Procter & Gamble has taken on the mantle of furthering the fragrance business of Stella McCartney having signed a contract to enter into a license agreement to manufacture and sell its products.
It was not so long ago that YSL Beauty, part of L’Oréal Luxe, made the mutual decision not to renew its license agreement with Stella McCartney so that both could concentrate on their own lines.
P&G will take over from its France-based competitor once their license agreement ends on September 12, 3013, and the Ohio-based firm will begin to develop and market new initiatives under the Stella McCartney brand name.
"Stella McCartney is a truly iconic global brand with a modern, naturally sexy and confident approach to fashion. She has a unique, responsible approach to luxury and design. We look forward to extending that approach to beauty even further," said Joanne Crewes, President, P&G Prestige.
"[It] enhances the P&G Prestige portfolio, and her passionate consumer base will enable us to reach more women around the world. Her unique point-of-view combined with our expertise in the fine fragrance category, our core strengths in brand building and innovation, and our global retail partnerships, create a perfect partnership for global growth and expansion.”
P&G says the signing of the Stella McCartney fragrance license is consistent with its Prestige strategy to grow the business with strong brands with global leadership potential.
Stella McCartney is complementary to P&G's existing designer fragrance portfolio and expands upon their strong luxury fragrance brands.
"It is just an incredibly exciting time to look at the world and to have such an opportunity with such a great partner in P&G Prestige that understands my beliefs,” comments Stella McCartney.
“I am incredibly excited to get working and to start a new world of beauty for us. There is so much energy already and we haven't even started, I just feel like we can do really wonderful things and explore the world of beauty, together, as a team."