Inter Parfums raises guidance as it reveals record Q1 sales - Indoors Beauty

Inter Parfums raises guidance as it reveals record Q1 sales

Inter Parfums raises guidance as it reveals record Q1 sales

Inter Parfums has raised its full-year guidance after reporting the very best quarterly sales in its historical past. 

Founded in 1982, Inter Parfums develops, manufactures and distributes status perfumes and cosmetics as the unique worldwide licensee for manufacturers together with Abercrombie & Fitch, DKNY, Hollister, Karl Lagerfeld, Kate Spade and Moncler.

For the primary quarter ending 31 March 2023, the corporate noticed sales enhance 24% to £275 million ($312 million), in comparison with £221 million ($251 million) the earlier yr.

In Europe, sales grew 26% to £202 million ($230 million), with the corporate’s three largest manufacturers Jimmy Choo, Montblanc and Coach rising 63%, 28%, and 24%, respectively.

Sales have been additionally boosted by Inter Parfums’ mid-size manufacturers, together with Karl Lagerfeld, Boucheron and Rochas, all of which achieved double-digit sales progress.

In the US, sales have been up 19% to £72 million ($82 million), pushed by the addition and extension of Donna Karan and DKNY to the corporate’s portfolio and double-digit progress for Ferragamo and Oscar de la Renta.

Inter Parfums additionally mentioned that it continues to expertise log jams in procuring sure elements, however is benefitting from the “ongoing power of the worldwide selective perfume market”.

With first quarter sales exceeding expectations, Inter Parfums has raised its 2023 guidance. The firm now anticipates sales of £1.1 billion ($1.25 billion), up from £1 billion ($1.2 billion) beforehand.

Jean Madar, Chairman and CEO of Inter Parfums, mentioned: “Net sales for the quarter weren’t solely a primary quarter record however have been additionally the very best for any quarter in our historical past.

“We are benefitting from the continued power of the worldwide selective perfume market by which we’re additionally gaining market share with sizable demand each for our key manufacturers and our new licenses. With first quarter sales additional exceeding our expectations, we’re elevating our 2023 guidance.”

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