MILAN — Prada is forging ahead with its fragrance business.
The Italian fashion house, together with its licensee, Puig SL, said Thursday they have transformed their existing joint venture for the development of fragrances and cosmetics into a license agreement and have extended its duration.
Although all the terms of the license could not be learned, a statement said the increasing recognition of the Prada brand in the world of fragrances had been the basis for the new agreement. As such, Prada intends to bolster its existing fragrance portfolio with a new female fragrance set to launch in the coming months, according to the announcement.
Puig, a Barcelona-based fragrance and fashion firm currently produces fragrances under license for prestige players like Valentino, Comme des Garçons, and Payot alongside Prada fragrances.