“We constantly review our businesses and the Dunhill fragrance brand represents a minor share of our total Prestige sales," said P&G spokesperson Paul Fox.
"While I cannot discuss specific aspects of the business, the impact of this divestiture is minimal.”
The new license is for a ten year period and gives Inter Parfums the exclusive rights to create, produce and distribute fragrance and related products worldwide under the Alfred Dunhill name.
The license agreement will run from April 3, 2013, when it has been agreed that the current license arrangement with Procter & Gamble will expire.
New men's scent planned for 2014.