Interparfums has announced ambitious projections for 2024, targeting sales of 880 to 900 million euros. The perfume manufacturer is focusing on the Lacoste brand, planning the launch of a men’s line, a major initiative since the signing of the licensing agreement at the end of 2022. The company also confirmed its optimistic annual outlook for 2023.
Interparfums is not content to simply consolidate its performance in 2023. The perfume manufacturer is also aiming for a further increase in business in 2024, with a sales target of between 880 and 900 million euros, it announced on Wednesday November 22.
Particular attention will be paid to the iconic Lacoste brand, with the planned launch of a men’s line, marking the first major initiative since the signing of the licensing agreement at the end of 2022.
“After very rapid growth in recent years, with sales rising from 500 to 800 million euros, we are now seeing signs of a slowdown in certain markets,” said Philippe Benacin, Chairman and CEO of Interparfums. “For all that, we anticipate growth in the range of 10% to 12% in 2024.”
Following this statement, Interparfums shares rose significantly by 5.66% to 48.55 euros on Wednesday, making it one of the biggest gainers on the SBF 120.
Partnership with Lacoste
In December 2022, Interparfums and Lacoste formalized a 15-year exclusive worldwide fragrance licensing agreement, effective January 1, 2024. An investment of 90 million euros was made to bring this alliance to fruition.
Under the terms of this collaboration, Interparfums will be responsible for “the creation, development, production and marketing of all perfume and cosmetics lines under the Lacoste brand, in selective distribution as well as in the Lacoste boutique network”.
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Featured photo : ©Lacoste