NEW YORK — Inter Parfums announced on Friday that its wholly-owned subsidiary Inter Parfums USA has entered into an agreement to acquire certain assets of the fragrance division of Oscar de la Renta.
Simultaneously, the firms entered into a worldwide and exclusive licensing agreement to create, produce and distribute perfumes and cosmetics under the Oscar de la Renta brand. Terms were not disclosed.
The acquisition is expected to be completed by Dec. 2, 2013, when Inter Parfums will take over production and distribution of the existing Oscar de la Renta fragrance collections, which have been operated in-house at Oscar de la Renta since 2009 when the firm terminated its license agreement with L’Oréal. Upon completion of the acquisition, Oscar de la Renta will no longer directly operate a fragrance and beauty division.
“Oscar de la Renta is an iconic brand in both the world of fashion and fragrance. While running the fragrance operation in-house, Oscar de la Renta has successfully reinstated the brand to its position at the height of luxury. Inter Parfums looks forward to building on that success by devoting our resources and know-how to expanding the Oscar de la Renta fragrance business around the world,” said Jean Madar, chairman and CEO of Inter Parfums.