Interparfums (ITP) H1 2025 earnings summary

Executive summary

• H1 2025 sales reached €447m, up 5.8% year-over-year, driven by strong performances in North America, Western and Eastern Europe, and standout brand results from Coach (+24%) and Lacoste (+42%), despite geopolitical and economic headwinds.

• Coach became the top brand with H1 sales of €106.3m (+24%), Lacoste surged 42% to €52.2m, while Montblanc declined 10% to €92.3m.

• The period included acquisitions (Off-White, Annick Goutal), a license extension (Coach), and a new license (Longchamp).

• Operating profit rose 12% to €104m, with net income up 5% to €73.1m and net margin at 16.4%.

• Gross margin improved to 65.5% of sales, supported by US subsidiary performance and cost control.

Financial highlights

• Consolidated sales: €447m (+5.8% year-over-year).

• Gross margin: €292.9m (+7%), 65.5% of sales (+0.6 pts year-over-year).

• Operating profit: €104m (+12%), operating margin 23.2% (+1.3 pts).

• Net income: €73.1m (+5%), net margin 16.4% (-0.1 pts).

• Dividend paid: €1.15 per share (67% of net income).

Outlook and guidance

• Full-year 2025 sales projected at approximately €900m, with improved prospects for 2026 and 2027 due to new brands and major launches.

• Management remains confident in the three-year strategy despite macroeconomic and FX headwinds.

• End-2025 visibility is limited due to international instability and currency headwinds.

• Focus on product innovation, ambitious launch schedule, and targeted investments for sustainable growth.

• New Longchamp fragrance license signed, with first launch in 2027.