Hugo Boss, Coty Renew License Deal
Hugo Boss AG, a German luxury fashion house, and Coty Inc. (COTY), an American-French beauty company, said on Tuesday that they renewed their license deal beyond 2035, including all Boss and Hugo fragrances for men and women.
With this move, Coty has renewed its license for the next six years. The average remaining duration of Coty's top six licenses, which together account for over 80 percent of Coty's prestige fragrance business, is now around ten years.
The joint future developments will complement Boss Bottled range and fully reflect the Be Your Own Boss brand platform.
In addition, Hugo Boss plans to continue expanding its share of Boss women's fragrances in key European markets and penetrate it into the U.S. market.
Another strategic focus area of the extended deal is the strengthening of the top of the brand's fragrance range, Boss The Collection. This expansion will specifically enhance the relevance of Boss in specialty markets such as the Middle East and China, the companies said in a statement.(AFP)