The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Prada SpA said it signed a licensing deal for Coty Inc. to create and distribute perfumes under the Miu Miu brand, expanding its second-largest unit in the $60 billion luxury beauty industry.
The Miu Miu fragrance line is expected to be introduced in 2015, the Milan-based company said today in a statement.
Prada is seeking to develop Miu Miu as global demand for luxury goods cools. The 20-year-old fashion and accessories label, named after Prada Chairman Miuccia Prada, had sales of 512.8 million euros ($706 million) in the year ended Jan. 31, or 16 percent of total company revenue.
The agreement with Coty "marks a major step forward in Miu Miu's development plan," Prada Chief Executive Officer Patrizio Bertelli said in the statement.
Sales of luxury goods are set to expand 2 percent this year to 217 billion euros, according to Bain & Co. Spending on beauty products, which accounts for about a fifth of the total, will grow in line with the market, Bain estimates.
By Andrew Roberts; Editors: Robert Valpuesta, Paul Jarvis
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
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