Elizabeth Arden Inc. has purchased the fragrance licenses of both Justin Bieber and Nicki Minaj, from Give Back Brands LLC.
The company bought the rights of the perfumes by both pop stars from Give Back Brands LLC, as they want to build on their celebrity portfolio.
In a memo to employees, E. Scott Beattie - chairman and chief executive officer of Elizabeth Arden - said: ''We are pleased to announce that today we signed an agreement to acquire the licenses for the Justin Bieber and Nicki Minaj fragrance brands from Give Back Brands. The marketing and creative activities for these fragrance brands will continue to be managed externally by their existing team. Sales, finance and operational activities will be absorbed by the respective Elizabeth Arden functions. These brands represent another opportunity to grow our extensive fragrance portfolio through both new licenses and fragrance acquisitions.
''We've been keen observers of Justin Bieber's fragrance and his participation in it. When you look at the combination of Justin Bieber and Taylor Swift's Wonderstruck, together they accounted for half of the U.S. growth in fragrance last season. Our growth agenda allowed for a certain amount of acquisitions and when this became available we recognised it was a great opportunity. It made sense to us given the size and breadth of our celebrity portfolio.''
Justin's Someday fragrance became one of the biggest selling of 2011, with annual sales reaching $39 million.
He is set to release a second perfume, entitled Girlfriend, next week.
Nicki's first fragrance is set for a September launch.