04.25.24
Inter Parfums, Inc. announced first quarter financial results for 2024; net sales rose to $324 million, up 4% from $312 million, in the first quarter of 2023. This year, the company focuses on planning product launches for a balanced distribution throughout 2024.
Coach fragrance sales grew 5% in Q1, building on the 24% growth from Q4 of 2023. Guess fragrances saw strong sales performance, thanks to the debut of its “Iconic” scent. The brand’s sales increased 21% in the past three months.
Inter Parfums’ Montblanc and Jimmy Choo brands experienced a decline in fragrance sales.
Jean Madar, Chairman & Chief Executive Officer of Inter Parfums, explained:
“While Montblanc 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. Similarly, 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.”
“While the global fragrance market is not growing as fast as in 2023, it remains healthy. The concentration of launches during the prior year period created a more challenging comparison for the first quarter of 2024, but we anticipate significant growth for the balance of the year with our strong pipeline of innovation across all key brands in our portfolio.”
European-based operations net sales were flat compared to the sales performance in the first quarter of 2023. Sourcing restraints in particular European countries also contributed to the lack of growth in the region.
This year, Inter Parfums plans to launch Phase 2 of the Abercrombie & Fitch 'Fierce' fragrance to Europe, Mexico, and Australia following the successful distribution of the fragrance in Phase 1.
Sales By Brand
The new four-scent Cashmere Collection by Donna Karan performed well, and the launch was strategically planned to coincide with the brand’s luxury fashion campaign. This resulted in a 44% growth in sales for the Donna Karan brand in Q1.Coach fragrance sales grew 5% in Q1, building on the 24% growth from Q4 of 2023. Guess fragrances saw strong sales performance, thanks to the debut of its “Iconic” scent. The brand’s sales increased 21% in the past three months.
Inter Parfums’ Montblanc and Jimmy Choo brands experienced a decline in fragrance sales.
Jean Madar, Chairman & Chief Executive Officer of Inter Parfums, explained:
“While Montblanc 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. Similarly, 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 By Region
Madar commented:“While the global fragrance market is not growing as fast as in 2023, it remains healthy. The concentration of launches during the prior year period created a more challenging comparison for the first quarter of 2024, but we anticipate significant growth for the balance of the year with our strong pipeline of innovation across all key brands in our portfolio.”
European-based operations net sales were flat compared to the sales performance in the first quarter of 2023. Sourcing restraints in particular European countries also contributed to the lack of growth in the region.
This year, Inter Parfums plans to launch Phase 2 of the Abercrombie & Fitch 'Fierce' fragrance to Europe, Mexico, and Australia following the successful distribution of the fragrance in Phase 1.