Ocular Sciences, Agreement with Procter & Gamble
Ocular Sciences, Inc. and Procter & Gamble Company announced today the signing of a trademark licensing agreement. Under the terms of this agreement, Ocular will manufacture and sell a line of proprietary cosmetic contact lenses under the COVER GIRL(R) brand name in North America. COVER GIRL(TM) Colors Contact Lenses will be marketed for disposable replacement to licensed eye care practitioners in January 2003 with four opaque colors: Breezy Blue(TM), Spirited Green(TM), Romantic Hazel(TM), and Gray Whisper(TM), and will be available in both prescription and non-prescription lenses.
"This agreement is strategic to the development of a strong cosmetic lens business," said Stephen J. Fanning, President and CEO of Ocular Sciences. "By teaming up with the number one cosmetic brand in one of our most important demographic markets, young females, we are providing our customer base, licensed eye care practitioners, with a significant brand name and lens to help build their practices. Consistent with our practitioner friendly strategy that sets us apart from our competitors, COVER GIRL Colors will be available only through the eye care professional."
"We're thrilled to join Ocular Sciences to bring the Easy Breezy Beautiful look of Cover Girl to contact lenses through COVER GIRL Colors," says Anne Martin, P&G Vice President of Global Cosmetics Marketing and Global Design Manager for Cover Girl. "We are excited to build on the success COVER GIRL has had in the vision category with COVER GIRL Eyewear and Sunwear. Ocular Sciences' great expertise in this industry will help us make COVER GIRL Colors a success."
Fanning added, "The U.S. retail market for cosmetic contact lenses is currently estimated to be $250 million (approximately $150 million wholesale) and growing significantly faster than the clear spherical category. COVER GIRL has invested heavily over the years in advertising and merchandising to develop its powerful brand equity. By leveraging the power of the COVER GIRL brand, we believe our new line of cosmetic lenses will be in a very strong competitive position to allow Ocular to grow market share rapidly and efficiently."
