LONDON/PARIS, April 16 (Reuters) – Coty <COTY.N> on Thursday said it is not in talks to sell any of its prestige brand licenses, denying a report by luxury news site Miss Tweed that the U.S. beauty company was discussing selling its Hugo Boss and Burberry licenses to Paris-based Interparfums. “Any suggestion that Coty is in […]
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Coty and Interparfums deny report of talks regarding Boss, Burberry perfume licenses
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LONDON/PARIS, April 16 (Reuters) – Coty <COTY.N> on Thursday said it is not in talks to sell any of its prestige brand licenses, denying a report by luxury news site Miss Tweed that the U.S. beauty company was discussing selling its Hugo Boss and Burberry licenses to Paris-based Interparfums.
“Any suggestion that Coty is in talks to transfer or sell prestige brand licences is categorically false and without merit,” a Coty spokesperson said in a statement to Reuters.
Interparfums CEO Philippe Benacin also denied that any talks were taking place.
“There are currently no discussions whatsoever underway,” he said.
U.S.-listed Coty, which withdrew its full-year guidance in February and warned on its third-quarter profits, had said it would focus on core brands under interim CEO Markus Strobel who has been tasked with turning around the company’s performance.
Those include the Hugo Boss and Burberry fragrance lines which are among Coty’s “prestige” brands and not part of a strategic review underway for its makeup brands.
(Reporting by Helen Reid in London and Dominique Patton in Paris)