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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): November 21, 2023
Inter
Parfums, Inc.
(Exact
name of Registrant as specified in its charter)
Delaware
|
|
0-16469 |
|
13-3275609 |
(State or other jurisdiction
of
incorporation or organization) |
|
Commission
File Number |
|
(I.R.S. Employer
Identification No.) |
551
Fifth Avenue, New
York, NY
10176
(Address of Principal Executive Offices)
212.983.2640
(Registrant’s Telephone number, including area code)
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligations of the registrant under
any of the following provisions (see General Instruction A.2 below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting Material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange
on which registered |
|
|
|
|
|
Common
Stock, $.001 par value per share |
|
IPAR |
|
The
Nasdaq Stock Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01. Regulation FD Disclosure.
Our
press release dated November 21, 2023 relating to initial 2024 guidance and factors contributing to guidance, a copy of which is
annexed hereto as Exhibit no. 99.1, is incorporated by reference herein, and is filed pursuant to this Item 7.01 and Regulation
FD.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused and authorized this report to be
signed on its behalf by the undersigned.
Dated:
November 21, 2023
|
Inter Parfums, Inc. |
|
|
|
By: |
/s/
Michel Atwood |
|
|
Michel Atwood |
|
|
Chief Financial Officer |
Exhibit 99.1
For Immediate Release
INTER PARFUMS, INC. ANNOUNCES INITIAL
2024 GUIDANCE
Net Sales of $1.45 Billion and Earnings
Per Diluted Share of $5.15
NEW YORK – November 21, 2023:
Inter Parfums, Inc. (NASDAQ GS: IPAR) (“Inter Parfums” or the “Company”) today announced that it expects
2024 net sales of $1.45 billion, resulting in earnings per diluted share of $5.15. This represents a 12% increase in net sales
and an 8% increase in earnings per diluted share compared to 2023 guidance of $1.3 billion in net sales and $4.75 in earnings per
diluted share. Guidance for 2023 and 2024 assumes that the average dollar/euro exchange rate remains at current levels.
Jean Madar, Chairman & Chief Executive
Officer of Inter Parfums, Inc. noted, “With ongoing momentum in the fragrance market, coupled with innovative blockbusters,
enrichment from line extensions, and incremental sales from our newest brands, Roberto Cavalli and Lacoste, 2024 has all the attributes
of another record year for us.
“For our European based operations,
we have a number of new programs in the works. For Montblanc, we have an extension of the Legend line in early 2024, followed
by a new four-scent premium collection. There are also several innovations lined up for Jimmy Choo, including the I Want Choo
and Flash fragrance lines. We will also enrich Coach Dreams with a new extension in the fall.
“Our mid-sized brands will also welcome
new entrants throughout the year, including a line extension for Van Cleef & Arpels. For the brands we own, we have a line
extension for Rochas Mademoiselle, and a limited edition Lanvin Éclat d’Arpège set for the spring.
“For our United States based operations,
our largest brand within the group, GUESS, has a new four-scent collection, Amore, in the pipeline, in addition to an extension
for the Uomo franchise and a new blockbuster debuting in 2024. With only one year under our expertise, Donna Karan/DKNY
fragrance sales performed very well in 2023, and brand sales are projected to further increase, particularly with the recent DKNY
brand extension and planned launch of a new blockbuster for DKNY during the summer of 2024.
“Abercrombie & Fitch Fierce
distribution is proceeding as planned in Europe. In early 2024, we will initiate Phase 2, targeting Asia-Pacific and Latin America.
Additionally, a new blockbuster duo, Passion, will join the Abercrombie & Fitch fragrance family.
“With shipments of Cavalli and Lacoste
fragrances beginning in January, their combined fragrance sales should add approximately 7% to our topline growth in 2024. For
Lacoste, our go-forward strategies are well underway, and we plan to relaunch the brand’s original fragrances in 2024 and
roll-out our first blockbuster in 2025. We plan to launch our first extension for Cavalli during the summer, in addition to hair
and body fragrance mists and a Just Cavalli duo.
“We will be boosting Ferragamo’s
fragrance lines with two extensions planned for distribution in early 2024. We’ve also reinforced our commitment to our Italian
operations by designating our Florence, Italy office as a distribution hub for all of our brands, in both our European based operations
and United States based operations, beginning in 2024.
“For full-year 2024, we expect our
established brands will produce approximately 5% organic growth across our global business, inclusive of travel retail.”
Inter Parfums, Inc. |
Page 2 |
November 21, 2023 |
|
Michel Atwood, Chief Financial Officer
of Inter Parfums, Inc. concluded, “While our gross margin in 2024 should broadly approximate those of 2023, the rate of 2024
sales growth exceeds that of earnings, primarily because of launch investment associated with our two newest brands, Cavalli and
Lacoste. Furthermore, the Lacoste non-cash amortization expense of the acquisition cost should reduce earnings per diluted share
by approximately $0.11.
“Going into the new year, once we
have further visibility into 2023 holiday sell-out trends and how 2024 has started post-holiday, we will provide an update on our
expectations, if warranted. As we continue on the positive trajectory in achieving yet another record-level sales and earnings
year, we are confident in our expertise to drive further growth and earnings power.”
About Inter Parfums, Inc.
Operating in the global fragrance business
since 1982, Inter Parfums, Inc. produces and distributes a wide array of prestige fragrance and fragrance-related products under
license agreements with brand owners. The Company manages its business in two operating segments, European based operations, through
its 72% owned subsidiary, Interparfums SA, and United States based operations.
The portfolio of prestige brands includes
Abercrombie & Fitch, Anna Sui, Boucheron, Coach, Donna Karan, DKNY, Ferragamo, Graff, GUESS, Hollister, Jimmy Choo, Karl Lagerfeld,
Kate Spade, MCM, Moncler, Montblanc, Oscar de la Renta, Roberto Cavalli, Ungaro, and Van Cleef & Arpels, whose products are
distributed in over 120 countries around the world through an extensive and diverse network of distributors. Inter Parfums, Inc.
is also the registered owner of several trademarks including Lanvin and Rochas.
Forward-Looking Statements
Statements in this release which are not
historical in nature are forward-looking statements. Although we believe that our plans, intentions and expectations reflected
in such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be
achieved. In some cases, you can identify forward-looking statements by forward-looking words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“should,” “will,” and “would,” or similar words. You should not rely on forward-looking statements,
because actual events or results may differ materially from those indicated by these forward-looking statements as a result of
a number of important factors. These factors include, but are not limited to, the risks and uncertainties discussed under the headings
“Forward Looking Statements” and “Risk Factors” in Inter Parfums’ annual report on Form 10-K for
the fiscal year ended December 31, 2022 and the reports Inter Parfums files from time to time with the Securities and Exchange
Commission. Inter Parfums does not intend to and undertakes no duty to update the information contained in this press release.
Contact Information |
|
|
Inter Parfums, Inc. |
or |
The Equity Group Inc. |
Michel Atwood |
|
Investor Relations Counsel |
Chief Financial Officer |
|
Karin Daly (212) 836-9623 / kdaly@equityny.com |
(212) 983-2640 |
|
Linda Latman (212) 836-9609 / llatman@equityny.com |
www.interparfumsinc.com |
|
www.theequitygroup.com |
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