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Coty Inc. and the Elite modeling agency have announced a partnership to develop and market a new line of fragrances encompassing the values and image of this prestigious yet accessible, global brand. Financial terms of the agreement were not disclosed, but the new fragrance collection is set to launch in January 2012 and will include four fragrances that will embrace the beauty and glamour associated with the world of modeling and fashion.
"Coty has a great track record in identifying growth opportunities to strengthen our position as the global leader in the world of beauty," says Bernd Beetz, Coty CEO. "We are pioneering a new concept in the industry and expect to further fuel the success of the fragrance category as we know it."
"Based on our strong licensing partnerships, our unrivaled fragrance expertise, and the global reach of the Elite Models brand, we see an opportunity to broaden the scope of our business portfolio and team up with a brand that is on the cutting edge of the fashion business," said Renato Semerari, president of Coty Beauty.
"Elite is not just a modeling agency. Our vision is to capture the spirit of today's women and that is why we believe this partnership is the perfect union. Coty has a remarkable reputation of understanding women and developing fragrances women find desirable and glamorous," said Elite World CEO Cristian D’Ippolito and Vick Mihaci, president Elite Models. "We believe that our effective business model will complement Coty's immense expertise in fragrance."
"The marketing behind the Elite Models fragrance collection will bring out the emotional side of the brand and express a modern and cosmopolitan vision of women," said Jurgen Scharfenstein, senior VP of global marketing for Coty Beauty. "We are working toward distilling the glamorous appeal of Elite into a line of fragrances that deliver an out of this world experience.”