Beauty investment and development company Beauté Prestige International has confirmed a new joint venture with fashion house Narciso Rodriguez.
The joint venture will see Narciso Rogriguez take a 70% stake in the business, while Beauté Prestige International will own the remaining 30% in a venture that aims to grow the existing cosmetic and fragrance business.
The terms mean that Narciso Rogriguez will hold a trademark 3 for fragrances and cosmetics, and but will continue to wholly own the trademarks for all the other categories its is involved in, which include ready-to-wear and accessories.
JV strives to build on current success
The venture has been brokered as the Narciso Rodriguez brand is enjoying significant momentum and growth, having expanded its ready-to-wear collection and recently launched it brand new accessories business.
With the increased profile of the business and the brand, both companies feels that expansion in the cosmetics and fragrance arena is a logical next step for plans to further expand the business as a whole.
The new agreement builds on an existing agreement between the two company that was first established ten years ago, with the launch of the For Her Fragrance back in 2003.
Building on success of For Her fragrance
This fragrance has experienced significant growth since the launch, registering double-digit growth every year since that launch and being voted the best women’s fragrance of the last 20 years by the French Fragrance Foundation.
The fragrance is now distributed worldwide and is said to enjoy a top ten ranking in several key markets, a position the company aims to build on through the joint venture.
According to the business new projects are now being planned to help develop the fragrance brand and are likely to come to fruition during the course of 2014.