NEW YORK — Tony Bajaj, the founder of AB Diversified Enterprises Inc., thinks the time is right to move from distributor to developing his own brands.
He’s formed Luxe Brands, a new beauty company that he hopes will be a “game changing platform” for global prestige beauty brands.
“I feel it is the right time for me as an entrepreneur, the right time in the life cycle of my current business and also the right time for consumers [to launch a new company],” said Bajaj, chief executive officer of Luxe. “We’re beginning to triumph over the tough economy we’ve experienced for the past few years, consumer confidence is rising and we’re prepared to deliver the products they desire.”
Luxe’s first launch is a new twist on Jean Patou’s iconic Joy fragrance called Joy Forever. The floral scent, which contains the key original ingredients in Joy, will launch in February exclusively in Neiman Marcus and Bergdorf Goodman. In-house perfumer Thomas Fontaine’s goal was to create a modern scent building on the heritage of the brand — even using the same jasmine fields where the original Joy was harvested, according to Bajaj.
Prices range from $110 for a 1-oz. eau de parfum to $190 for a 2.5-oz. edp.
“I believe debuting with Joy Forever from the House of Jean Patou, one of the most iconic fragrance brands in history, illustrates the standard of products I’ve set out to deliver,” said Bajaj.
“There’s space in the industry for a new player that is focused and agile enough to nurture brands by giving them the time, attention and support they require to grow,” he added. Bajaj used Joy as an example of a fragrance that got “lost as a part of a larger company.” It was previously owned by Procter & Gamble Co.
Bajaj isn’t limiting his launches to scents, although he wouldn’t elaborate on what specifically is in the pipeline. “With numerous upcoming releases on the horizon, we’re poised to introduce a diverse brand portfolio and establish a solid foundation in the beauty and fragrance industry,” he said.