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CINCINNATI-Procter & Gamble Co. and Salvatore Ferragamo Firenze, Florence, Italy, last week said they will jointly create a luxury women's fragrance.

As part of the agreement, P&G will have exclusive rights to market perfumes under the Salvatore Ferragamo name.

Ferragamo, with consolidated sales of about $220 million, supplies shoes, leather goods, and ready-to-wear leather and silk accessories exclusively made in Italy for men and women.

P&G is stepping up its commitment to the beauty-care business, a favorite of Chairman-Chief Executive Edwin Artzt. His retirement may come as early as next year and expansion into beauty care will be among his legacies.

"We are committed to building our fine fragrance business globally," he said, "and this association with Ferragamo is another important step toward that goal."

Agency assignments haven't been made.

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