After releasing the full-year 2023 financial results on February 28th, Renaud Boisson, CEO of Interparfums for Asia-Pacific, outlined the group’s strategic vision for the perfume market in Asia, particularly in China.
In the fiscal year 2023, Interparfum’s net sales totaled $1.318 billion for the year ended December 31, 2023. The company achieved a turnover of 108 million euros in the Asia-Pacific region, indicating a 17% increase. Looking forward to 2024, the company aims to reach sales totaling 122 million euros. In 2023, China, including Hong Kong, contributed 21% to regional sales, equivalent to approximately 22 million euros.
Interparfums stated that the company is showing cautious optimism, especially considering the nascent stage of the perfume industry in China. Currently, perfumes constitute only 4% of total beauty sales in China, a stark contrast to the 55% share observed in France. However, there is evident enthusiasm for perfumery, particularly for niche creations, which accounted for 21% of the Chinese perfume market in 2022.
Boisson also recognized the unique dynamics of distribution channels in China. In 2022, 43% of perfume sales occurred online, driven by platforms like T-Mall and TikTok—a significant increase from 29% in 2019, before the Covid-19 pandemic. Conversely, the presence of perfume boutiques is dwindling; they represented 29% of perfume sales in China in 2022, down from 45% in 2019. Notably, however, there’s a surge in branded boutiques, accounting for 20% of distribution sales in 2022, up from 15% in 2019. In 2022, Interparfums generated 73% of its sales through online channels in China, with branded boutiques contributing only 4.
