The actress worked with the company to launch several perfumes and became one of the first stars to have a successful celebrity fragrance with 'Elizabeth Taylor's Passion' in 1987.
"It is with deep sadness that we learned of the passing of Elizabeth Taylor, the legendary actress, activist and businesswoman," the statement read.
"As her business partner in the fragrance industry, we have held her in the highest esteem and have had tremendous respect for her extraordinary compassion, creativity and business acumen."
It continued: "Our best tribute to Elizabeth Taylor will be to continue the legacy of the brands she created and loved so much.
"Her sense of humour, passion for life, never-ending dedication and generosity of spirit will be remembered by all of us. She will be deeply missed."
> Obituary: Elizabeth Taylor
> Stars pay tribute to Elizabeth Taylor
> In Video: Elizabeth Taylor's movie roles
> Elizabeth Taylor on Hollywood, sex and marriage
> In Pictures: Elizabeth Taylor on screen
> Elizabeth Taylor: A Life In Pictures