Procter & Gamble's (NYSE: PG ) fragrance division, P&G Prestige, will enter into a license agreement with Alexander McQueen to create and sell new designer fragrances, the company announced this week.
The new products will be marketed under the Alexander McQueen brand name and will help Procter & Gamble further expand its business into the fine-fragrance market. Representatives from McQueen and Procter & Gamble believe the collaboration will be mutually beneficial. Joanne Crews, P&G Prestige's president, said the McQueen line has "become synonymous with modern British couture and will bring their incredibly passionate and emotional point of view to fragrance."
McQueen President and CEO Jonathan Akeroyd said the agreement is a "natural development for the house in expanding our product offering to reach a wider audience. P&G Prestige has showed such passion and belief in our brand, coupled with their expertise and knowledge in fragrances, I am confident that this will be an exciting and successful collaboration."
Procter & Gamble's beauty segment represented 23% of total sales during Q1 of 2013. Over the past 12 months, the company's stock has risen by approximately 27%.