ITALY. Fashion house Gianni Versace has sold its fragrances and cosmetics arm, Giver Profumi, to EuroItalia, for an undisclosed sum.
The deal includes a multi-year licensing agreement, under which EuroItalia will manufacture and distribute fragrance, skin care and make-up products under the Versace and Versus brands.
The Versace Group controlled 75% of Giver Profumi; the remaining 25% was held by Roberto Martone’s ICR company.
Industry sources estimate the deal would have cost EuroItalia in the region of €48 million.
The Versace group has made clear its intention to re-focus on its core clothing and accessories business. Earlier this year it offloaded both its eyewear and watches concerns to Luxottica and Timex, respectively.
The Versace name will add yet more critical mass to EuroItalia’s solid Italian beauty portfolio, which includes Dolce & Gabbana and Moschino.
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