New York, NY (CNS) – Parlux Fragrances and Jay-Z’s Iconic Fragrance has teamed up to launch perfume labels for Kanye West and Rihanna. The line of scents for both Def Jam artists is expected to be launched in 2010.
This deal guarantees Iconic the payment of royalties, profit sharing, and the issuance of warrants to purchase common shares of Parlux at a strike price of $5 per share, according to MarketWire.com.
“We are excited for the opportunity to partner with Parlux and their management team in the launch of these dynamic new brands,” Jay-Z said in a statement.
“This venture will take what is already a successful franchise at Parlux to a new level,” he added. The fragrance manufacturer and distributor has seen its stock tumble along with those of many other companies amid a recession and a poor retail environment for discretionary products.
Other celebrities that have teamed up with Parlux include Paris Hilton, Queen Latifah, Marc Ecko and Jessica Simpson.