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USA:P&G enters in D & D partnership with Iman |
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2004-10-18
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Hunt Valley-based Procter & Gamble Cosmetics has decided to partner in the areas of designing and distribution (D&D) with cosmetics maker Impala Inc. to enhance the retail presence of the cosmetics line founded by model Iman in 1994 for women of color.
The companies are partnering in the design and distribution of Impala''s beauty products under the Iman and I-Iman trademarks.
The multiyear undisclosed distribution of the cosmetics deal will extend its global presence which it has, currently in six global markets. Over one million units are sold by Impala currently every year, and previously handled its own distribution in the United States. European distribution is currently handles through Sephytal.
"With P&G, I can now offer my products to the global, multicultural woman that is my customer," Iman said in a press release.
The companies declined to project resulting sales from the deal. However, the spending power of African-Americans, Hispanics and Asian-Americans is expected to increase substantially by 2008.
In 2008, the nation''s share of black buying power will be 8.7 percent, or $921 billion, up from 8.4 percent in 2003 and 7.4 percent in 1990, according to a report on America''s minority buying power released by the University of Georgia''s Selig Center for Economic Growth. Over the last 18 years black buying power has increased 189 percent, while white buying power has increased 128 percent, the center says.
Substantial gains in buying power are also projected among Asians and Hispanics, whose clout in dollar value is expected to rise to $528 billion and $1 trillion, respectively, in 2008.
Procter & Gamble''s beauty business sells over 50 brands in 130 countries across the world. Brands like Cover Girl, Pantene and Herbal Essences, grossed approximately $8 billion in sales during the fiscal 2003. |
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