FOR IMMEDIATE RELEASE:
INTER PARFUMS TO PURCHASE CERTAIN ASSETS OF OSCAR DE LA RENTA FRAGRANCE DIVISION AND ENTER INTO A WORLDWIDE EXCLUSIVE LICENSE AGREEMENT
New York, NY, October 18, 2013: Inter Parfums, Inc. (NASDAQ GS: IPAR) today announced that its wholly-owned subsidiary Inter Parfums USA, LLC entered into an agreement to acquire certain assets of the fragrance division of Oscar de la Renta, LLC, the internationally renowned fashion house. Terms were not disclosed. Simultaneously, the firms entered into a worldwide and exclusive licensing agreement to create, produce and distribute perfumes and cosmetics under the Oscar de la Renta brand. Financo LLC acted as the financial advisor to Inter Parfums, USA, LLC in connection with this transaction.
The acquisition is expected to be completed by December 2, 2013, when Inter Parfums will take over production and distribution of the existing Oscar de la Renta fragrance collections, which have been operated in-house at Oscar de la Renta since 2009 when the firm reached an agreement to terminate their license agreement with L’Oréal. Upon completion of the acquisition, Oscar de la Renta, LLC will no longer operate directly a fragrance and beauty division.
Alex Bolen, Chief Executive Officer of Oscar de la Renta, LLC commented, “Over the last few years, we are pleased to have re-established Oscar de la Renta as an important brand in prestige fragrances. Our critical efforts to rebuild in-house created a strong business that is well-positioned for the next phase of development in the fragrance and beauty category. Having reached this point, it became clear that Inter Parfums would make an ideal partner that can leverage its global sales, marketing and production expertise to build upon what we have created, while accelerating growth domestically and internationally.”
Jean Madar, Chairman and CEO of Inter Parfums, Inc. said, “Oscar de la Renta is an iconic brand in both the world of fashion and fragrance. While running the fragrance operation in-house, Oscar de la Renta has successfully reinstated the brand to its position at the height of luxury. Inter Parfums looks forward to building on that success by devoting our resources and know-how to expanding the Oscar de la Renta fragrance business around the world.”
Oscar de la Renta is one of the world’s leading luxury goods firms. The New York-based company was established in 1965, and encompasses a full line of women’s accessories, bridal, childrenswear, fragrance, beauty and home goods, in addition to its internationally renowned signature women’s ready to wear collection. Oscar de la Renta products are sold globally throughout retail stores, oscardelarenta.com and wholesale channels. There are currently eight Oscar de la Renta retail stores in the United States. There are five international retail stores located in London, Athens, the Dominican Republic, Dubai and Riyadh.
Statements in this release which are not historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. In some cases you can identify forward-looking statements by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would," or similar words. You should not rely on forward-looking statements because actual events or results may differ materially from those indicated by these forward-looking statements as a result of a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings “Forward Looking Statements” and "Risk Factors" in Inter Parfums' annual report on Form 10-K for the fiscal year ended December 31, 2012 and the reports Inter Parfums files from time to time with the Securities and Exchange Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
In the 30 years since its founding, Inter Parfums, Inc. has been selected as the fragrance and beauty partner for a growing list of brands that include Lanvin, Montblanc, Jimmy Choo, Boucheron, Van Cleef & Arpels, Karl Lagerfeld, Paul Smith, S.T. Dupont, Balmain, Repetto, Agent Provocateur, Alfred Dunhill, Anna Sui, Shanghai Tang, Oscar de la Renta, Gap, Banana Republic, Brooks Brothers, bebe, and Betsey Johnson. Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes in over 100 countries worldwide.
Contact at Oscar de la Renta
SVP, Global Communications
OSCAR DE LA RENTA, LLC
212 282 0591
Contact at Inter Parfums, Inc. -or- Investor Relations Counsel
Russell Greenberg, Exec. VP & CFO The Equity Group Inc.
(212) 983-2640 Fred Buonocore (212) email@example.com