Coty inks fragrance deal with Prada

US beauty giant Coty and Italian luxury fashion house Prada Group have formed a exclusive partnership to create, develop and distribute a signature line of fragrances under the Miu Miu name. The move, which marks Miu Mius first foray into prestige fragrances, will see the release of the Miu Miu fragrance line in 2015.

Miu Miu was launched as a diffusion brand by Italian fashion designer Miuccia Prada in 1993. Since then, it has expanded into accessories, leather goods and footwear, and is sold in 70 countries worldwide.

"The agreement with Coty, an internationally recognised reference in the luxury fragrance market, marks a major step forward in Miu Mius development plan," said Patrizio Bertelli, CEO, Prada Group. "I am therefore sure that, leveraging on Cotys know-how and Miu Mius strong identity, this partnership will be a worldwide success of mutual satisfaction to both companies."

Michele Scannavini, CEO, Coty, added: "Miu Miu is one of the most refined and respected luxury houses in the world and one of the fastest growing global brands in the whole fashion industry. It is an exciting opportunity for Coty to build a worldwide fragrance business for Miu Miu and also to further build our own market share in the prestige fragrance market.”