Retail in Asia

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Inter Parfums sales surge 21 percent in 2023, Asia stays strong despite China turbulence

Inter Parfums reported net sales for the full year 2023 surged 21 perfect, driven by strong demand across all markets including Asia.

SEE ALSO: Inter Parfums exceeds USD1 billion in 2022 sales

The New York-based fragrance giant said net sales totalled USD 1.318 billion for the year ended December 31.

By region, Asia revenues surged 17 percent, alongside North America and Europe, up 22 percent and 21 percent, respectively, the trio serving as the firm’s three largest markets. Elsewhere, sales in the Middle East rose by 22 percent and Central and South America by 33 percent.

Travel retail and China sales did not have a meaningful effect on sales, as they constituted a small portion of business, continued Inter Parfums, adding it believes the Chinese market and travel retail offer “great promise.”

“Ongoing demand for our brands, strong holiday season sell-through, and a dynamic fragrance market resulted in a strong 2023 fourth quarter and record full year net sales and earnings results,” said Jean Madar, chairman and chief executive officer of Inter Parfums.

Madar noted that each of the company’s three largest brands surpassed USD 200 million in sales for the first time ever. Notable growth was seen in flagship brands such as Jimmy Choo, Montblanc, and Coach, with sales increases of 19 percent, 15 percent, and 25 percent, respectively. Additionally, the fourth largest brand, Guess, clocked 23 percent in sales growth.

Profit-wise, diluted earnings per share for the full year reached USD 4.75, reflecting a robust 26 percent growth compared to 2022.

The fourth quarter at the fragrance firm also strong, with sales reaching USD 329 million, a 6 percent increase from the same period in 2022. Diluted earnings per share was USD 0.32, a 37 percent decrease compared to the fourth quarter of 2022.

Looking ahead, the company reaffirmed its 2024 guidance, projecting net sales of USD 1.45 billion and earnings per diluted share of USD 5.15, representing a double-digit increase in both metrics.

It also said it is ready to make strategic investments to grow its business in China when the market opportunity aligns with market visibility.