04.24.24
Net sales for Happi Top 50 Company Inter Parfums, Inc. for the three months ended March 31, 2024, rose to $324 million, up 4% from $312 million, in the prior-year quarter.
Jean Madar, chairman & CEO, cited the company's ongoing momentum in the fragrance market and favorable initial shipments of Lacoste and Cavalli fragrances, to its successful quarter.
The brand, he said, is focused on optimizing the timing of its launches throughout 2024, aiming for a “more balanced distribution” compared to the “heavy concentration” of new fragrance launches in the first quarter of last year.
“Despite strong demand for our key brand lines and favorable initial shipments of Lacoste fragrances, our European based operations net sales were flat compared to the exceptional sales performance achieved by our established brands during the first quarter of 2023,” he said. “Performance in Eastern Europe was adversely impacted by a very unfavorable comparison base, reflecting the particularly strong business recovery during the first quarter of 2023 (+66%), as well as sourcing constraints in certain countries, which resulted in sales shifting from the first quarter into the second quarter of 2024.”
Coach fragrance sales rose 5% in the quarter, building upon the 24% increase in the prior
year period. Jimmy Choo and Montblanc saw declines in fragrance sales, following their 63% and 28% growth rates during the same period last year, respectively. Montblanc, he said, continues to capitalize on its ongoing momentum through the Explorer line and the launch of Montblanc Legend Blue in this quarter; the high base in 2023 led to a 5% decline.
Jimmy Choo declined 23% largely due to the I Want Choo Forever launch at the end of 2022, and the Rose Passion launch in the first quarter of 2023. A new extension of I Want Choo is planned for the second quarter of 2024.
Sales growth for US-based operations saw an 18% increase in the first quarter primarily driven by Donna Karan/DKNY and Guess, with comparable quarter sales growing 44% and 21%, respectively. The launch of Roberto Cavalli – in combination with the start of distribution of European based brands by our Italian subsidiary – contributed 9% growth.
The company reaffirms its 2024 net sales guidance of $1.45 billion.