02.28.24
Interparfums Inc. reported a 6% increase in net sales for Q4 2023 and a 21% change from $1.087 billion in 2022 to $1.3 billion in 2023.
Jean Madar, chairman and CEO, attributed its ongoing demand for its brands, a strong holiday season sell-through, and a dynamic fragrance market to a strong 2023 fourth quarter and record full-year net sales and earnings results.
Per Madar, for the first time in its history, three of the company’s largest brands generated sales in excess of $200 million. In 2023, Jimmy Choo emerged as its largest brand, growing sales by 19%, and Montblanc and Coach sales rose by 15% and 25%, respectively.
The company’s fourth largest brand, Guess, grew sales by 23%.
“With a strategically planned pipeline of innovation, the brand is well on its way to also exceed $200 million in sales in the coming years,” said Madar.
With growth of 21% for 2023, the fragrance sales performance of Ferragamo has remained strong and continues to present “significant growth opportunity,” Madar said.
All of its markets experienced “excellent growth” last year. North America, Europe and Asia – its three largest markets – achieved sales gains of 22%, 21% and 17%, respectively. Sales in the Middle East rose by 22% and Central and South America by 33%.
The company reaffirmed its 2024 guidance, which calls for net sales of $1.45 billion, resulting in earnings per diluted share of $5.15. This represents a 10% increase in net sales and an 8% increase in earnings per diluted share, Chief Financial Officer Michael Atwood said.