Parlux chairman and CEO Ilia Lekach said: "This new license is consistent with our marketing strategy as we continue to seek niche opportunities to take full advantage of our creative skills."
It is not yet clear when the first babyGRUND fragrance will appear on the market, but it is believed that it will be composed to appeal to girls and women within a broad age bracket.
This week's announcement marks the latest in a string of licenses signed by Fort Lauderdale-based Parlux in recent months. In January it acquired the fragrance license for fashion house XOXO and in September and December 2004 for tennis stars Maria Sharapova and Andy Roddick respectively.
The much vaunted, eponymous first fragrance from Paris Hilton was launched last fall under license with Parlux.
Lekach added that the GUND license also encompasses the design and production of promotional soft toys to accompany the Paris Hilton line, including replicas of her pet dog, Tinkerbell.