Interparfums posts solid H1 performance

In H1 2023, French licensed fragrances specialist Interparfums (whose portfolio includes brands like Rochas, Montblanc and Lanvin) reported a revenue of €396 million, equivalent to a 24% growth. Over the same period, the group’s net income grew by 43% to reach €77.9 million. Operating income increased by 42% to €102.2 million, thanks to well-managed marketing and advertising expenses, and a slight increase in fixed costs.

Interparfums’s results were as usual driven by the trio consisting of the Montblanc, Jimmy Choo and Coach brands. Top of the leaderboard was Montblanc, whose sales reached €107 million, up by 24%, followed increasingly closely by Jimmy Choo, whose H1 sales were worth €101 million, up by 44%, buoyed by the success of the I Want Choo perfume line. The third brand in the top trio, Coach, reported a revenue of €86 million, equivalent to a 27% rise.

All the brands within Interparfums’ portfolio grew in H1, except for Moncler, which recorded a 30% downturn to €6 million. “Moncler is far below our expectations, the products are probably a little complex, and it’s a brand that can be described as divisive. However, we are working on a broader men’s [perfume] project that should see the light of day in 2025 and will reverse the trend,” said Philippe Benacin, CEO of the Interparfums group, the Italian luxury label’s licensee since 2020.

Among the brands in the group’s portfolio that could top the €100 million revenue mark in the near future is Lacoste, of which Interparfums will officially become the licensee on January 1 2024, taking over from the Coty group. For the time being, Interparfums is planning to streamline Lacoste’s product range, keeping the 15 most successful items, and is preparing a first launch for autumn 2024.

Own brand launch in the offing

Interparfums is also planning to boost its growth by means of an own brand. The group has been working on this project for the last nine months, and is set to launch the brand in the premium segment in 2025. “We will present the project to our partners and distributors in April 2024,” said Benacin, without providing further details.

Like its competitor Coty, which will launch its own high-end fragrance line in 2024, Interparfums is keen to tap its market expertise. It is both a way to boost growth and to gain a degree of independence from product licenses, some of which will eventually reach their term. This is the case for example of Boucheron, whose license will expire in 2025, and which could be taken over by Kering, which is planning to internalise its beauty business. In H1, Boucheron’s revenue was €9 million, accounting for only 2% of Interparfums’s total revenue.

Despite observing a slowdown in certain markets since the summer, notably in the Middle East, Interparfums has confirmed its forecast of €800 million for its full-year revenue.