Coty and Puig to end distribution agreement
Coty and Puig have mutually decided not to renew their distribution agreement in North America, which expires June 30, 2013. This decision is the amicable end to a six-year partnership, during which Coty has significantly expanded the market presence for Puig fragrances, and allows Coty to focus fully on its own brands.
"After the strong and collaborative partnership Coty has enjoyed with Puig over the past six years, we are now at the stage where we need to fully focus on our own portfolio, which has grown bigger and stronger over the past years," said Mr. Michele Scannavini, CEO, Coty Inc. "We are all proud of the great work we've done and results achieved with the Puig business, and we wish the company continued success in the future."
As a result of this decision, Coty Prestige will assume selling responsibility for the Coty Beauty brands that are distributed in Prestige retailers, which are currently sold by a third party distributor.
"Puig is very appreciative of the support and the very positive results of the collaboration with Coty in the U.S. and Canada over the past years," said Mr. Marc Puig, Chairman and CEO of Puig. "Our business has more than doubled during this period. As a result the time has come for Puig to redefine a new approach to pursue growth in the North American markets."