Capri expands licensing partnership with Euroitalia
Capri Holdings announced on Thursday that Versace has extended its license agreement with EuroItalia, the Italy-based global fragrance and cosmetics company, for another 15 years, as well as entered into a new agreement with Michael Kors.
As part of the agreement, EuroItalia will enter into a 15-year agreement with Michael Kors to make it the exclusive worldwide men’s and women’s fragrance licensee for the brand.
“We’re pleased to be extending Versace’s partnership with EuroItalia, a relationship that began in 2005 and has resulted in one of the largest designer luxury fragrance businesses in the world. EuroItalia is a valued partner and we’re confident that together we will continue to achieve success in the fragrance business,” said John D. Idol, chairman and chief executive officer of Capri Holdings.
Versace's partnership with EuroItalia began in 2005. Meanwhile, Michael Kors previously had a fragrance partnership with Estee Lauder.
“We are also excited to expand the scope of our arrangement with EuroItalia to include Michael Kors. We believe there is great potential to further develop and grow the Michael Kors fragrance business and look forward to collaborating with EuroItalia to design fragrance products that continue to resonate with our consumers around the world.”
Idol continued: “I want to thank Estee Lauder for their close partnership over the years.”
Capri Holdings has been reinforcing its luxury fashion brands including the potentials of Versace, Jimmy Choo and Michael Kors. At Versace, the company has been expanding accessories revenues, while at Michael Kors, the company continues to increase signature penetration across all product categories.
“We are proud of the success of Versace’s fragrance business and delighted to continue our partnership,” added Giovanni Sgariboldi, president of EuroItalia.
“We are excited to be entering into this new partnership with Michael Kors, one of the most prestigious American luxury brands in the world. Our expertise in working with top fashion houses and designers makes this collaboration a perfect fit for both EuroItalia and Michael Kors. We look forward to further growing a business that embodies the glamorous and jet-set image for which the Michael Kors brand is known.”
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