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Parlux Fragrances inks deal with Jay-Z
Apr '09
Parlux Fragrances, Inc announced that it has signed an agreement with Iconic Fragrances, LLC (“Iconic”), a licensing company in which entertainment mogul and icon Shawn “JAY-Z” Carter is a principal. The agreement includes individual worldwide fragrance licenses for multiple Grammy award winning and multi-platinum selling international entertainers Rihanna and Kanye West.

Iconic also is in the final stage of negotiations for a worldwide fragrance license with Shawn “JAY-Z” Carter, and in discussions with a well-established female artist. The agreement provides for the payment of royalties, profit sharing, and the issuance of warrants to purchase common shares of Parlux at a strike price of $5.00 per share. The warrants will be issued to Iconic and the celebrities and their respective affiliates. Details of the transaction are to be provided in Parlux's Form 8-K filing.

Neil Katz, Chairman and Chief Executive Officer of Parlux said, “We have been negotiating this agreement for over nine months. We believe that its implementation, combined with the success of our core brands, will allow us to significantly increase revenues and improve our bottom line. The investments we have made to build a positive relationship with our customers and improve our standing in the industry made us an attractive partner for Iconic.” Shawn “Jay-Z” Carter commented, “We are excited for the opportunity to partner with Parlux and their management team in the launch of these dynamic new brands. This venture will take what is already a successful franchise at Parlux to a new level.”

Mr. Katz added, “We are extremely excited to begin work on our projects with Rihanna and Kanye West. Each is an extremely highly regarded celebrity at the top of his or her profession who is undoubtedly going to make an indelible impression in the fragrance industry, just as each has done in the entertainment world. Their stars continue to rise rapidly in the entertainment arena, which will represent a terrific springboard for us in launching their fragrance brands. This agreement also enhances our attractiveness to other premier talents interested in associating with an established manufacturer and distributor of fragrance products.” “We are conscious of the general economic conditions that have unfairly affected the value of our shares for our shareholders. However, 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.”

Parlux Fragrances Inc. is a manufacturer and international distributor of prestige products. It holds licenses for Paris Hilton, Jessica Simpson, GUESS?, Nicole Miller, Natori, Queen Latifah, Marc Ecko, XOXO, Ocean Pacific (OP), Andy Roddick, babyGund, and Fred Hayman Beverly Hills designer fragrances, as well as Paris Hilton watches, cosmetics, sunglasses, handbags and other small leather accessories.

Parlux Fragrances Inc

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