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NEW YORK — Elizabeth Arden has amended its long-term license agreement with Liz Claiborne to acquire the trademarks for the Curve fragrance brands and selected other smaller fragrance brands.
The amendment also includes a lower effective royalty rate for the remaining licensed fragrance brands, including Juicy Couture and Lucky Brand fragrances, reduces the future minimum guaranteed royalties for the term of the license and requires a pre-payment of royalties for the remainder of calendar 2011.
The company stated that it paid Liz Claiborne $58.4 million in cash in connection with the transaction and expects it to be modestly accretive to earnings for fiscal 2012 and more accretive beginning in fiscal 2013.
“We believe this transaction allows us to increase our investment behind these brands and accelerate their growth, particularly internationally,” stated E. Scott Beattie, chairman, president and CEO of Elizabeth Arden.