On July 22, 2024, Inter Parfums, Inc. announced that for the three months ended June 30, 2024, net sales rose to $342 million, up 11% from $309 million, in the second quarter (Q2) of 2023.
Inter Parfums Completes Acquisition of Salvatore Ferragamo Fragrance
Inter Parfums will issue financial results for the three and six months ended June 30, 2024, on Tuesday, August 6, 2024, after the close of the stock market. Management will host a conference call to discuss financial results and business operations beginning at 11:00 am ET on Wednesday, August 7, 2024.
Jean Madar, chairman and chief executive officer of Inter Parfums, stated, “With strong sell-in from our newest licenses, Roberto Cavalli and Lacoste, and healthy fragrance demand, second-quarter sales were a record $342 million, up 11% from the second quarter of 2023. This is all the more impressive considering the 26% sales growth in the same quarter of 2023. This growth also reflects our more balanced pace of launches and advertising and promotional investments, as compared to heavy concentrations during peak selling periods.
“European-based operations net sales increased 14% from the prior year period, primarily led by Jimmy Choo with 31% sales growth, further expanding upon the 21% increase in brand sales during the same period last year. A new extension of the I Want Choo line is coming later this year.
“Montblanc brand sales declined slightly during the quarter, following 16% sales gains in the same period last year. The Montblanc Explorer line is performing favorably, in addition to Legend Blue which launched earlier this year. Based on orders in hand and customer input, we are expecting a significant increase in Montblanc brand sales in the second half of the year.
“Coach brand’s established lines continue to see enduring demand, and the recent addition of Coach Dreams Moonlight resulted in flat sales for the first half of 2024, off a 26% increase in the first half of 2023. We have two new fragrance variations for our Coach brand fragrances in the pipeline for 2025.
Inter Parfums Enters Exclusive Worldwide Fragrance License for Roberto Cavalli
“Several of our midsized brands had a strong second quarter including Karl Lagerfeld and Rochas where fragrance sales were each up 13%.”
Madar continued, “United States-based operations grew sales 8% in the second quarter, following a very strong first quarter where we achieved 18% sales growth, and an exceptional prior year period where we grew sales by 42%. For the first half of 2024, sales grew 12%.
“On our two largest brands, GUESS and Donna Karan/DKNY, sales were up 8% and 14%, respectively, in the first half of 2024. Line extensions are coming later this year and a surge in brand sales in the second half is expected. Among the new products coming to market are GUESS Elements, the third extension in the Uomo line, Uomo Intenso, and a DKNY blockbuster named DKNY 24/7, currently launching in select European markets, Travel retail and DKNY.com. Full distribution is scheduled to begin in September of this year. Ferragamo sales were largely flat in the second quarter as we enriched the Signorina line with Signorina Unica. Finally, MCM grew high double-digit behind the successful debut of MCM Crush.
“Our newest brands, Lacoste and Roberto Cavalli, have performed on par with our expectations, contributing 9% to our sales growth in the current second quarter. For the Roberto Cavalli fragrance family, we will debut a new Just Cavalli brand extension, plus Sweet Ferocious, and the Wild Heart duo for men and women in the second half of 2024. In 2025, a new extension of the legacy Lacoste scent will be launched followed by a new blockbuster women’s fragrance in 2026.”
