Burberry Group Plc is licensing its fragrance and make-up brands to cosmetics manufacturer Coty Inc., handing over management of a business that has weighed on earnings and held back growth.
Coty will pay about 180 million pounds ($224.9 million) in a deal that gives it the exclusive global license to Burberry’s beauty business and inventory, the trenchcoat maker said Monday in a statement. Burberry will maintain creative leadership over brands such as My Burberry and Mr Burberry fragrances, while tapping Coty’s industry knowledge and distribution network.
