Parfum d'Image grows 50 percent via U.S. merger

PARIS Nov 27 (Reuters) - French private-label fragrance maker Parfum d'Image ALPDI.PA said on Tuesday it had bought U.S. competitor Latitudes International Fragrance in a deal that will boost its annual sales by more than $22 million.

"With this acquisition, the Parfum d'Image Group has achieved a new volume of business, representing 41 million euros ($60.87 million) in revenues on an annual basis," the company said in a statement.

It gave no details on the cost of the acquisition, but a spokesman said it would be paid for in part by cash and in part by bank debt. "There won't be a capital increase," he said.

"The Parfum d'Image Group is now one of the world's top-100 beauty and cosmetics firms, and has taken a major step forwards with a view to meeting its target for 100 million euros in revenues by 2010," it added.

It said under the deal, Latitudes Chairman and Chief Executive Jill Belasco would join Parfum d'Image's group steering committee. (Reporting by Nick Antonovics, editing by Will Waterman)