwards, through a combination of upfront payments and ongoing royalties.
“We are pleased to complete this transaction and move forward with our strategic partnership, combining Burberry’s British heritage of innovation, craftsmanship and design with Coty’s expertise and leadership in luxury beauty products. Coty’s world-class ability in developing and bringing to market beauty brands will help drive a new phase of development and growth for Burberry Beauty,” added Camillo Pane, Chief Executive Officer at Coty.
Photo: Courtesy of Burberry