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NEW YORK -- Procter & Gamble has signed a licensing agreement with the Florence-based Salvatore Ferragamo to develop and market fragrances under the name of the luxury apparel and accessories manufacturer.
This confirms a report that appeared Monday on page 2.
According to the companies, the first step will be to develop a prestige women's fragrance.
The P&G deal represents the first time that Ferragamo, which was founded in the Twenties, has licensed out its name, according to the Italian company.
Details of the agreement were not revealed.
The future Ferragamo scents will be developed, manufactured and marketed by P&G's fine fragrance subsidiary, Eurocos Cosmetic GmbH of Dreieich, outside Frankfurt, Germany.
Walter Farnsteiner, president of Eurocos, said, "In the near future, we will decide about the first women's fragrance. We want to truly make Ferragamo a global brand."
Ferruccio Ferragamo, chief executive officer of his family's company, said the first Ferragamo scent "should debut in the next year and half to two years, either in the fall of 1995 or spring 1996.
"We chose Eurocos to market our fragrances because it had certain requisites that we wanted," he added. "[Those are] to believe in and sustain the launch of a fragrance with good advertising campaigns."
Eurocos reportedly did over $350 million at retail worldwide last year with its stable of fragrance brands, which includes Hugo Boss and Laura Biagiotti.
Ferragamo reported consolidated worldwide sales of approximately $220 million in 1993.