Happi Staff08.11.20
Inter Parfums Inc. has reported results for the second quarter ended June 30, 2020. Net sales were $49.5 million, down 70.2% compared to $166.2 million in the second quarter of 2019. For the first half of 2020, net sales declined 43.6% to $194.3 million from $344.5 million for the corresponding period of the prior year.
“Business has picked up since the April lows, but not near normalized levels. In recent months, sales and new orders have been moving in a positive direction, especially from Europe and Asia. While we are hopeful that this will continue, we recognize that the road ahead will be uneven, with starts and stops along the way,” commented Jean Madar, chairman & CEO of Inter Parfums Inc.
He continued, “With regard to the first half of the year, our net sales in North America, Western Europe, Asia, Middle East and Eastern Europe were down 38.9%, 34.0%, 53.8%, 57.4% and 56.2%, respectively. Of note, travel retail accounted for much of the decline in the Asian markets. In the first half, our two largest brands, Montblanc and Jimmy Choo, experienced sales declines of 50.8% and 43.6%, respectively, with the COVID-19 impact amplified by the 2019 first half launches of major programs for both of these brands. Our next two largest brands, Coach and Guess brands had more modest year-to-date sales declines of 21.3% and 21.0%, following 2020 first quarter sales gains of 35.9% and 28.9%, respectively.”
Madar noted that the company is looking beyond the current health and economic crisis to rebuilding its business and sales with its legacy scents and its pipeline of new product introductions scheduled for 2021 and beyond. Its first ever fragrances for the MCM and Kate Spade New York brands, along with major programs for two of the company’s largest brands, Jimmy Choo and Guess, are among the 2021 launches now in the works.
“Business has picked up since the April lows, but not near normalized levels. In recent months, sales and new orders have been moving in a positive direction, especially from Europe and Asia. While we are hopeful that this will continue, we recognize that the road ahead will be uneven, with starts and stops along the way,” commented Jean Madar, chairman & CEO of Inter Parfums Inc.
He continued, “With regard to the first half of the year, our net sales in North America, Western Europe, Asia, Middle East and Eastern Europe were down 38.9%, 34.0%, 53.8%, 57.4% and 56.2%, respectively. Of note, travel retail accounted for much of the decline in the Asian markets. In the first half, our two largest brands, Montblanc and Jimmy Choo, experienced sales declines of 50.8% and 43.6%, respectively, with the COVID-19 impact amplified by the 2019 first half launches of major programs for both of these brands. Our next two largest brands, Coach and Guess brands had more modest year-to-date sales declines of 21.3% and 21.0%, following 2020 first quarter sales gains of 35.9% and 28.9%, respectively.”
Madar noted that the company is looking beyond the current health and economic crisis to rebuilding its business and sales with its legacy scents and its pipeline of new product introductions scheduled for 2021 and beyond. Its first ever fragrances for the MCM and Kate Spade New York brands, along with major programs for two of the company’s largest brands, Jimmy Choo and Guess, are among the 2021 launches now in the works.
