Coty and Prada Group have paired for an exclusive partnership to create, develop and distribute a signature line of fragrances under the Miu Miu brand name. The partnership marks the brand’s first entrance into the fragrance market.
The fragrance line is expected to debut in 2015.
“The agreement with Coty, an internationally recognized reference in the luxury fragrance market, marks a major step forward in Miu Miu's development plan,” says Patrizio Bertelli, chief executive officer, Prada Group. “I am therefore sure that, leveraging on Coty's know-how and Miu Miu's strong identity, this partnership will be a worldwide success of mutual satisfaction to both companies.”
“Miu Miu is one of the most refined and respected luxury houses in the world and one of the fastest growing global brands in the whole fashion industry," says Michele Scannavini, chief executive officer, Coty. "It is an exciting opportunity for Coty to build a worldwide fragrance business for Miu Miu and also to further build our own market share in the prestige fragrance market.”
Miu Miu was created in 1993 under the supervision of Miuccia Prada. Since, the brand has continued to evolve into a high-end, avant-garde luxury brand targeted sophisticated women around the world.
Coty, which was founded in 1904, has a wide portfolio of brands on offer, including Balenciaga, Bottega Veneta, Calvin Klein, Chloe and Marc Jacobs.