MILAN — Salvatore Ferragamo SpA, dad or mum firm of the Salvatore Ferragamo Group, stated on Thursday it’s in ongoing unique negotiations with Interparfums Inc. for the worldwide licensing of Ferragamo branded perfumes.
The deal, whose closing continues to be topic to the signing of definitive agreements, is meant to offer an extra enhance to the Italian style home’s perfume enterprise, whereas preserving a worldwide selective distribution in line with the model positioning.
The Florence-based firm’s perfume division has been managed in-house for the final 20 years.
The Ferragamo Parfums SpA firm has been a separate entity but wholly owned by Salvatore Ferragamo SpA till the board of administrators of the dad or mum firm authorised the merger by incorporating it in November 2020. The operation derived “from the necessity to simplify the Italian construction of the Salvatore Ferragamo Group, with an optimization of the sources administration and an effectivity of the group,” learn a press release on the time.
The merger turned efficient in April.
Meanwhile, longtime Ferragamo Parfums chief government officer Luciano Bertinelli quietly exited the corporate on the finish of 2020, succeeded in the position by Teodora Sevastakieva, previously worldwide enterprise director on the firm.
As reported, the impression of the COVID-19 pandemic damage Salvatore Ferragamo’s revenues in 2020. In the 12 months ended Dec. 31, 2020, revenues fell 33.5 p.c to 916 million euros, in contrast with 1.37 billion euros in 2019. In explicit, gross sales of fragrances dropped 52.4 p.c to 41.8 million euros, primarily penalized by shops closures in each home and journey retail channels.
In the primary quarter of 2021, gross sales of fragrances had been up 5.3 p.c to 10.5 million euros in comparison with the identical interval final 12 months. Overall, in the three months ended March 31, the corporate’s revenues rose 10.3 p.c to 244.6 million euros in contrast with 222 million euros in the identical interval final 12 months.
The potential licensing settlement with Interparfums wouldn’t be the primary in the historical past for the Ferragamo perfume enterprise.
In 1994, the model signed an settlement for the event and manufacturing of its first perfume with Eurocos Cosmetics, a Germany-based division of Procter & Gamble.
After discontinuing the cope with nothing having been produced, in March 1997 Ferragamo and Bulgari shaped a three way partnership — every taking a 50 p.c stake — referred to as Ferragamo Parfums SA. This resulted in two working firms: Ferragamo Parfums and Ungaro Parfums — as previous to that Ferragamo had purchased the Ungaro trademark from Chanel. At the time, Bulgari was given administration duty beneath a service contract.
After a four-year-long partnership, the 2 events amicably dissolved the joint-venture contract, with Ferragamo buying from Bulgari its 50 p.c stake for an undisclosed sum. The Ferragamo Parfums division was then established in 2001 to regulate your complete perfume enterprise in-house, from the event of the scent to the distribution.
Interparfums’ perfume licenses embody Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Moncler, Montblanc, Paul Smith, Repetto, S.T. Dupont and Van Cleef & Arpels. The group additionally owns Lanvin fragrances and the Rochas model.