Interparfums reports record annual sales for fiscal 2023, expects margin above 19%

For fiscal 2023, the Interparfums group has reported record sales of €798.5 million, up by 13% on an annual basis. In a press release published on Wednesday, the group, specialised in manufacturing and distributing fragrances under licence, stated that operating margin for the year is expected to “exceed 19%.”

“Interparfums broke a new record in 2023, reflecting a buoyant market, particularly in the first half of the year,” said the group, noting that “growth was largely organic, with an 11.5% increase in volume sales on continuing strong demand for the portfolio’s top-selling brands,” while “nearly all regions reported growth.”

Jimmy Choo perfumes are now the group’s leading brand, with an annual revenue in excess of €200 million, equivalent to a 16% increase. These results were “driven by the established Jimmy Choo and Jimmy Choo Man lines, and above all by the continuing international success of the I Want Choo and I Want Choo Forever lines, launched in 2021 and 2022.”

Montblanc perfumes also recorded “a revenue of more than €200 million, up 12%,” while “the Coach fragrances’ strong growth momentum remained on track, with annual sales up 22% to €187 million.”

The group also noted that “despite improving market conditions in Eastern Europe, Lanvin fragrance sales declined slightly in the absence of major launches during the period.”

Interparfums is set to publish its annual results on February 28. “While H2 2023 gross margins will be to some extent affected by inflation of certain components, this impact should be largely offset by sales price increases introduced at the beginning of the year,” said Philippe Santi, the group’s executive vice-president, cited in the press release.

“By maintaining tight controls over all expenses, especially marketing and advertising, the operating margin for 2023 should exceed 19%,” he added.

With regards to 2024, the year “will be highlighted by the start of operations for the Lacoste brand. We are convinced of its significant potential and are extremely confident in our ability to establish its position as a major brand in our portfolio in the near future,” said CEO Philippe Benacin.