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Inter Parfums and Burberry Sign Exit Plan

The two companies said on Thursday that they have signed a transition agreement.

In keeping with Burberry’s plan to buy back its fragrance license from Inter Parfums by the end of the year, the two companies said on Thursday that they have signed a transition agreement.

The agreement between Inter Parfums Inc.’s subsidiary Inter Parfums SA and Burberry includes an additional three-month period ending on March 31 and confirms the exit payment by Dec. 31, 2012. Under the terms of this agreement, Inter Parfums SA will continue operating the business for this brand until March 31, at which time the business will be turned over to Burberry.

 

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As previously announced, Burberry will pay 181 million euros, or $233.1 million at current exchange, exclusive of receivables, inventories and other assets.