NEW YORK — Coty and Prada Group have formed an exclusive partnership to create, develop and distribute a signature line of fragrances under the Miu Miu name — marking Miu Miu's first entry into the world of prestige fragrances.
"Miu Miu is one of the most refined and respected luxury houses in the world and one of the fastest growing global brands in the whole fashion industry," said Michele Scannavini, CEO of Coty . "It is an exciting opportunity for Coty to build a worldwide fragrance business for Miu Miu and also to further build our own market share in the prestige fragrance market."
The Miu Miu fragrance line is expected to debut in 2015.
"The agreement with Coty, an internationally recognized reference in the luxury fragrance market, marks a major step forward in Miu Miu's development plan," said Patrizio Bertelli, CEO of Prada Group. "I am, therefore, sure that leveraging on Coty's know-how and Miu Miu's strong identity, this partnership will be a worldwide success of mutual satisfaction to both companies."