• Like **Coty** or **L'Oréal**, but exclusively focused on creating and distributing prestige fragrances under license for other luxury brands (e.g., Montblanc, Coach, Jimmy Choo).
• Similar to how **LVMH** or **Kering** own luxury fashion brands, Interparfums is the independent specialist that *creates and distributes the fragrance lines* for many luxury fashion and accessory brands through licensing.
• Essentially, the **Coty** of luxury fragrance licensing.

• Prestige Fragrances: Interparfums creates, manufactures, and globally distributes high-end perfumes and related scented body products under exclusive long-term licenses for various luxury fashion and lifestyle brands, including Montblanc, Jimmy Choo, and Coach.

Major Customers of Interparfums (IPAR)

Interparfums (IPAR) operates primarily on a business-to-business (B2B) model. It specializes in the design, manufacture, and distribution of prestige perfumes and cosmetics under license for major luxury brands (such as Montblanc, Jimmy Choo, Coach, Lanvin, etc.), as well as for its own brands. Its customers are therefore the various retailers and distributors worldwide that then sell these fragrance products to individual consumers.

Due to the broad and fragmented nature of the global luxury fragrance distribution network, Interparfums does not publicly disclose the names of specific major customer companies that account for a significant portion of its revenue. Its sales are distributed across thousands of points of sale globally. However, its major customer categories – the types of companies it sells to – typically include:

• Major Department Stores and Specialty Retailers: These are large, multi-brand retail chains and specialized beauty stores that feature fragrance counters. Interparfums partners with these companies to place its licensed and own-brand fragrances in prominent retail locations globally. Examples of public companies operating in this segment, with whom Interparfums likely has commercial relationships, include:
  • Macy's (Symbol: M)
  • Nordstrom (Symbol: JWN)
  • Sephora (a subsidiary of LVMH Moët Hennessy Louis Vuitton, Symbol: MC.PA)
  • Ulta Beauty (Symbol: ULTA)

  (Note: These are examples of the types of retailers Interparfums sells to, rather than specifically named individual major customers disclosed by Interparfums itself.)

• Travel Retailers (Duty-Free Shops): This segment includes operators of duty-free stores in airports, on cruise ships, and at border crossings, which are crucial channels for luxury goods. Examples of public companies in this sector include:
  • Avolta (formerly Dufry, Symbol: ABN.SW)
  • DFS Group (a subsidiary of LVMH Moët Hennessy Louis Vuitton, Symbol: MC.PA)

  (Note: These are examples of the types of travel retailers Interparfums sells to, rather than specifically named individual major customers disclosed by Interparfums itself.)

• E-commerce Platforms and Online Retailers: This rapidly growing channel includes both large generalist online marketplaces and specialized beauty e-tailers. Interparfums also manages the direct-to-consumer online presence for its licensed brands.
• Regional Wholesalers and Distributors: In many international markets, Interparfums works with local wholesalers and distributors. These partners then distribute products to a wider network of smaller, independent perfumeries, pharmacies, and regional retail chains, effectively broadening Interparfums' market penetration.

In essence, Interparfums' customers are the diverse range of sales channels that facilitate the ultimate purchase of its fragrance products by the end consumer globally.

• DSM-Firmenich (DSMFIR.SW)
• Givaudan SA (GIVN.SW)
• International Flavors & Fragrances Inc. (IFF)
• Symrise AG (SY1.DE)
• Takasago International Corporation (4914.T)

Jean Madar, Chairman and Chief Executive Officer
Jean Madar is a co-founder of Interparfums, Inc., established in 1982 with Philippe Benacin. He has served as Chairman of the Board since the company's inception and as Chief Executive Officer since January 1997. Mr. Madar graduated from The French University for Economic and Commercial Sciences (ESSEC) in 1983. He was initially the President of the company, then Director General of Interparfums SA, before assuming the CEO role for Inter Parfums, Inc. He co-founded the company and led it to go public on NASDAQ in 1988.

Michel Atwood, Chief Financial Officer
Michel Atwood became the Chief Financial Officer of Interparfums, Inc. on September 6, 2022. Prior to this role, from September 2018 to March 2022, he held a strategic oversight position for the fragrance category at Estée Lauder, which included senior-level merger and acquisition (M&A) responsibilities such as acquisition integration and brand divestitures/discontinuations. Between February 2017 and August 2018, he worked as an independent consultant and M&A advisor for fragrance license acquisitions and as a private investor. From 1995 to 2017, Mr. Atwood held various executive roles at Procter & Gamble (P&G), culminating as Divisional CFO of Global Prestige Fragrances, where he notably spearheaded the divestiture of that division to Coty. He holds a Master's degree in Software Engineering and a Master's in International Finance from HEC Paris.

Philippe Benacin, Vice Chairman and President, Interparfums, Inc.; Chief Executive Officer, Interparfums SA
Philippe Benacin co-founded Interparfums in 1982 with Jean Madar. He serves as the Vice Chairman and President of Interparfums, Inc., and is also the Chairman and Chief Executive Officer of Interparfums SA, the company's European subsidiary. Mr. Benacin graduated from ESSEC Business School in 1983. He, along with Jean Madar, took the company public on the NASDAQ in 1988, and he primarily oversees the company's European operations.

Philippe Santi, Executive Vice President and Chief Financial Officer, Interparfums SA
Philippe Santi has been a Director of Interparfums, Inc. since December 1999 and serves as the Executive Vice President and Chief Financial Officer of Interparfums SA, the European subsidiary, a position he has held since February 1995. Mr. Santi is a Certified Accountant and Statutory Auditor in France. His prior experience includes serving as the Chief Financial Officer for Stryker France and working as an Audit Manager for Ernst & Young (EY) in Paris. He was promoted to Directeur Général Délégué at Interparfums SA in April 2004.

The key risks to Interparfums' business are primarily centered on its reliance on licensing agreements, the highly competitive nature of the fragrance industry, and susceptibility to broader economic conditions and shifts in consumer preferences.

1. Dependence on Licensed Brands and Renewal Risk: Interparfums' revenue is almost entirely generated from licensed fragrance brands, making its financial performance highly dependent on the continuation and successful renewal of these agreements. The difficulty in forecasting long-term financial performance due to this reliance is a significant investor concern. While recent actions, such as new license deals and acquisitions, have improved topline predictability and reduced the immediate risk of non-renewal for some major brands, the fundamental business model remains exposed to the "key risk of dependence on a handful of big licenses."
2. Market Conditions and Consumer Preferences: As a company operating in the luxury goods sector, Interparfums is vulnerable to fluctuations in economic conditions and shifts in consumer preferences. Economic downturns or reduced consumer confidence can lead to lower demand for discretionary purchases like perfumes, as evidenced by significant sales declines during past crises such as the COVID-19 pandemic and the Global Financial Crisis.
3. Intense Industry Competition: The global fragrance market is characterized by high competition with numerous established players and emerging brands. This competitive landscape can result in pricing pressures, increased marketing expenses, and the potential loss of market share, impacting Interparfums' financial health and growth prospects. Major competitors include companies with substantial resources and extensive brand portfolios.

The rapid growth of direct-to-consumer (DTC) and independent/niche fragrance brands.

These agile brands often leverage direct online sales, sophisticated digital marketing, and authentic brand narratives to bypass traditional retail channels and licensing models. They frequently cater to evolving consumer preferences for unique, personalized, sustainable, or "clean" fragrance options. This trend poses a threat by potentially fragmenting the prestige fragrance market, eroding market share for Interparfums' licensed legacy brands, intensifying competition for new desirable licenses, and challenging the long-standing business model reliant on large-scale distribution of established brand portfolios.

Interparfums (IPAR) primarily operates within the prestige fragrance market, developing, manufacturing, and distributing a wide array of fragrance and fragrance-related products under license agreements with various brand owners.

The addressable markets for Interparfums' main products are as follows:

• Global Fragrance Market: The global fragrance market size was valued at approximately USD 54.01 billion in 2024 and is projected to reach USD 74.49 billion by 2032, growing at a CAGR of 4.10%. Other estimates place the global fragrance market at USD 58.97 billion in 2024, expected to reach USD 83.69 billion by 2032 with a CAGR of 4.5%. Another report estimates the global fragrance market at USD 56.60 billion in 2024, projected to reach USD 74.76 billion by 2030, with a CAGR of 4.9%.
• Global Luxury Perfume Market: The global luxury perfume market was valued at USD 13.32 billion in 2024 and is estimated to reach USD 21.31 billion by 2033, exhibiting a CAGR of 5.09% from 2025-2033. Another estimate values the global luxury perfume market at USD 23.99 billion in 2024, projected to reach USD 34.39 billion by 2030, with a CAGR of 6.2% from 2025 to 2030. A further report states the global luxury perfume market is projected to reach USD 24.3 billion in 2024, anticipated to reach USD 45.8 billion by 2033 at a CAGR of 7.7%.
• North American Luxury Perfume Market: North America is a dominant region in the luxury perfume market, holding over 34.3% of the global market share in 2024. The North American luxury perfume market accounted for approximately 27% of the global market in 2023. The U.S. luxury perfume market alone was valued at an estimated USD 7.5 billion in 2024 and is projected to increase at a CAGR of 6.9% to reach USD 13.7 billion by 2033. The U.S. market accounted for about 82% of the North American market share in 2023.

Interparfums (IPAR) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:

1. New Product Launches and Brand Extensions: The company plans a robust lineup of new fragrance launches and extensions for existing successful lines in 2025. This includes blockbuster releases for brands such as Ferragamo, Rochas, and Roberto Cavalli, alongside new "flankers" for popular franchises like Montblanc Explorer, Jimmy Choo Man, and Coach. Furthermore, Interparfums is introducing its proprietary ultra-luxury brand, Solférino, comprising 10 premium fragrances, with an initial launch through an exclusive retail network and an accompanying e-commerce site.
2. Expansion of Direct-to-Consumer (DTC) and Digital Channels: Interparfums is strategically prioritizing growth through direct-to-consumer and digital channels. This involves enhancing its e-commerce presence and expanding the retail footprint for its Solférino collection, with plans to reach 100 retail doors by September 2026 and 500 stores by the end of 2030. Digital platforms like Amazon and TikTok Shop are also identified as significant avenues for accelerating fragrance sales.
3. Growth of Recently Acquired and Launched Brands: The continued strong performance of recently integrated brands like Lacoste and Roberto Cavalli is a key revenue driver. Lacoste fragrances are projected to reach $100 million in sales, and both brands collectively exceeded $115 million in sales during their first year under Interparfums' management. Established brands such as Jimmy Choo and Coach fragrances are also contributing to robust sales growth.
4. Strategic Licensing Agreements: Renewals and new licensing agreements are fundamental to Interparfums' long-term growth. Notable developments include the renewal of the Coach license through 2031 and an exclusive licensing agreement with Longchamp, with the first fragrance launch anticipated in 2027. The company also secured an agreement for the off-price fragrance business, set to commence in 2026.
5. Penetration of High-Growth Markets and Channels: Interparfums aims to increase its market share by investing in fast-growing international markets and sales channels. Travel retail demonstrated strong performance, with a 13% growth in the third quarter of 2025, indicating its potential as a significant growth area for the company.

Share Repurchases

• Interparfums repurchased $7.5 million in shares year-to-date as of the third quarter of 2025.
• The company has an ongoing share repurchase program.

Share Issuance

• In March 2022, Interparfums SA's Board granted 88,400 free shares of its capital stock to employees and corporate officers, with issuance planned for June 2025, contingent on performance conditions related to 2024 sales.

Outbound Investments

• In December 2022, Interparfums SA secured an exclusive 15-year worldwide license for Lacoste brand perfumes and cosmetics, effective January 2024, which included a €90 million entrance fee.
• In June 2020, Interparfums SA acquired a 25% equity stake in Divabox SAS, the owner of the Origines-parfums e-commerce platform, for $14.0 million.
• The company added Moncler to its portfolio with a six-year licensing deal in 2020, extending through December 2026.

Capital Expenditures

• In April 2021, Interparfums SA acquired its future headquarters in Paris for $142 million, encompassing an office complex of approximately 40,000 sq. ft., with the purchase price including complete renovation.
• Interparfums generally spends less than $5.0 million annually on capital expenditures, as its business model is not capital-intensive due to the absence of owned manufacturing facilities.
• Primary capital expenditures typically focus on tools and molds for new product development, office fixtures, computer equipment, and industrial equipment for distribution centers.