Interparfums reports slight revenue drop in Q1, confirms annual guidance

In Q1 2024, French licensed perfume specialist Interparfums (whose portfolio includes the fragrances by Montblanc, Jimmy Choo, Coach and Lacoste) recorded a revenue of €212.7 million, compared to €214.6 million a year earlier. This was equivalent to a 1% downturn at current exchange rates, and was on par with last year at constant rates.

“While the large number of launches concentrated in last year’s first quarter resulted in an unfavourable comparison base with Q1 2024, sales have nevertheless been solid since the start of the year, slightly exceeding our expectations, in a fragrance market that remains relatively dynamic. The takeover of Lacoste fragrances has got off to a very good start, confirming, if any proof was actually needed, the brand’s strong potential over the coming years. On that basis, we are able to reconfirm our annual sales guidance of €880 million to €900 million for the 2024 full-year,” said Philippe Benacin, CEO of Interparfums, in a press release.

In Q1, only the Coach brand recorded sales growth, with revenue increasing by 3% to €45.8 million. Montblanc’s revenue instead fell by 6% to €53.8 million, and Jimmy Choo recorded a 24% downturn, to €44.8 million.

“The launch of the I Want Choo Forever line in late 2022 and the Rose Passion line in early 2023, combined with the international success of the I Want Choo line rolled out in 2021, resulted in remarkable growth (+71%) in Q1 2023. In that context, Jimmy Choo fragrances experienced a temporary decline in Q1 2024, while a new line extension is planned for I Want Choo in Q2 2024,” said Interparfums.

The group also underlined that “the distribution of the existing lines for the Lacoste fragrances has started positively,” indicating that the brand will soon be launching a first menswear fragrance line developed with Interparfums. In Q1, Lacoste generated a revenue of €18.7 million.

In terms of the group’s regional results, revenue in North America, which had recorded very strong growth in Q1 2023, fell by 13% to €66.9 million. Sales in Western Europe were worth €39.4 million, up by 1%, while those in Asia Pacific grew by 12% to reach €37 million. In France, Interparfums recorded a 26% revenue rise, to €13.6 million.