Lagerfeld leaves Coty, moves to Inter Parfums
Yesterday, Coty and Karl Lagerfeld agreed to their licensing deal. Under the agreement, Coty has exclusive rights to continue to sell its existing inventory of products within the Karl Lagerfeld fragrance portfolio. Today it was announced that Lagerfeld has signed a 20 year deal with Inter Parfums.
Jean Mortier, president of Coty Prestige said "The working relationship with Karl Lagerfeld and Karl Lagerfeld B.V. has always been built on mutual respect and professionalism, It was an honor working with a renowned designer such as Karl Lagerfeld, however, it became increasingly apparent that our companies' respective strategies were no longer a perfect match."
Phillipe Benacin, chairman of Inter Parfums told WWD that "He is one of the most talented designers in the world, if not the most talented, which makes it a huge opportunity to develop fragrance under his name".