Estee Lauder acquire Michael Kors fragrance business

Estee Lauder Companies have acquired Michael Kors Fragrances, the fragrance and beauty license previously held by American Designer Fragrances, a division of LVMH's Parfums Givenchy.

Terms of the deal were not disclosed. Michael Kors Fragrances will become part of The Estee Lauder Companies' Aramis and Designer Fragrances Division, which is led by Patrick Bousquet-Chavanne, Group President, and John Karp, President.

"We are very pleased about this new alliance with Michael Kors L.L.C.," said Patrick Bousquet-Chavanne. "We believe that the brand has significant growth potential, and we look forward to a long and productive relationship with Michael and his partners, Lawrence Stroll and Silas Chou, all of whom have tremendous track records. I know we can count on their energy and talent to make this collaboration a great success. The team at American Designer Fragrances has done a very good job developing the Michael Kors concept, and the Michael Kors fragrances have been well-received in the marketplace."

Michael Kors stated, "I am so thrilled to become part of The Estee Lauder Companies. They are truly the bell-weather in the beauty business... it's what everyone else aspires to become. I know that with their expertise, my fragrance business is in the best of hands."

"Silas and I approached The Estee Lauder Companies about partnering with us to take Michael's fragrance business to the next level, and together we are mapping out a long-term strategy to strengthen the brand and remain true to Michael's vision," said Lawrence Stroll, Co-Chairman of Michael Kors. "We were the Company's first designer licensor with Tommy Hilfiger, and we look forward to new opportunities ahead with the Michael Kors business."

"Michael is a leader in the fashion world, and the Michael Kors fragrances further strengthen our position in the designer fragrance arena," said John Karp. "This will be a powerful complement to our other designer licenses - Donna Karan, Tommy Hilfiger and Kate Spade - each of which represents a unique and highly successful business."