Jun 16, 2013
Kering grants Stella McCartney perfumes license to Procter & Gamble
Jun 16, 2013
NEW YORK, United States - The French luxury and sportswear group Kering (formerly PPR) has signed a deal with American group Procter & Gamble as licensee for its Stella McCartney brand in which it holds a 50% stake, according to a press release published Friday.
The two sides signed an agreement that will go into effect September 13, entrusting P&G with the manufacture and distribution of the British designer's perfumes, said the statement. The license previously belonged to YSL Beauty, a subsidiary of L'Oréal Luxe, which announced in late May that they would not be renewing their license agreement with the British designer's brand.
"Stella McCartney enhances the P&G Prestige portfolio, and her passionate consumer base will enable us to reach more women around the world," commented Joanne Crewes, president of Procter & Gamble's luxury division, P&G Prestige.
Best known for its large consumer products like Gillette razors and Pampers diapers, the U.S. group is also active in cosmetics and perfumes. Its high-profile licenses include Gucci and Puma, two of Kering's big brands. But it also is active in the sector through Dolce & Gabbana perfumes, Dunhill, Lacoste and Hugo Boss. The financial details of the agreement were not announced.
The Stella McCartney fashion house, known for her commitment to animal rights and the environment, is equally owned by the designer and daughter of Beatle Paul McCartney and Kering. Kering has recently refocused on luxury and sportswear, far away from its traditional role as a retailer, the last vestiges of which will soon be leaving the Pinault family empire.
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