Burberry walk away from Inter Parfums
Talks between Burberry and Inter Parfums regarding the their licensing agreement have ended, with Burberry to pull out of the agreement at the end of the year. As previously reported
, Burberry will buy out the license rights for €181 million ($220 million).
Inter Parfums have produced Burberry fragrances since 1993, and the Burberry license is said to account for half of all Inter Parfums' net profits.
Jean Madar, Chairman & CEO of Inter Parfums, Inc. commented, "Given our many strengths, we are confident in our outlook as we enter a new phase in our history. Based on current growth rates for all of our portfolio's brands, our preliminary full-year sales target for 2013 may reach approximately $400 million at current exchange rates."
Burberry have said they would "continues to pursue various strategic options to develop fully its fragrance and beauty business in the future."