Parlux
This article was originally published in The Rose Sheet
Executive Summary
Fragrance manufacturer and distributor is interested in selling certain non-core lines and has engaged GLMAC, the intermediary behind the firm's letter of intent to sell Perry Ellis,to assist in the effort, company announces Sept. 6. "We currently have a number of product lines that have been successful but do not have the upside as other potential opportunities available to us," Parlux said, noting the sale of non-core licenses will help fund new fragrance ventures. In August, Parlux announced plans to sell Perry Ellis fragrance rights to Victory International for $140 mil. (1"The Rose Sheet" Aug. 21, 2006, In Brief). Parlux also holds fragrance licenses for the Paris Hilton,Guess?,XOXO and Ocean Pacific brands. Separately, Parlux reported fourth quarter (ended June 30) sales increased 21% to $40.8 mil., although the firm experienced a net loss of $14.1 mil. due to a non-cash, share-based compensation charge of $16.2 mil...
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Perry Ellis sale
Parlux Fragrances has signed a letter of intent to sell its Perry Ellis fragrance rights to Victory International for $140 mil., company announces Aug. 16. Under terms of the deal, Victory will pay $120 mil. for fragrance rights and $20 mil. for inventory. The letter of intent is subject to the execution of a definitive agreement. Parlux notes the sale is appropriate due to its plans to develop other celebrity fragrance brands. The firm adds that Victory, which has handled distribution for its Fred Hayman Beverly Hills product lines, is the right partner to continue the success of the brand. Victory, which holds the license for the Carlos Santana fragrances, among others, maintains the addition of Perry Ellis will strengthen its portfolio. Parlux recently confirmed it was reviewing offers for certain brands (1"The Rose Sheet" July 24, 2006, In Brief)...
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