Starting in September, the consumer products giant will develop and market new initiatives under the Stella McCartney brand name. Financial terms of the deal were not disclosed.
The deal falls within P&G’s $20 billion beauty division, which accounts for 24 percent of all company sales and is under pressure to increase performance. Fragrances are a small part of the division dominated by Pantene and Head & Shoulders shampoos and Olay skin care.
“Stella McCartney is a truly iconic global brand with a modern, naturally sexy and confident approach to fashion,” said Joanne Crewes, president of P&G Prestige, the beauty business that includes fragrance. “She has a unique, responsible approach to luxury and design. We look forward to extending that approach to beauty even further.”
Already an apparel line, the Stella McCartney brand does not use any leather or fur in designs or allow any animal testing. Stella McCartney is a joint venture with Paris-based luxury apparel-maker Kering and the famed animal rights activist and vegetarian.
P&G said adding Stella McCartney’s brand enhances its portfolio of perfumes and fragrance products that includes SK-II, Hugo Boss, Dolce&Gabbana, Gucci, Lacoste, James Bond 007 and Puma.
“I just feel like we can do really wonderful things and explore the world of beauty, together, as a team,” Stella McCartney said in a statement.
Written by Alexander Coolidge