Interparfums — Earnings Release 2023

Oct 24, 2023

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Investor Relations and Analysts Contact

Executive Vice President psanti@interparfums.fr

Communication Director clevypey@interparfums.fr

2024 outlook November 22, 2023 (before the opening of Paris – Euronext Stock Exchange)

2023 sales January 24, 2024 (before the opening of Paris – Euronext Stock Exchange)

Philippe Santi

Press contact Cyril Levy-Pey

2023 nine-month sales: €610m (+19%)

Q3 2023 sales came in on target at €214.6m, up 10% at current exchange rates and 18% at constant exchange rates, reflecting the continuing strength of the Group's top-selling brands, even in a period without any major launches. Accordingly, consolidated sales for the first nine months increased to €610.7m, up 19% at current exchange rates and 20% at constant exchange rates in relation to the same period in 2022.

Highlights by brand – 9 months

€m	Q3		Change	9 months		Change
	2022	2023	23/22 2022		2023	23/22
Montblanc	48.9	54.7	+12%	135.8	162.1	+19%
Jimmy Choo	57.8	57.9	-	127.8	159.0	+24%
Coach	43.5	53.8	+24%	111.2	139.8	+26%
Lanvin	10.7	10.3	-4%	37.5	37.5	-
Rochas	10.1	11.4	+13%	28.0	31.1	+11%
Other brands	24.3	26.5	+9%	73.7	81.2	+10%
Total sales	195.3	214.6	+10% 514.0		610.7	+19%

• With sales of €162m, up 19%, Montblanc fragrances' strong growth momentum remained on track, reflecting the solidity of the Monblanc Legend franchise and the continuing strength of the Montblanc Explorer franchise, which received an additional boost from the launch of the Montblanc Explorer Platinum line at the beginning of the year;
• Jimmy Choo fragrances rose to nearly €160m or by more than 24%, driven by the established Jimmy Choo and Jimmy Choo Man lines, and above all the continuing international success of the I Want Choo and I Want Choo Forever lines, launched in 2021 and 2022;
• With Q3 growth of nearly 24%, Coach fragrances maintained their positive momentum with sales of nearly €140m for the first nine months, up 26% on a steady rise in demand for nearly all the brand's women's and men's lines;
• Despite improving market conditions in Eastern Europe, in the absence of any major launches during the period, Lanvin fragrance sales remained stable;
• Rochas fragrance sales exceeded €30m based on the strong performance of the Eau de Rochas line and the launch of the Rochas Girl Life line, offering a second illustration of the Group's eco-responsible approach.

Highlights by region – 9 months

€m	Q3		Change	9 months Change
	2022	2023	23/22 2022		2023	23/22
Africa	1.6	0.8	-50%	3.8	4.1	+10%
Asia	22.8	25.2	+10%	77.8	89.8	+15%
Eastern Europe	14.1	18.5	+32%	33.5	52.0	+55%
France	9.5	10.8	+14%	28.7	32.0	+12%
Middle East	13.7	10.5	-23%	42.5	39.9	-6%
North America	84.1	96.8	+15%	194.7	236.8	+22%
South America	13.3	16.1	+21%	41.7	51.7	+24%
Western Europe	36.2	35.9	-1%	91.3	104.4	+14%
Total sales	195.3	214.6	+10% 514.0		610.7	+19%

• With sales of €237m, up nearly 22%, North America's strong momentum remains intact thanks to the considerable success of Jimmy Choo and Coach fragrances within an overall market that is continuing to expand*;
• Despite challenging economic conditions in certain countries, sales in South America grew 21% in Q3 and 24% over the first nine months, driven by the performances of top-selling brands like Montblanc;
• While the Chinese market has been experiencing a rebound in recent months, growth in Asia was driven by the performances of Montblanc, Coach and Jimmy Choo fragrances in Australia, Japan and Taïwan;
• After a period of considerable turmoil in spring 2022 caused by the outbreak of war in Ukraine, activity in Eastern Europe is back to more normal levels, with growth of over 30% in Q3, thanks to Lanvin, Jimmy Choo and Montblanc fragrances;
• In Western Europe, growth has been driven by Montblanc, Jimmy Choo and Rochas fragrances (+14%);
• Sales in France grew 12%, largely in response to gains by Montblanc and Rochas fragrances;
• Finally, the Middle East remains in a phase of consolidation after achieving very strong growth in 2022.

* Retail sales in the United States: +12.5% and +11.2% in July and August 2023 respectively - Source NPD

Philippe Benacin, Chairman and CEO, commented: "We had a good 3rd quarter, putting us on track to meet our full year sales target for 2023 as confirmed of approximately €800m. However, while growth has remained particularly strong since the end of 2021, we have observed a slowdown in this momentum starting in mid-summer, as improved supply chain flows have helped our distributors rebuild their inventories. For that reason, we will adopt a cautious approach over the next few quarters."

ISIN : FR0004024222-ITP Reuters : IPAR.PA Bloomberg : ITP Euronext Compartment A Eligible for Deferred Settlement Service (SRD)

Index - SBF 120, CAC Mid 60

Eligible for PEA

Paris, October 24, 2023

Interparfums 10 rue de Solférino 75007 Paris Tel. +33 (0)1 53 77 00 00 This press release is available in French and English on the company's website interparfums-finance.fr