Gap Inc. Signs Exclusive Agreement With Inter Parfums, Inc. for Developing Personal Care Business
Gap Inc. and Inter Parfums, Inc. have signed an exclusive agreement for the design and manufacturing of personal care products under the Gap and Banana Republic brand names.
Working with Inter Parfums allows Gap Inc. to lay the foundation for long-term growth of its personal care products. Together, the two companies will translate Gap and Banana Republic brands' personal care concepts into an assortment of products. Inter Parfums will be responsible for product development, formula creation, packaging and manufacturing. Gap Inc. will be responsible for marketing and selling in its stores.
Gap Inc. CEO and President Paul Pressler commented, “Personal care products are a natural extension of our brands and represent an organic growth opportunity for our company. Inter Parfums is an exceptionally creative company and has extensive expertise in building high-quality personal care products. Their ability to transform personal care concepts into products complements our core strengths in branding and marketing.”
Jean Madar, Chairman and CEO of Inter Parfums, Inc. stated, “Gap and Banana Republic are among the world's most well-known brands with strong ties to their customers and a strong network of stores. We are looking forward to working together to create a portfolio of fresh and exciting product lines. He went on to say, “This agreement marks our entry into the fast growing specialty retail category with products designed for, and sold at, Banana Republic and Gap stores.”
Although the initial line has not been finalized, potential products include fragrance and related personal care products. The new products, which will be sold in Gap and Banana Republic North American stores, are expected to launch at Banana Republic in the fall of 2006 and at Gap in 2007.
About Gap Inc.
Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic and Old Navy brand names. Fiscal 2004 sales were $16.3 billion. Gap Inc. operates about 3,000 stores in the United States, the United Kingdom, Canada, France and Japan. For more information, please visit gapinc.com.
About Inter Parfums, Inc.
Inter Parfums develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for Burberry, S.T. Dupont, Paul Smith, Christian Lacroix, Celine, Diane von Furstenberg and Lanvin. The Company also has controlling interest in Nickel S.A., a men's skincare company. In addition, Inter Parfums is a leading producer and supplier of mass-market fragrances, cosmetics and personal care products. The Company's products are sold in over 120 countries worldwide. For more information, please visit interparfumsinc.com.