01/26/2010
Puig to develop and distribute perfumes by the Italian fashion brand as of February 2011.
Puig Beauty and Fashion Group and Italy’s Valentino have signed a worldwide deal for the creation, development and distribution of luxury fragrances under the Valentino brand, which will come into force on February 1, 2011.
According to Marc Puig, chairman and CEO at Puig, the new partnership will help them focus their strategy on a smaller number of brands, strengthening their position and making them a major player with considerable growth potential in the perfumery, fashion and cosmetics sector.
For his part, Stefano Sassi, chairman and CEO at Valentino SpA, claimed the decision to team up with Puig was the result of its vast experience in the luxury segment and its sustained commitment to quality.
The Valentino fragrance licence will be part of the Puig Prestige portfolio, a select division of the company based in Barcelona which accounts for around 70% of the group’s turnover. A further 7% comes from fashion, and in particular the Carolina Herrera brand, and from its mass market division. Other brands which have placed their fragrances in Puig’s hands are Prada, Paco Rabanne and Nina Ricci.
Puig was founded in 1914 and in 2008 notched up sales of €1.036 bn, with a share of five per cent of the global market for select fragrances. It aims to raise that figure to between eight and ten per cent over the next five years.
