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Puig and Coty Announce Partnership
Posted: February 24, 2006Puig Beauty & Fashion Group and Coty Inc. announced a partnership to introduce prestige cosmetics and fragrances in the U.S. domestic market. Coty will provide Puig with back office services, logistics and its commercial platform, while Puig will manage the development of its brand portfolio through its own marketing team. The agreement is scheduled to take effect July 1, 2006.
“This partnership demonstrates the dynamic value gained by combining strong market orientation and stellar brands to reinforce fragrance leadership,” said Bernd Beetz, CEO, Coty Inc. “We are very pleased to expand our presence within the prestige department and specialty store segments while enhancing our portfolio of distinguished designer brands.”
The Puig Prestige portfolio is comprised of Carolina Herrera, Prada, Nina Ricci, Paco Rabanne and Comme des Garçons.
“We have had, for some time, an ambition to make further inroads into the U.S. market, and this alliance is an important part of realizing that goal,” said Marc Puig, CEO, Puig Beauty & Fashion Group. “We are confident the Coty organization is the best possible partner to help us understand the retail landscape and work with us towards the future success for our brands.”