Joint Venture agreement for the Asian market
20/10/2010 - Perfume Holding and Luxasia announce the set up of an Asian JV
Cannes, TFWE. Italian based Perfume Holding, the new group combining Selective Beauty and Morris, and Singapore based Luxasia have announced the signature of a Joint Venture agreement for the Asian market. According to this agreement, by the end of this year, they will set up the company Perfume Holding Asia, based in Singapore, which will coordinate all marketing and sales activities of Perfume Holding in this market. The JV will sell the products manufactured and supplied by Perfume Holding through a mix of Luxasia affiliates and other distributors, which are already partners of Perfume Holding in the region.
Enrico Ceccato, President of Perfume Holding says: ”Luxasia is the ideal partner to develop the sales and image of our prestige and masstige fragrance brands in Asia, a market which will continue to experience steady growth in the future.”
Patrick Chong, President of Luxasia says: “We are enthusiastic about this JV, since it is our first step to build a leadership position in the masstige market, in which Perfume Holding has a strong know how and brand portfolio.”
About Perfume Holding
Perfume Holding is the new commercial name of the group combining Selective Beauty and Morris, as a part of the implementation of a business merge to become a top player in the fragrance industry.
Morris is an Italian developer, manufacturer and marketer of fragrance and cosmetics products. Licenced brands include Ferrari, La Perla, Sergio Tacchini, Ducati, Fiorucci and Bois. Morris also owns Atkinsons, a body treatment products, soaps and perfumes brand acquired in 2008 from Procter&Gamble. Morris is based in Parma, Italy, where it manages its own manufacturing unit.
Selective Beauty, now become Perfume Holding, is a Paris-based developer, manufacturer and marketer of fragrance. Selective Beauty’s current license brands include John Galliano, Trussardi, Max Mara, Iceberg and Benetton. Furthermore, Selective Beauty has a distribution Joint-Venture in Italy with Interparfums.
Morris and Selective Beauty are controlled by the same financial holdings, in which Investindustrial, a leading South-European fund with € 2,1 billion under management, has the majority and Orlando Italy, a leading Special Situation Fund with € 200 million under management, has a relevant minority stake. In September 2009, Enrico Ceccato , Orlando Italy Managing Partner, became C.E.O of Morris, replacing Giovanni Borri, and became also C.E.O. of Selective Beauty.
Enrico Ceccato, who is executive partner of Orlando Italy, has a solid direct experience of executive management as CEO/General Manager on a number of substantial and complex acquisitions and transformation programs, including Sector Group (Watches), Autogrill (Food Catering), Fila Italia (Sportswear) and Killer Loop (Sunglasses/Sport Equipment) and United Optical (Benetton Group, eyewear under license).
About Luxasia
The Luxasia group is the leading distributor of world-renowned fragrance and beauty brands in Asia.
The group’s portfolio spans more than 80 brands, including brands from Beiersdorf, Clarins, Estee Lauder, LVMH, P&G, PUIG and the Shiseido Group. The portfolio encompasses five key pillars: Fragrances, Cosmetics, Cosmeceuticals & Nutraceuticals, Salon Professional and Haircare. Established in 1986, the group has grown regionally to 10 offices and more than 1,500 full-time employees in Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, India, China, Hong Kong & Taiwan.
Luxasia works alongside established market leaders and prides itself on being a Brand-builder - focusing on the long-term sustainable development of each brand within its portfolio, building image & equity along with sales & acquisition of consumers.