Parlux Fragrances has signed an agreement with Jay-Z’s Iconic Fragrances, a move that will help launch scents for Kanye West and Rihanna, according to The Wall Street Journal. The deal guarantees that Iconic will receive royalties and profit sharing, and the opportunity to buy Parlux stocks at $5 a unit.
“We are excited for the opportunity to partner with Parlux and their management team in the launch of these dynamic new brands,” Jay said in a statement. “This venture will take what is already a successful franchise at Parlux to a new level.”
With an economy in crisis, Chief Executive of Parlux, Neil J. Katz, is banking on the celebrity appeal of the artists to increase sales.
“[We] believe this proactive investment by Jay-Z, Rihanna, and Kanye West is an indication to the market place of the underlying value of Parlux,” he commented.
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Jay-Z, Kanye, and Rihanna join a number of other celebs like Paris Hilton, Queen Latifah, and Marc Ecko who have signed fragrance licensing deals.
Parlux plans to put out the Kanye and Rihanna fragrances by summer 2010.
