Coty B.V. and Karl Lagerfeld B.V. have mutually agreed to end their fragrance license deal. Under the agreement, Coty has exclusive rights to continue to sell its existing inventory of products within the Karl Lagerfeld fragrance portfolio.
"The working relationship with Karl Lagerfeld and Karl Lagerfeld B.V. has always been built on mutual respect and professionalism," said Jean Mortier, president, Coty Prestige. "It was an honor working with a renowned designer such as Karl Lagerfeld, however, it became increasingly apparent that our companies' respective strategies were no longer a perfect match."
"We have enjoyed an extremely constructive partnership with Coty for many years and do highly appreciate the many achievements during this period. Coty has always been a great partner," said Pier Paolo Righi, president and CEO of Karl Lagerfeld B.V.