Coty Inc., which has distributed Puig S.L.’s fragrances in North America for the past six years, will cease doing so when the license expires on June 30.
Both companies said the decision was mutual. “After the strong and collaborative partnership Coty has enjoyed with Puig over the past six years, we are now at the stage where we need to fully focus on our own portfolio, which has grown bigger and stronger over the past years,” said Michele Scannavini, chief executive officer of Coty Inc. “We are all proud of the great work we’ve done and results achieved with the Puig business, and we wish the company continued success in the future.”
Marc Puig, chairman and ceo of Puig, concurred. “Puig is very appreciative of the support and the very positive results of the collaboration with Coty in the U.S. and Canada over the past years,” said Puig. “Our business has more than doubled during this period. As a result the time has come for Puig to redefine a new approach to pursue growth in the North American markets.”
The lightening of the load will free up the Coty Prestige division to assume selling responsibility for the Coty Beauty brands — such as those of Lady Gaga and Beyoncé Knowles — that are currently distributed to prestige retailers by a third-party sales operation.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
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Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews