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1 table of contents letter to our shareholders 02 the company 06 environmental , social & governance 12 the products 14 the organization 70 INTERPARFUMS, INC. 2024 ANNUAL REPORT
2 2024 Letter to our Shareholders DEAR FELLOW SHAREHOLDERS, By every measure, 2024 was a great year for Interparfums. We achieved record sales and earnings, began manufacturing and distributing two new fragrance brands, added still another brand to our portfolio, while maintaining a strong balance sheet, and increasing our annual cash dividend by 7%. In late 2024, we reinforced our 18 year partnership with Van Cleef & Arpels by extending our license through year-end 2033. Similarly, in early 2025, five years were added to our Coach license which now runs through June 2031. As responsible corporate citizens, we are committed to advancing our ESG initiatives and our efforts are paying off. Over the past 18 months, we have improved our MSCI score by two notches - from CCC to BB in March 2025. We are focused on making continued progress, with the goal of achieving further improvements by the end of 2025. Philippe Benacin and Jean Madar
3 letter to shareholders Sales for the year were $1.452 billion, reflecting a 10% in- Our Italian subsidiary, which manages the distribution of all crease over 2023 with improvement coming from across the of our fragrance products in Italy, has proven to be a valuable globe. Our brand portfolio remains both strong and resilient. distribution asset to our organization and we are exploring op- Our top six brands grew 4% in 2024, and when including our portunities to extend this model into additional markets hav- recently added brand, Lacoste, our largest brands represented ing set our initial sights on the U.K. and Spain. 76% of our sales in 2024. Sales in our three largest markets North America, Western Europe, and Asia/Pacific grew by THE ROAD AHEAD: 2025 AND BEYOND 6%, 21%, and 3%, respectively. We achieved growth of 5% in While the past two years have primarily focused on extensions, the Middle East & Africa, 14% in Eastern Europe, and 17% in in 2025, we will introduce bold, new fragrances that energize Central & South America. Travel retail sales, a critical channel our brands. From new blockbusters to pillars and elevated ex- for enhancing brand visibility, grew by 20%. Direct sales to re- tensions, we are crafting premium-quality, highly concentrated tailers, including travel retail, have become a larger component scents, aligned with the evolving preferences of today s fra- of our sales mix, accounting to 49% of net sales in 2024, up grance consumers. from 47% from 2023. Our European based operations generated 10% sales growth Our 2025 pipeline includes: GUESS Iconic for men; in 2024, fueled by the 7% gain achieved by our largest brand, Blockbuster debuts for Ferragamo, Rochas, and Roberto Jimmy Choo, the addition of Lacoste, and solid execution across Cavalli; several of our smaller brands, notably Karl Lagerfeld, Moncler, Fragrance duos from Karl Lagerfeld and new collections from Van Cleef & Arpels and Rochas. Montblanc and Coach, our sec- DKNY, MCM, and Emanuel Ungaro; and ond and third largest brands, held steady after exceptional sales Extensions across nearly all the rest of our portfolio, including growth in 2023 of 15% and 25%, respectively. Lacoste, in its first our three largest brands: year under our management, far exceeded expectations, with o Jimmy Choo, the Man Extreme extension launched at the sales achieving $85 million. Through a blend of strategy, creativ- start of the year, along with several I Want Choo variants later ity, market insight, and commercial innovation, we transformed in 2025; Lacoste s presence, setting a new standard in its space. For our United States based operations, net sales rose 12% in 2024, primarily driven by the group s two largest brands, GUESS and Donna Karan/DKNY. Strong momentum by MCM and the addition of Roberto Cavalli also contributed to the o Montblanc, a multi-scent collection with Star Oud and an extension, Explorer Extreme; and o Coach for Men eau de parfum version, which launched at the start of the year. increase. GUESS fragrance sales rose 13% thanks to both innovation and legacy products and is closing in on $200 million We are also making further operational improvements in in annual sales. For Donna Karan/DKNY, net sales climbed our supply chain. For our European based operations, we have by 9% attributable to established lines as well as the newly utilized third-party logistics providers for key services such as launched four-scent Cashmere Collection by Donna Karan and packing, shipping, warehousing, and order fulfillment. Recently, the blockbuster launch of DKNY 24/7. This dynamic duo has we made the strategic decision to transition our self-operated become the fifth brand in our prestige portfolio to surpass warehouse in Dayton, NJ, to this model to streamline opera- $100 million in sales. Roberto Cavalli met our expectations in tions and reduce operating costs. As our business continues to its first year in our prestige portfolio. With new store open- expand, partnering with third-party logistics experts will not ings, widespread buzz in fashion media and social platforms, only boost operational efficiency but also allow us to sharpen and fashion icons embracing its bold designs, Cavalli s resur- our focus on core strengths and enable us to better serve our gence is in full swing. customers. This transition is set to be completed by June 2025. In 2024, excluding the non-recurring, non-cash impairment As we navigate a range of potential challenges, including tar- loss of $4 million for Rochas Fashion, we delivered earnings iffs, regulatory shifts, and currency fluctuations, we are pro- per diluted share of $5.18. Our reported earnings per diluted actively addressing these headwinds to minimize their impact. share were $5.12, setting a new all-time high. Our operating While we do not foresee significant concerns regarding tariffs, margin, before the impairment loss, also expanded by 10 basis we are exploring all viable strategies to mitigate any impact and points to 19.2% of net sales. closely collaborating with our suppliers, particularly in China, to INTERPARFUMS, INC. 2024 ANNUAL REPORT
4 stay ahead of any changes. Aligned with industry trends but less distribution to our partners. Come 2026, we will develop the aggressive than the broader industry trends, we are implement- brand, together with the licensee. ing mid-single digit price increases on select brands and regions The expansion of our fragrance portfolio in the luxury cate- this summer to offset the additional costs we will inevitably not gory of the market calls for phasing out smaller, underperform- be able to fully mitigate. ing brands as we did with Dunhill in 2024 and will do at 2025 On the regulatory front, we are fully prepared to tackle the year-end when the Boucheron license expires. By growing our complexities of evolving legislation, ensuring that our prod- core brands faster, and introducing new brands, the departure ucts remain compliant and safe. This includes reformulating of these two brands will have little impact. products as needed to meet regulatory standards. We have also implemented measures to adhere to the Modernization of CLOSING REFLECTIONS Cosmetics Regulation Act (MoCRA), ensuring compliance with The momentum in the global fragrance market continues mandatory product listings, safety substantiation, and facility its positive trajectory, but at a slower pace than in more registration. recent years. We re energized and ready to embark on the next phase in our journey, and as we look ahead, we remain THE FUTURE OF OUR BRAND PORTFOLIO Solf rino In 2025, we will unveil our first proprietary brand Solf rino , a committed to delighting customers, strengthening our partnerships, and exploring new possibilities that will shape the future of our brand. collection of 10 niche fragrances developed by star perfumers, Our achievements of the past years and those ahead would to be launched initially through an ultra-selective distribution not be possible without the drive, talent, creativity and dedi- channel of some 100 points of sale. A boutique in Paris entirely cation of our exceptional staff. At year-end 2024, we had 647 dedicated to the brand should be up and running by the end of full-time employees worldwide, which translates into over $2 2025, along with an e-commerce site. With the Solf rino col- million in sales per employee, showcasing the power of col- lection, our goal is to gain insight that can be applied across our laboration and efficiency. We extend our heartfelt thanks to portfolio, while also strengthening our position in the robust our entire team for their tireless dedication and remarkable high-end fragrance market. contributions. Off-White orative approach, as well as our vast network of suppliers and In December 2024, we obtained all Off-White brand names and fillers, whose efforts are integral to our success. In addition, our registered trademarks for Class 3 fragrance and cosmetic prod- thanks extend to our distributors, whose passion ensures our ucts, subject to an existing license that expires on December products shine on shelves worldwide. We also thank our brand owners for their trust in our collab- 31, 2025, at which point we will begin commercial use of the To all our stakeholders, we extend our heartfelt appreciation fragrance brands. Founded in 2012, Off-White is known for its for your unwavering support and belief in our vision, empower- high-end streetwear influences and bold approach to youth lux- ing us to innovate, grow, and reach new heights together. The ury in apparel for women, men and children, along with home best is yet to come! goods and of course, fragrance. This acquisition was made to With sincere appreciation, add more scale to our luxury fragrance franchise. Goutal In March 2025, we acquired all worldwide intellectual property rights for Maison Goutal, a high-end luxury fragrance brand created in France in 1981 and owned by the Korean skincare company, Amorepacific. While Goutal s distribution will continue to be selective, we plan to revitalize the brand and achieve higher sales in the coming years. A transition period of about a year Chairman of the Board Vice Chairman of the Board will allow Amorepacific to wind down operations as we transfer & Chief Executive Officer & President
 • shareholder letter icon 7/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon 7/17/2023 IPAR Stockholder Letter
 • stockholder letter icon 8/1/2024 IPAR Stockholder Letter
 • stockholder letter icon More "Consumer Goods" Category Stockholder Letters
 • Benford's Law Stocks icon IPAR Benford's Law Stock Score = 97


IPAR Shareholder/Stockholder Letter Transcript:


1
table of contents
letter to our shareholders
02
the company
06
environmental , social
& governance 12
the products
14
the organization
70
INTERPARFUMS, INC. 2024 ANNUAL REPORT

2
2024
Letter to our
Shareholders
DEAR FELLOW SHAREHOLDERS,
By every measure, 2024 was a great year for Interparfums. We
achieved record sales and earnings, began manufacturing and
distributing two new fragrance brands, added still another brand
to our portfolio, while maintaining a strong balance sheet, and
increasing our annual cash dividend by 7%. In late 2024, we reinforced our 18 year partnership with Van Cleef & Arpels by
extending our license through year-end 2033. Similarly, in early
2025, five years were added to our Coach license which now
runs through June 2031. As responsible corporate citizens, we
are committed to advancing our ESG initiatives and our efforts
are paying off. Over the past 18 months, we have improved our
MSCI score by two notches - from    CCC    to    BB    in March
2025. We are focused on making continued progress, with the
goal of achieving further improvements by the end of 2025.
Philippe Benacin and Jean Madar

3
letter to shareholders
Sales for the year were $1.452 billion, reflecting a 10% in-
Our Italian subsidiary, which manages the distribution of all
crease over 2023 with improvement coming from across the
of our fragrance products in Italy, has proven to be a valuable
globe. Our brand portfolio remains both strong and resilient.
distribution asset to our organization and we are exploring op-
Our top six brands grew 4% in 2024, and when including our
portunities to extend this model into additional markets hav-
recently added brand, Lacoste, our largest brands represented
ing set our initial sights on the U.K. and Spain.
76% of our sales in 2024. Sales in our three largest markets    
North America, Western Europe, and Asia/Pacific     grew by
THE ROAD AHEAD: 2025 AND BEYOND
6%, 21%, and 3%, respectively. We achieved growth of 5% in
While the past two years have primarily focused on extensions,
the Middle East & Africa, 14% in Eastern Europe, and 17% in
in 2025, we will introduce bold, new fragrances that energize
Central & South America. Travel retail sales, a critical channel
our brands. From new blockbusters to pillars and elevated ex-
for enhancing brand visibility, grew by 20%. Direct sales to re-
tensions, we are crafting premium-quality, highly concentrated
tailers, including travel retail, have become a larger component
scents, aligned with the evolving preferences of today   s fra-
of our sales mix, accounting to 49% of net sales in 2024, up
grance consumers.
from 47% from 2023.
Our European based operations generated 10% sales growth
Our 2025 pipeline includes:
    GUESS Iconic for men;
in 2024, fueled by the 7% gain achieved by our largest brand,
    Blockbuster debuts for Ferragamo, Rochas, and Roberto
Jimmy Choo, the addition of Lacoste, and solid execution across
Cavalli;
several of our smaller brands, notably Karl Lagerfeld, Moncler,
    Fragrance duos from Karl Lagerfeld and new collections from
Van Cleef & Arpels and Rochas. Montblanc and Coach, our sec-
DKNY, MCM, and Emanuel Ungaro; and
ond and third largest brands, held steady after exceptional sales
    Extensions across nearly all the rest of our portfolio, including
growth in 2023 of 15% and 25%, respectively. Lacoste, in its first
our three largest brands:
year under our management, far exceeded expectations, with
o Jimmy Choo, the Man Extreme extension launched at the
sales achieving $85 million. Through a blend of strategy, creativ-
start of the year, along with several I Want Choo variants later
ity, market insight, and commercial innovation, we transformed
in 2025;
Lacoste   s presence, setting a new standard in its space.
For our United States based operations, net sales rose 12%
in 2024, primarily driven by the group   s two largest brands,
GUESS and Donna Karan/DKNY. Strong momentum by MCM
and the addition of Roberto Cavalli also contributed to the
o Montblanc, a multi-scent collection with Star Oud and an
extension, Explorer Extreme;
and
o Coach for Men eau de parfum version, which launched at the
start of the year.
increase. GUESS fragrance sales rose 13% thanks to both innovation and legacy products and is closing in on $200 million
We are also making further operational improvements in
in annual sales. For Donna Karan/DKNY, net sales climbed
our supply chain. For our European based operations, we have
by 9% attributable to established lines as well as the newly
utilized third-party logistics providers for key services such as
launched four-scent Cashmere Collection by Donna Karan and
packing, shipping, warehousing, and order fulfillment. Recently,
the blockbuster launch of DKNY 24/7. This dynamic duo has
we made the strategic decision to transition our self-operated
become the fifth brand in our prestige portfolio to surpass
warehouse in Dayton, NJ, to this model to streamline opera-
$100 million in sales. Roberto Cavalli met our expectations in
tions and reduce operating costs. As our business continues to
its first year in our prestige portfolio. With new store open-
expand, partnering with third-party logistics experts will not
ings, widespread buzz in fashion media and social platforms,
only boost operational efficiency but also allow us to sharpen
and fashion icons embracing its bold designs, Cavalli   s resur-
our focus on core strengths and enable us to better serve our
gence is in full swing.
customers. This transition is set to be completed by June 2025.
In 2024, excluding the non-recurring, non-cash impairment
As we navigate a range of potential challenges, including tar-
loss of $4 million for Rochas Fashion, we delivered earnings
iffs, regulatory shifts, and currency fluctuations, we are pro-
per diluted share of $5.18. Our reported earnings per diluted
actively addressing these headwinds to minimize their impact.
share were $5.12, setting a new all-time high. Our operating
While we do not foresee significant concerns regarding tariffs,
margin, before the impairment loss, also expanded by 10 basis
we are exploring all viable strategies to mitigate any impact and
points to 19.2% of net sales.
closely collaborating with our suppliers, particularly in China, to
INTERPARFUMS, INC. 2024 ANNUAL REPORT

4
stay ahead of any changes. Aligned with industry trends but less
distribution to our partners. Come 2026, we will develop the
aggressive than the broader industry trends, we are implement-
brand, together with the licensee.
ing mid-single digit price increases on select brands and regions
The expansion of our fragrance portfolio in the luxury cate-
this summer to offset the additional costs we will inevitably not
gory of the market calls for phasing out smaller, underperform-
be able to fully mitigate.
ing brands as we did with Dunhill in 2024 and will do at 2025
On the regulatory front, we are fully prepared to tackle the
year-end when the Boucheron license expires. By growing our
complexities of evolving legislation, ensuring that our prod-
core brands faster, and introducing new brands, the departure
ucts remain compliant and safe. This includes reformulating
of these two brands will have little impact.
products as needed to meet regulatory standards. We have
also implemented measures to adhere to the Modernization of
CLOSING REFLECTIONS
Cosmetics Regulation Act (MoCRA), ensuring compliance with
The momentum in the global fragrance market continues
mandatory product listings, safety substantiation, and facility
its positive trajectory, but at a slower pace than in more
registration.
recent years. We   re energized and ready to embark on the
next phase in our journey, and as we look ahead, we remain
THE FUTURE OF OUR BRAND PORTFOLIO
Solf  rino
In 2025, we will unveil our first proprietary brand Solf  rino  , a
committed to delighting customers, strengthening our partnerships, and exploring new possibilities that will shape the
future of our brand.
collection of 10 niche fragrances developed by star perfumers,
Our achievements of the past years and those ahead would
to be launched initially through an ultra-selective distribution
not be possible without the drive, talent, creativity and dedi-
channel of some 100 points of sale. A boutique in Paris entirely
cation of our exceptional staff. At year-end 2024, we had 647
dedicated to the brand should be up and running by the end of
full-time employees worldwide, which translates into over $2
2025, along with an e-commerce site. With the Solf  rino col-
million in sales per employee, showcasing the power of col-
lection, our goal is to gain insight that can be applied across our
laboration and efficiency. We extend our heartfelt thanks to
portfolio, while also strengthening our position in the robust
our entire team for their tireless dedication and remarkable
high-end fragrance market.
contributions.
Off-White
orative approach, as well as our vast network of suppliers and
In December 2024, we obtained all Off-White brand names and
fillers, whose efforts are integral to our success. In addition, our
registered trademarks for Class 3 fragrance and cosmetic prod-
thanks extend to our distributors, whose passion ensures our
ucts, subject to an existing license that expires on December
products shine on shelves worldwide.
We also thank our brand owners for their trust in our collab-
31, 2025, at which point we will begin commercial use of the
To all our stakeholders, we extend our heartfelt appreciation
fragrance brands. Founded in 2012, Off-White is known for its
for your unwavering support and belief in our vision, empower-
high-end streetwear influences and bold approach to youth lux-
ing us to innovate, grow, and reach new heights together. The
ury in apparel for women, men and children, along with home
best is yet to come!
goods and of course, fragrance. This acquisition was made to
With sincere appreciation,
add more scale to our luxury fragrance franchise.
Goutal
In March 2025, we acquired all worldwide intellectual property
rights for Maison Goutal, a high-end luxury fragrance brand created in France in 1981 and owned by the Korean skincare company, Amorepacific. While Goutal   s distribution will continue to
be selective, we plan to revitalize the brand and achieve higher
sales in the coming years. A transition period of about a year
Chairman of the Board
Vice Chairman of the Board
will allow Amorepacific to wind down operations as we transfer
& Chief Executive Officer
& President



shareholder letter icon 7/28/2025 Letter Continued (Full PDF)
 

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