Top Companies Report

22. Inter Parfums

July 10, 2013

New York, NY
212.983.2640
www.interparfumsinc.com

Sales: $654 million. Net income: $38.1 million

Key Personnel: Jean Madar, chairman and chief executive officer; Philippe Benacin, president and vice chairman; Russell Greenberg, executive vice president and chief financial officer; Henry “Andy” Clarke, president, Inter Parfums USA LLC.

Major Products: Prestige—Boucheron, Burberry, Jimmy Choo, Lanvin, Mont Blanc, Nickel, Paul Smith ST Dupont, Van Cleef & Arpels; Specialty retail—Banana Republic, Bebe, Betsey Johnson, Brooks Brothers, Gap, Lane Bryant, Nine West.

New Products: Lanvin Me, Jimmy Choo Flash, Bebe Desire, Van Cleef & Arpels REVE, Gap Established 1969 Electric & Established 1969 Bright; Upcoming launches—European Operations: new scents for  Repetto, Boucheron and Paul Smith; US Operations:  Anna Sui’s La Vie De Boheme; Nine West’s Love Fury Kiss; Two new scents for Banana Republic: Wildbloom Rouge (woman) and Wildblue Noir (men).

Comments: In the nearly 30 years since its founding, Inter Parfums, Inc. has been selected as the fragrance and beauty partner for a growing list of brands that include Burberry, Lanvin, Jimmy Choo, Van Cleef & Arpels, Montblanc, Paul Smith, Boucheron, S.T. Dupont, Balmain, Karl Lagerfeld, Repetto, Alfred Dunhill, Anna Sui, Gap, Banana Republic, Brooks Brothers, bebe, Betsey Johnson and Nine West. According to the company, Inter Parfums is known for innovation, quality and its ability to capture the genetic code of each brand in the products it develops, manufactures and distributes in more 100 countries worldwide.

Net sales for the fiscal year, which ended Dec. 31, 2012, rose 6.3% to a record $654.1 million. Jean Madar, chairman and CEO, commented, “The past year was highly eventful and productive for our company. In addition to achieving record sales and earnings in the absence of new major product launches, we added two new license agreements with iconic luxury fashion houses, Karl Lagerfeld and Alfred Dunhill. The addition of these brands is representative of our growth strategy as we move into the next phase of our company’s evolution.”

Madar continued, “Our 2012 sales benefitted from strong performances by several of our prestige brands. Notably, Montblanc sales increased 40%, driven by continued momentum of the extremely popular Legend men’s line, our best-selling fragrance for men across our entire prestige portfolio. Jimmy Choo continued to build upon the success of its signature scent with brand sales increasing 26% for the year. Also adding to our growth were sales of Boucheron fragrances during its first full year in our brand portfolio. Sales by US operations benefitted from initial sales under our Anna Sui license, initial sales of travel amenities, plus new product launches and continued global distribution of specialty retail products, especially under the Banana Republic, Gap and Bebe brands.

Sources at Inter Parfums are touting two new licenses signed in late 2012 as the top buzz: Karl Lagerfeld and Alfred Dunhill. In 2012, Inter Parfums also entered the travel amenities business, and for example, now supplies the Sofitel luxury hotel chain.
In January 2013, it was revealed that famed fashion designer Karl Lagerfeld inked a fragrance deal with Inter Parfums SA, following the mutual termination of his contract with Coty Inc. Inter Parfums signed a 20-year deal with Karl Lagerfeld B.V., and expects to introduce its first fragrance in late 2014.

Following this, Inter Parfums, Inc. entered into a 10-year exclusive worldwide fragrance license to create, produce and distribute perfumes and fragrance-related products under the Alfred Dunhill Limited brand. The agreement replaces a previous license agreement with P&G that terminated on April 3, 2013. Inter Parfums will take over production and distribution of the existing Alfred Dunhill fragrance collections. Sales of current fragrances are planned for spring 2013 and a new men’s scent may come in 2014.
Inter Parfums, Inc. reported that net sales for the three months ended March 31, 2013 rose 29.3% to $213.8 million.

On the subject of US-based operations, Madar noted, “Last year’s first quarter was somewhat of an anomaly, with sales 71% ahead of 2011’s first quarter due primarily to initial sales of Anna Sui fragrances. Also during the 2012 first quarter, we launched Love Fury by Nine West and Wildbloom Vert for Banana Republic. In other words, the bar was set unusually high, making the comparable quarter sales decline understandable.”Toward the end of the current first quarter, we launched Desire by Bebe and the initial reaction has been very good.”

European-based product sales increased 15.5%. Jimmy Choo led the way with year-over-year sales growth of over 50% driven in part by the very promising start for Flash, the brand’s second fragrance, which launched in January.

According to Madar, the year will be one of Inter Parfums’ most ambitious for new product introductions with new women’s fragrance lines planned for Jimmy Choo, Lanvin and Van Cleef & Arpels.

In addition, new fall 2013 initiatives are under development for the Boucheron, Balmain, Paul Smith, Repetto, Anna Sui and bebe brands.
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