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Parlux divests Perry Ellis

This article was originally published in The Rose Sheet

Executive Summary

Parlux Fragrances has completed the sale of its Perry Ellis fragrance brand back to licensor Perry Ellis International for $63 mil. cash, company announces Dec. 6. The sale includes the inventory, molds and other intangible assets related thereto, according to Parlux. "Perry Ellis is a fine brand that has served us well for many years," Parlux CEO Ilia Lekach states. "The licensor's future plans envisioned a more restrictive control over creative development. Its cash offer to take back the brand allows us to strengthen our balance sheet and have additional resources to expand our other brands." In August, Parlux signed a letter of intent to sell the fragrance rights and inventory to Victory International for $140 mil., citing plans to develop other celebrity fragrance brands (1"The Rose Sheet" Aug. 21, 2006, In Brief). Parlux holds fragrance licenses to brands such as Paris Hilton, GUESS?, Maria Sharapova and Ocean Pacific...

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