Coty Gets Rid Of Jennifer Lopez Fragrance Business; Sells License To Designer Parfums

Coty said it has agreed to sell the Jennifer Lopez fragrance business license to Designer Parfums. Part of the company’s efforts to divest 6–8 percent of total revenue, the sale highlights Coty’s focus on brands and categories it believes are “best suited” to its strengths and are likely to offer growth opportunities. For its part, Designer Parfums said it plans to expand the brand and focus on expanding presence in Europe, US, Asia, and Middle East markets.