Gucci is gearing up to launch a new fragrance in the second half of the year, according to Kering Chairman and CEO Francois-Henri Pinault, who revealed the news during a press conference last week.

The owner of the luxury fashion house is celebrating buoyant sales from the once-ailing brand, up 13 percent over fiscal 2016 to €4.38 billion, with growth peaking in the final quarter.

Kering reported a 17 percent increase in net profit for the year thanks to Gucci’s return to glory and is predicting bigger things to come for Gucci, with Pinault claiming that the Italian brand has ‘plenty of room to grow’.

“The launch is planned for the second half of the year. It will be a major event, as we have suffered in terms of royalties because of the transition following the purchase of Procter & Gamble’s beauty brands by Coty. It will be a major launch for Coty too,” said Pinault.

The fragrance would be the first to be released under Alessandro Michele, the Creative Director credited with the brand’s recent revival.