The new manufacturing deal will see the two companies develop both color cosmetics and fragrances bearing the brand name of world renowned high-end fashion house, Oscar de la Renta.
Although terms and conditions of the licensing agreement were not revealed, the companies said they believe the acquisition should be completed by December 2, 2013.
At this time, Inter Parfums will take over production and distribution of the existing Oscar de la Renta fragrance collection, which has been operated in-house by the company since 2009, when the New York-based fashion house terminated its license agreement with L’Oréal.
Oscar de la Renta is no longer alone in beauty 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,” said Jean Madar, Chairman and CEO of Inter Parfums.
“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.”
Under the agreement, the new licensing means that Oscar de la Renta will no longer operate an independent fragrance and beauty division.
Oscar de la Renta includes ten fragrance and beauty brands
The Oscar de la Renta beauty division currently markets men’s and women’s fragrance lines, together with a complete range of bath and body products, nail products and gift sets.
The company currently markets ten different beauty and fragrance brands, which include Something Blue, Oscar, Intrusion, Volupte, So de la Renta, Pour Lui and Oscar for Men.
Oscar de la Renta CEO Alex Bolen said that the company had now re-established itself as an ‘important’ brand in prestige fragrance, adding his belief that the new licensing agreement would give it ‘an ideal partner to leverage its sales’ in the beauty and fragrance category.