Fragrance maker Inter Parfums Inc. (IPAR) disclosed it agreed to acquire some of fashion designer Oscar de la Renta's fragrance assets, taking over production and distribution for a division that has been operated in house since 2009.
Inter Parfums is set to become the latest in a string of companies that have owned Mr. de la Renta's fragrance license. Past owners have included Avon Products Inc. (AVP) and L'Oreal SA (OR.FR, LRLCY).
Terms of the deal, set to close in the beginning of December, weren't disclosed. Upon completion of the deal, Mr. de la Renta will no longer directly operate a fragrance and beauty division.
Mr. de la Renta has been in the fragrance business for decades; first launching his signature scent in 1977, becoming one of the first American designers to do so. But between 2005 and 2010, de la Renta fragrance sales fell some 39%, while the fashion house saw its top line jump.
Since the fragrance arm was brought in house in 2009, de la Renta sought to shrink the brand's exposure, update packaging and launch new products.
"Over the last few years, we are pleased to have re-established Oscar de la Renta as an important brand in prestige fragrances," said Oscar de la Renta LLC Chief Executive Alex Bolen.
Mr. Bolen said with the division on firmer footing, the deal with Inter Parfums would help bolster growth in the U.S. and abroad.
Shares of Inter Parfums were inactive premarket. The stock has jumped 64% in 2013, easily outperforming the broader market's gain.
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