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Coty Announces Extension of License Agreement With Jil Sander
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Coty has announced the renewal of its license agreement with Jil Sander, marking the continuation of a partnership that dates back to the 1980s. This renewal initiates a 10-year strategic project aimed at introducing Jil Sander into the global ultra-premium fragrance market. Coty's CEO, Sue Y. Nabi, emphasized the shared vision of enhancing Jil Sander's brand momentum, while Jil Sander's CEO, Ubaldo Minelli, highlighted the brand’s alignment with luxury markets. The collaboration is set to modernize luxury concepts further, emphasizing high-quality fragrances in line with Jil Sander's fashion division.
Positive
Renewal of the license agreement strengthens partnership with Jil Sander.
Initiates a 10-year strategic project to enter the global ultra-premium fragrance market.
Aligns Jil Sander fragrances with the brand's fashion division, enhancing luxury market positioning.
Negative
None.
NEW YORK & MILAN--(BUSINESS WIRE)--
Today, Coty, one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, skin and body care, and Jil Sander are happy to announce the renewal of their license agreement as well as the mutual decision to proceed with a long running partnership between the two companies.
The renewal of the license agreement will strengthen the existing business partnership while paving the way for a brand new 10-year strategic project, which will see Jil Sander brand stepping into global ultra-premium fragrances' segment for the first time ever. The agreement is perfectly aligned with the strategy of further growth of the brand, which has been set by OTB Group after the acquisition of Jil Sander in 2021.
Sue Y. Nabi, Coty’s CEO, said: “We are very pleased to extend Coty’s long-term partnership with Jil Sander, a rich shared history dating back to the 1980s. Over the past few years, Jil Sander’s collections have received international recognition and huge success, resonating with consumers across the world. Our shared ambition of accelerating the brand’s momentum will guide the latest chapter of our partnership, as we pursue further growth of the fragrance line. Our future strategy will focus on aligning Jil Sander fragrances with the brand’s fashion division, which appeals to the global ultra-premium market. We look forward to continuing our relationship as we work together in building on this fragrance powerhouse’s outstanding potential.”
Ubaldo Minelli, Jil Sander and OTB Group CEO, commented: "We are very glad to strengthen on a new basis our partnership with Coty and to focus specifically on the global ultra-premium segment, which Jil Sander brand naturally belongs to. This new milestone will strongly contribute to consolidate and further expand the current solid positioning of Jil Sander brand in the luxury market while bringing the partnership with Coty to a new elevated global vision for the next ten years".
Under Lucie and Luke Meier's creative direction since 2017, through the sensibility of streamlined cleanliness, JIL SANDER has managed to modernize traditional concepts of luxury and elegance, and continues to enrich the fashion world with its distinctive quality. The joint future developments will continue to pursue the brand's vision of beauty and fashion combined to the fragrances world.
About Coty Inc.
Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass market products in more than 130 countries and territories. Coty and our brands empower people to express themselves freely, creating their own visions of beauty; and we are committed to making a positive impact on the planet. Learn more at coty.com or on LinkedIn and Instagram.
About Jil Sander, S.p.A.
JIL SANDER, the high-end luxury brand, is the epitome of modernity and sophistication.
Its unconditional dedication to design combines elegance and purity with innovative materials and exceptional craftsmanship. The refinement of cuts and the perfection of details give form to an approach to fashion defined by deliberation, rigour, and high quality.
Creative Directors Lucie and Luke Meier have led the brand since April 2017.
In March 2021, the JIL SANDER house was acquired by OTB, joining the fashion group’s stable of luxury brands.
What are the details of Coty's new agreement with Jil Sander?
Coty has renewed its license agreement with Jil Sander, initiating a 10-year strategic project to introduce Jil Sander into the global ultra-premium fragrance market.
How will the partnership between Coty and Jil Sander evolve over the next decade?
The renewed partnership will focus on enhancing Jil Sander's brand momentum, aligning fragrances with the fashion division and targeting the luxury market.
What is the significance of Coty's agreement with Jil Sander for investors?
The agreement strengthens Coty's market position in luxury fragrances, which could enhance growth and profitability, appealing to investors.
When was Coty founded, and where is it headquartered?
Coty was founded in 1904 and is headquartered in Paris, France.
What role does Sue Y. Nabi play in Coty?
Sue Y. Nabi is the CEO of Coty, overseeing the company's strategic partnerships and growth initiatives.
