Tiffany & Co.TIF, the famed jewelry retailer,
announced on Wednesday it will team up with Coty Inc COTY, a beauty product and fragrances maker, to develop, produce and distribute a new line of fragrances for both women and men.
The new line of fragrances will be sold at Tiffany's stores and other luxury retailers.
Shares of Tiffany were trading lower by 0.10 percent mid-Wednesday morning while shares of Coty were trading higher by 0.65 percent at the same time.
"Tiffany is among the world's most important houses of luxury, and fragrances are an important expression of the brand," said Frédéric Cumenal, chief executive officer of Tiffany & Co. "We are pleased to work with Coty, an industry leader in the prestige fragrance category, on the development of a more meaningful fragrance portfolio through this licensing agreement."
"Tiffany's luxury heritage lends itself perfectly to Coty's prestige fragrance portfolio," said Bart Becht, chairman and interim chief executive officer, Coty. "We look forward to bringing Coty's unique expertise to Tiffany by establishing a strong fragrance business for the brand."
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