11.28.23
Inter Parfums, Inc. expects 2024 net sales of $1.45 billion, resulting in earnings per diluted share of $5.15.
This represents a 12% increase in net sales and an 8% increase in earnings per diluted share compared to 2023 guidance of $1.3 billion in net sales and $4.75 in earnings per diluted share. Guidance for 2023 and 2024 assumes that the average dollar/euro exchange rate remains at current levels.
“With ongoing momentum in the fragrance market, coupled with innovative blockbusters, enrichment from line extensions, and incremental sales from our newest brands, Roberto Cavalli and Lacoste, 2024 has all the attributes of another record year for us,” said Jean Madar, chairman & CEO of Inter Parfums, Inc. “For our European based operations, we have a number of new programs in the works. For Montblanc, we have an extension of the Legend line in early 2024, followed by a new four-scent premium collection. There are also several innovations lined up for Jimmy Choo, including the I Want Choo and Flash fragrance lines. We will also enrich Coach Dreams with a new extension in the fall.”
The company’s mid-sized brands will also welcome new entrants throughout the year, including a line extension for Van Cleef & Arpels. The company also has a line extension for Rochas Mademoiselle, and a limited-edition Lanvin Éclat d’Arpège set for the spring.
In the US, the company’s largest brand within the group, Guess, has a new four-scent collection, Amore, in the pipeline, in addition to an extension for the Uomo franchise and a new blockbuster debuting in 2024, Madar said.
Elsewhere in fragrance, Donna Karan/DKNY sales performed well in 2023, and brand sales are projected to further increase, particularly with the recent DKNY brand extension and planned launch of a new blockbuster for DKNY during the summer of 2024.
Abercrombie & Fitch Fierce distribution is proceeding as planned in Europe. In early 2024, the company will initiate Phase 2, targeting Asia-Pacific and Latin America. Additionally, a new blockbuster duo, Passion, will join the Abercrombie & Fitch fragrance family.
“With shipments of Cavalli and Lacoste fragrances beginning in January, their combined fragrance sales should add approximately 7% to our topline growth in 2024,” said Madar. “For Lacoste, our go-forward strategies are well underway, and we plan to relaunch the brand’s original fragrances in 2024 and roll-out our first blockbuster in 2025. We plan to launch our first extension for Cavalli during the summer, in addition to hair and body fragrance mists and a Just Cavalli duo.
The company will be boosting Ferragamo’s fragrance lines with two extensions planned for distribution in early 2024. It has also reinforced its commitment to its Italian operations by designating our Florence, Italy office as a distribution hub for all brands, in both its European-and US-based operations, beginning in 2024.
“For full-year 2024, we expect our established brands will produce approximately 5% organic growth across our global business, inclusive of travel retail,” Madar said.