Inter Parfums to buy Rochas brand from Procter & Gamble
NEW YORK (AP) — Inter Parfums Inc. said Thursday that it will pay $108 million to buy the Rochas brand from consumer goods maker Procter & Gamble.
The brand, founded in 1925 as a French fashion house, is known for its Eau de Rochas fragrance line. The brand had sales of $46 million during the 2013 to 2014 financial year, Inter Parfums said. The deal includes licensing rights to the entire Rochas brand, including clothing and accessories.
The deal is expected to close within the first half of this year.
Cincinnati-based Procter & Gamble said it agreed to sell Rochas to simplify its portfolio and focus on its other brands. Proctor & Gamble makes fragrances for Dolce & Gabbana, Gucci and Hugo Boss. It also sells household goods such as Tide detergent, Crest toothpaste and Charmin toilet paper.
Inter Parfums, based in New York, creates fragrances for several brands, including Abercrombie & Fitch, Gap and Jimmy Choo.
Shares of Inter Parfums Inc. rose 2 cents to $30.07 in morning trading Thursday. Procter & Gamble Co. shares slipped 27 cents to $83.48.