Inter Parfums expects a more optimistic market in China in 2024.
Recently, perfume maker Inter Parfums Inc. released its financial results for the second quarter ended June 30, 2023 .
Inter Parfums Inc. said net sales for the second quarter increased 26% to $309 million from $245 million in the second quarter of 2022. On a comparable foreign currency basis, second quarter net sales increased 25 percent compared to the second quarter of 2022, an all-time high
By region, Inter Parfums Europe grew 19% to $198 million, driven by its three largest brands, Coach, Jimmy Choo and Montblanc, which increased sales by 28%, 21% and 16%, respectively.
The business in U.S. achieved solid growth of 42% in the second quarter, with strong performance across most major brands in the portfolio. Guess fragrances grew 30%, driven by sales of Seductive Blue and Uomo Acqua fragrances, while Ferragamo by Inter Parfums was strong and Oscar de la Renta had a strong quarter.
In addition, Van Cleef & Arpels, Boucheron, and fashion labels Rochas and Kate Spade also contributed to sales growth. Guess fragrances continued to be successful, with a “very good” quarter across all regions, compared to 2022.
Looking ahead, Jean Madar, CEO of Inter Parfums, noted: “Once again, gift sets will play an important role in our consolidated third quarter sales. We expect to release several extensions with a strong emphasis on the Donna Karan/DKNY, Ferragamo and GUESS brands for U.S. based operations.
“For European based operations, we have a pipeline of releases, including new entries for the Karl Lagerfeld Les Parfums Matières collection and the debut of a new member of the Van Cleef & Arpels Collection Extraordinaire. Additionally, we will begin distributing the very popular fragrance, Abercrombie & Fitch Fierce in select markets.
“As planned, the Chinese market has not yet recovered its vitality and remains slow, however, the overall impact is marginal, and factored into our second half forecast. We expect a more upbeat market in 2024 for China,” He added.
NEWS, GLOBAL BRANDS IN CHINA