Inter Parfums, Inc. (Interparfums), the international fragrance group, has announced a significant increase in net sales for the first quarter of 2021. The company reported a 37.1% surge in sales, reaching $198.5 million compared to $144.8 million in the same period last year. In constant currencies, the increase stood at 32.7%. This impressive growth has prompted Interparfums to revise its financial guidance for the fiscal year 2021.

The surge in sales was largely driven by the European market, with a 40.0% increase in sales for European-based products, reaching $159.7 million. Sales of U.S.-based products also grew by 26.2% to $38.8 million. Jean Madar, Chairman and CEO of Interparfums, expressed his excitement over the record-breaking sales achieved in the first quarter of 2021, surpassing both the previous year and 2019. He attributed this success to the rebound that began in the second half of 2020.

Several European brands performed exceptionally well during the quarter. Lanvin experienced an astounding 91.2% year-over-year increase in sales, while Jimmy Choo saw a significant 66.7% rise. Montblanc grew by 27.4%, and Coach by 8.8%. Legacy scents played a major role in driving growth for Montblanc and Lanvin, while Jimmy Choo benefited from the popularity of its established fragrances and the successful launch of the “I want Choo” fragrance.

Interparfums’ recent release of the “Kate Spade New York” fragrance, developed exclusively for the brand, made a notable contribution to the company’s strong performance in the first quarter. The eco-friendly scent “Rochas Girl” also had a positive impact. In the U.S. market, Guess fragrances continued to perform well, supported by both legacy perfumes and the introduction of the new addition “Bella Vita.” Abercrombie & Fitch and Hollister also experienced growth, largely driven by the sales of their respective fragrance duos.

However, the Anna Sui brand experienced a decline in quarterly revenues following its impressive 62.3% sales surge in the fourth quarter of 2020. The brand’s growth in the previous quarter was attributed to the success of its “Sky” fragrance.

Looking ahead, Interparfums has exciting plans for brand extensions and product launches. These include the launch of the Oscar de la Renta “Alibi” scent, brand extensions for Montblanc “Explorer,” Coach “Dreams,” and Jimmy Choo “Urban Hero,” as well as the introduction of a new women’s line for Lanvin. Additionally, the latest Abercrombie & Fitch fragrance duo and the new Dunhill men’s “Driven” collection are set to launch in the second quarter.

As a result of its strong performance in the first quarter, Interparfums has raised its full-year guidance for 2021. The company now anticipates achieving an annual net income per diluted share of $1.65, with sales expected to reach approximately $700 million. This guidance is an increase from the previous estimate of an income per share between $1.20 and $1.25, on sales of $610 million to $625 million.

Interparfums will release its full financial results, including earnings, for the first quarter on May 10, 2021.

Sources:
– Inter Parfums, Inc. (Interparfums): https://www.interparfumsinc.com
– Lanvin: https://www.lanvin.com