Arden, Aeffe SpA Team Up in High Fashion Cosmetics Venture

Elizabeth Arden Inc. reported plans to team up with Aeffe SpA to develop, market and distribute cosmetics with Italian fashion designer Alberta Ferretti, expanding the company's presence in Europe, according to reports. Financial terms of the contract were not disclosed.

The companies will reportedly initiate this joint venture with the launch a new fragrance in 2009. Elizabeth Arden will produce and market the fragrance and Alberta Ferretti will take creative direction, reports AP.

"Adding the Alberta Ferretti name to our designer fragrance brands allows us to diversify our fragrance brand portfolio and strategically expand our reach of prestige fragrance distribution, particularly in the European fragrance market," said E. Scott Beattie, Elizabeth Arden chairman and chief executive, in a press statement.

Aeffe SpA trades on the Italian stock exchange and manufactures and distributes well-known brands, including Alberta Ferretti, Moschino and Jean Paul Gaultier.

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