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Burberry ends Interparfum partnership Friday, 27th July 2012
Photo credit: Burberry Group plc
British fashion power house Burberry has announced it has chosen to end an almost 20-year old partnership with Interparfums as it looks to develop its beauty business.
Burberry has confirmed it will pay Interparfums approximately EUR 181 million to terminate its contract, after failing to agree on favourable terms with the French company.
A Burberry spokesperson confirmed the move, which was reported by the Telegraph:
"Discussions with Interparfums SA have ended. Burberry continues to pursue various strategic options to develop fully its fragrance and beauty business in the future."
Although Burberry last week served notice of its intention to terminate the licence agreement with the make-up and perfume manufacturer, it was thought renewed talks could signal a new deal on the table. Interparfums chief executive Philippe Benacin described the likeliness of securing a new deal stood at “50-50”, adding that he had anticipated that the partnership “could be extended, or not”.
Interparfums has been producing Burberry-branded perfume and aftershave under an exclusive license since 1993.