Following an initial announcement on 7 July this year, Salvatore Ferragamo Group has now completed the transfer of its perfumes business to Inter Parfums Inc, granting an exclusive worldwide licence granted for the production and distribution of Ferragamo brand perfumes.
The licence will initially last for 10 years, with the possibility of renewal for a further five years subject to conditions.
The licensee will operate with a dedicated wholly-owned Italian subsidiary company in order to ‘preserve existing know-how and experience’, said Ferragamo Group in a statement.
In addition this subsidiary strives to ‘consolidate a close connection with the brand and promote the future development of Ferragamo perfumes, thanks to an intense union of professionalism, quality and observance of the brand’s values’.
FERRAGAMO EMPLOYEES TO BE RETAINED
Jean Madar, Chairman & Chief Executive Officer of Inter Parfums, Inc. stated: “Firstly, we are delighted to welcome the many Salvatore Ferragamo employees who are joining our organisation 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. 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.”