NEW YORK — New Dana Perfumes plans to sell off its fragrance portfolio to the similarly named Dana Classic Fragrances Inc., a company principally owned by Isaac Cohen, the current president and chief executive officer of New Dana Perfumes.
This story first appeared in the November 21, 2003 issue of WWD. Subscribe Today.
New Dana Perfumes was founded in 1999 by an affiliate of an investment fund managed by Dimeling, Schreiber & Park, which purchased the assets of the bankrupt Renaissance Cosmetics Inc. Cohen was tapped at that time to assist in nurturing what would become the New Dana scents back to health.
The proposed sale includes worldwide rights to classics such as Tabu, Canoe, English Leather, Love’s Baby Soft and British Sterling. These brands, sold in more than 26,000 U.S. doors, have been bounced around over the past 10 years. Although packaging and formulas have been tinkered with, there is still a considerable consumer following.
Following the closure of the deal, Dana Classic Fragrances, and Cohen’s existing company, Intermarketing Group Inc., will both become subsidiaries of IMG Holdings Inc. Cohen will serve as chief executive officer of the combined entities.
IMG sells brand name watches, fragrances, sunglasses and writing instruments throughout North America to mass market retailers and drug chains. It also markets Dana products to countries outside the U.S.
“I feel strongly that the Dana brands have been, and will continue to be, solid competitors in the mass-market fragrance arena,” Cohen said in a statement. “New Dana’s fragrance portfolio has fared better than its competition in this tough market, with the brands continuing to hold their own, and actually improving in many cases. Under Dana Classic Fragrances, we expect to make a strong push to promote the Dana brands and broaden our product line both in the United States and internationally. Moreover, these products will complement IMG’s product line to the benefit of both the IMG family and our retail customers.”
After the sale, New Dana Perfumes Corp. will continue to own and operate its nonfragrance affiliate, New Cosmar, which sells brands including Cosmar, Pro 10, Press & Go, Frills and Nat Robbins.