Interparfums — Earnings Release 2021

Jan 25, 2022

2021 sales: €560 million

Interparfums ended the year with record sales of €560.8m in 2021, a 52.7% increase from 2020 and, even more noteworthy, 15.8% higher than in 2019 despite the significant pressure on the supply chain in H2 2021.

This excellent performance reflects sustained demand for both the portfolio's major lines and also new products, in particular the Jimmy Choo I Want Choo, Montblanc Explorer Ultra Blue and Coach Dreams Sunset lines.

2021 sales by brand

€m	Q4		FY		Change
	2019	2021	2019	2021	21/19
Montblanc	31.7	28.6	140.7	142.3	+1%
Jimmy Choo	23.9	26.9	103.5	131.0	+27%
Coach	22.1	20.9	86.5	115.6	+34%
Lanvin	11.7	10.0	52.1	52.4	+1%
Rochas	11.9	9.6	34.5	35.3	+2%
Van Cleef & Arpels	3.0	6.7	15.3	18.3	+20%
Karl Lagerfeld	3.2	3.4	13.9	16.9	+21%
Boucheron	4.9	4.3	18.3	15.3	-16%
Kate Spade	-	1.8	-	13.6	na
Moncler	-	2.2	-	4.9	na
Other	4.3	5.3	19.5	15.2	ns
Total sales	116.7	119.7	484.3		560.8 +15.8%

na : not applicable - ns: not significant

• Bolstered by the launch of the Montblanc Explorer Ultra Blue line last spring, Montblanc fragrances have returned to the level of 2019 sales, a year of strong growth which benefited from the launch of Montblanc Explorer line;
• With record sales of €131m in 2021, Jimmy Choo fragrances rose 27% in relation to 2019, highlighting a return to normal levels by the established lines and the I Want Choo line's resounding success, especially in the United States, launched earlier this year;
• Coach fragrances also achieved a record performance with sales of nearly €115m in 2021, up 34% from 2019, based not only on the strength of the first Coach line, but also the introduction of several flankers developed around the second Coach Dreams line in 2020 and 2021;
• Sales by Lanvin fragrances have recovered to the levels of previous years on the strength of the rebound of the brand's major line, Eclat d'Arpège, in Asia and Eastern Europe;

Philippe Benacin, Chairman and CEO, commented: "2021's record performance, largely exceeding our expectations at the beginning of the year, was made possible by the dedication and know-how of our teams combined with strong demand for our products. We are thus looking ahead to 2022 with confidence, especially for the start of the year, devoted to the roll out of the first Moncler fragrance line in a series of selective points of sale that faithfully respects the brand's image. At the same time, as a Group, we will continue to adopt a cautious approach in light of continuing pressures on the supply chain and uncertainties related to the health crisis."

With sales of €35m, Rochas fragrances benefited from the introduction of a low environmental impact line, Rochas Girl, in selected countries.

2021 sales by region

€m		Q4		FY	Change
	2019	2021	2019	2021	21/19
Africa	1.9	1.1	5.4	4.9	-10%
Asia	13.6	14.6	68.4	78.2	+15%
Eastern Europe	9.7	9.7	42.6	47.8	+12%
France	10.7	10.0	36.9	35.7	-3%
Middle East	8.7	8.1	51.2	36.4	-29%
North America	43.0	44.0	151.7	224.8	+48%
South America	6.3	9.5	35.2	42.1	+20%
Western Europe	22.8	22.7	92.9	90.9	-1%
Total Sales	116.7	119.7	484.3		560.8 +15.8%

Performances by region were mixed:

• North America displayed remarkable growth of more than 48% over 2019. In the United States, in a very buoyant perfumes and cosmetics market, up 43%(1) from 2019, Interparfums achieved exceptional growth of 58% in local currency, driven by the strength of the portfolio's main lines as well as the success of the I Want Choo line which significantly exceeded expectations;
• Bolstered by the performances of Coach fragrances and the Van Cleef & Arpels Collection Extraordinaire, Asia showed strong momentum in several countries, particularly in China where fragrance sales increased threefold compared to 2019;
• In South America, successful inroads by Coach fragrances and gains by Montblanc and Jimmy Choo fragrances fueled growth of 20% compared to 2019;
• With Lanvin fragrance sales again back up to significant levels and the continued development of flagship brands, sales in Eastern Europe grew in relation to 2019;
• Western Europe and France have gradually returned to reasonable levels though continued to be impacted by a number of lockdowns during the year and an unfavorable comparison base effect from the launch of the men's line, Montblanc Explorer in early 2019;
• In the Middle East, all the portfolio's brands continue to be affected by points of sale still closed in certain countries, reduced tourist traffic in the region and a change of partner in the United Arab Emirates.

(1) Source: NPD US

Philippe Santi, Executive Vice President and CFO, added: "Based on the additional sales generated at year-end, our operating margin for 2021 should approach 17%. Reflecting our long-standing strategy of building market share, our 2022 budgets include sustained advertising investments for all our portfolio's brands. In this context, and given the continuing lack of visibility, in line with the guidance issued last November, we have maintained an operating margin target for 2022 of 15%."

Upcoming events

Publication of 2021 annual results March 2, 2022 (before the opening of Euronext Paris)

2022 first-quarter sales April 27, 2022 (before the opening of Euronext Paris)

2022 Annual General Meeting April 29, 2022

Investor relations and

analysts contact

Philippe Santi Executive Vice President psanti@interparfums.fr

Press contact

Cyril Levy-Pey Communication Director clevypey@interparfums.fr

Shareholder information

+33 1 53 77 00 99

This press release is available in French and English on the company's website www.interparfums-finance.fr

Interparfums 4 rond-point des Champs Elysées 75008 Paris - France Tel +33 1 53 77 00 00

Paris, January 25, 2022

Visit us on interparfums-finance.fr