Interparfums, the French licensee of Coach, Jimmy Choo, Montblanc and Lacoste fragrances, reported a slowdown in the first quarter of 2024. The group cites an unfavorable comparative basis, the first quarter 2023 having been boosted by numerous launches. But it expects to regain momentum by the end of the year.
On April 25, Interparfums, the fragrance licensee for Coach, Jimmy Choo, Montblanc, Rochas, Lanvin and, more recently, Lacoste, unveiled a weak first quarter for 2024. But the Group remains confident for the full year.
In the first three months of 2024, sales fell by 1% at current exchange rates (stable at constant exchange rates) to 212.7 million euros. This is despite the fact that “the global selective perfumery market” is “still buoyant, although less so than at the beginning of last year”.
To explain this underperformance, Interparfums cites in its press release “a high basis for comparison“. In the 1st quarter of 2023, the group had in fact “recorded very strong sales growth (+30%), linked to numerous launches, notably of Jimmy Choo fragrances”. And for the first three months of 2024, it nevertheless claims sales “slightly ahead of budget, given solid activity in the quarter”.
Unfavorable comparison
“While the large number of launches in 2023 concentrated in the 1st quarter makes the comparison with the 1st quarter of 2024 unfavorable, business has nonetheless been solid since the start of the year, slightly ahead of our expectations, in a fragrance market that remains relatively buoyant” pleads Philippe Benacin, the Group’s Chairman and CEO.
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Read also > INTERPARFUMS ANNOUNCES RECORD SALES FOR 2023
Featured Photo: © Jimmy Choo
