The fashion label will move into the ultra-premium perfume segment for the first time.
Terms of the deal were not disclosed, but Coty in a statement called it a “long-running partnership between the two companies.”
“The renewal of the license agreement will strengthen the existing business partnership, while paving the way for a brand new 10-year strategic project, which will see the Jil Sander brand stepping into the global ultra-premium fragrances segment for the first time ever,” it said.
The group said the agreement is in line with Jil Sander’s growth strategy, which was put in place by OTB Group after it acquired the brand in 2021.
“Over the past few years, Jil Sander’s collections have received international recognition and huge success, resonating with consumers across the world,” said Sue Y. Nabi, Coty chief executive officer.
“Our shared ambition of accelerating the brand’s momentum will guide the latest chapter of our partnership, as we pursue further growth of the fragrance line,” she continued. “Our future strategy will focus on aligning Jil Sander fragrance with the brand’s fashion division, which appeals to the global ultra-premium market.”
“We are very glad to strengthen on a new basis our partnership with Coty and to focus specifically on the global ultra-premium segment, which the Jil Sander brand naturally belongs to,” said Ubaldo Minelli, Jil Sander and OTB Group CEO.
“This new milestone will strongly contribute to [consolidating] and further [expanding] the current solid positioning of the Jil Sander brand in the luxury market, while bringing the partnership with Coty to a new elevated global vision for the next 10 years,” he added.