Inter Parfums raises guidance as it reveals record Q1 sales
Inter Parfums has raised its full-year guidance after reporting the highest quarterly sales in its history.
Founded in 1982, Inter Parfums develops, manufactures and distributes prestige perfumes and cosmetics as the exclusive worldwide licensee for brands including Abercrombie & Fitch, DKNY, Hollister, Karl Lagerfeld, Kate Spade and Moncler.
For the first quarter ending 31 March 2023, the company saw sales increase 24% to £275 million ($312 million), compared to £221 million ($251 million) the previous year.
Sales were also boosted by Inter Parfums' mid-size brands, including Karl Lagerfeld, Boucheron and Rochas, all of which achieved double-digit sales growth.
In the US, sales were up 19% to £72 million ($82 million), driven by the addition and extension of Donna Karan and DKNY to the company's portfolio and double-digit growth for Ferragamo and Oscar de la Renta.
Inter Parfums also said that it continues to experience log jams in procuring certain components, but is benefitting from the "ongoing strength of the worldwide selective fragrance market".
With first quarter sales exceeding expectations, Inter Parfums has raised its 2023 guidance. The company now anticipates sales of £1.1 billion ($1.25 billion), up from £1 billion ($1.2 billion) previously.
Jean Madar, Chairman and CEO of Inter Parfums, said: "Net sales for the quarter were not only a first quarter record but were also the highest for any quarter in our history.
"We are benefitting from the ongoing strength of the worldwide selective fragrance market in which we are also gaining market share with sizable demand both for our key brands and our new licenses. With first quarter sales further exceeding our expectations, we are raising our 2023 guidance."