Coty Inc. was founded in 1904 by Francois Coty. The firm, located in Paris, released its first perfume, Rose Jacquemin, around that time. This release is seen as the beginning of the modern fragrance industry. In 1908, Coty opened his first salon in Paris. In the mid-1910s, Coty releases face and body powders for women. After releasing a handful of perfumes and gaining international attention after WWI, Coty opens Coty salons in London and in New York in 1922. In the 1920s, the firm released about 15 perfumes. Francois Coty passed away in 1934, but his family retained control of the company. In 1942, the firm founded the Coty American Fashion Critics' Award, honoring American designers until the awards were discontinued in 1985. Coty was acquired by Pfizer Inc in 1963. Coty's Stetson, released in 1981, became the best selling men's fragrance until 1995. That same year, Jil Sander teams with Coty inc. to produce beauty products. German chemicals manufacturer Joh. A Benckiser GmbH in bought Coty in 1992. Today, Coty manufactures several celebrity perfumes.