The scene at the Derek Lam 10 Crosby Film Fragrance premiere.

The Derek Lam beauty license has been acquired by the Premiere Group.

Right now, the Derek Lam beauty business consists of the Derek Lam 10 Crosby scent collection, which was introduced in 2015. That line consists of 10 fragrances and is sold at Nordstrom and Ulta Beauty. Terms of the deal were not disclosed, but industry sources estimated that right now, the business is doing about $2 million in sales.

In the near term, Premiere intends to support the 10 Crosby fragrance business, expanding it internationally. The brand is also developing a higher-end fragrance that would be more in line with Lam’s premium fashion label that is slated for spring 2020, according to Brian Vander Meyden, executive vice president of global marketing at Premiere.

“There’s definitely going to be innovation very soon against the lineup with in the fragrance sector,” Meyden said. “Color and other products are certainly part of our conversation with [Derek] but that’s farther down the road.”

The contract was signed in late November, Meyden said, and the Premiere Group has already been able to have three development meetings with the Derek Lam team.

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“We see a real opportunity with the Derek Lam fashion house, and we really appreciated what they developed in the past as far as the Crosby collection. There’s growth potential there, to partner with them.”

Industry sources estimated that in the next 18 months, the business could scale to between $5 million and $10 million in sales.

“[Derek’s] very involved,” Meyden said. “He’s really been giving my team unprecedented access.”

In addition to the Derek Lam license, Premiere owns licenses for Kate Spade New York, Carven, Mercedes-Benz Parfums, Atkinsons, Fila, Ferrari, Fiat, Trussardi and Hanae Mori.