Inter Parfums rides wave of sales growth
expansion reporting high sales growth for the third quarter and
announces the inclusion of male fragrances in its licensing
agreement with surfing brand Quiksilver.
Inter Parfums has experienced high US sales figures recently, having built a series of successful retail contracts with Gap and Banana Republic. In the latest quarter ending September, 30, the New York-based company posted a 9 percent increase in sales on a like-for-like basis taking the total figure for the period to $102.3m. For the first nine months of 2007, sales were 12 percent ahead of last year at $230.9m. Over the last two years, Inter Parfums has enjoyed consistently high growth driven by new retail agreements in the US, but in the latest sales figures Europe led the way. Sales in Europe increased 16 percent to $88.2m after the company began selling its products through four majority-owned European distribution subsidiaries. The European operations also benefited from the launches of Roxy and Paul Smith Rose fragrances and the success of Van Cleef & Arpels fragrances. In the US growth was more modest at 4 percent, taking sales in the country to $14.2m. Talking about the US sales figure CEO Jean Madar said: "The current third quarter sales increase reflects the staged rollout of new products to additional Gap stores which is still underway, as well as new product launches for both Banana Republic and Gap stores." As well as releasing its third quarter sales figures, Inter Parfums announced the inclusion of men's fragrances in its licensing agreement with Quiksilver. The company intends to launch its first male fragrance for Quicksilver in the fall of 2008. The announcement comes only two months after Inter Parfums confirmed a $29.7m deal for the marketing rights to the France-based Lanvin fragrance brand. Guidance for 2007 remains unchanged with net sales, net income and diluted earnings per share forecast to be approximately $378m, $21.5m and $1.04 respectively. Inter Parfums' full financial results for the third quarter will be released on November 7, 2007.