Coty executives have recently expressed that the company would start divesting certain assets after the company’s purchase of 41 beauty brands from Procter & Gamble for $11.6 billion. (Coty also recently acquired hair business GHD and a majority stake in social-selling company Younique.) The company’s goal is to divest between 6 percent and 8 percent of overall revenues.
“Coty is pleased to have reached an agreement with Designer Parfums for the sale of the Jennifer Lopez fragrance business license,” said a Coty spokeswoman. “This sale is consistent with our previously announced portfolio rationalization plan as we focus our portfolio on the brands and categories which are best suited to our strengths and where we believe will be able to deliver higher growth opportunities.”
Designer Parfums said in a statement that it plans to create a new brand innovation strategy to drive growth for Lopez’s fragrance franchise. Since Lopez, a singer, actress and television personality, started her fragrance career, she’s launched 24 perfumes, including Glow by JLo, in 2003. (Outside of fragrance, Lopez just released a shoe collaboration with Giuseppe Zanotti.)
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Under new ownership, the Jennifer Lopez fragrance franchise will focus on strengthening the brand in Europe, the U.S., Asia and the Middle East, as well as bring it into new markets. Designer Parfums’ fragrance portfolio also includes Jean Patou, Porsche Design, Ghost and Naomi Campbell.
“Jennifer has always had a clear vision when it comes to her fragrance, knowing trends and delivering scents the public loves, all while encompassing her authenticity and vision” said Dilesh Mehta, chief executive officer of Designer Parfums.
“Developing my fragrance line has been a uniquely rewarding creative experience. I am excited to work with Designer Parfums to continue the expansion of my Jennifer Lopez Fragrance House,” Lopez said, in a statement.