2 perfume brands opt out of Coty-P&G deal

NEW YORK -- Coty has confirmed the transfer of 10 fragrance licenses from Procter & Gamble, while two perfume brands are opting out.

Last year Procter & Gamble announced an agreement to merge 43 of its beauty brands with Coty. The transaction includes P&G’s global salon professional hair care and color, retail hair color, cosmetics and fine fragrance businesses, which was subject to licensor consent.

The 10 brands that have consented include: Hugo Boss, Gucci, Lacoste, Bruno Banani, Escada, Mexx, James Bond, Gabriela Sabatini, Stella McCartney, and Alexander McQueen. The two brands that have not consented are the licensors of Dolce & Gabbana and Christina Aguilera perfumes.

As a result of only 10 licenses transferring to Coty, the assumed debt from the P&G Specialty Beauty Business will be adjusted downward.

Coty still continues to expect a closure of the transaction later this year.