Interparfums (ITP) H1 2025 earnings summary

Executive summary

• H1 2025 sales reached €446.9m, up 5.8% at current exchange rates and 6.1% at constant rates compared to H1 2024, with strong growth in North America and robust performances from Coach (+24%) and Lacoste (+42%), despite geopolitical headwinds.

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

• Operating profit rose 12% to €103.8m, and net income attributable to owners increased 5% to €73.1m.

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

• External challenges included US tariffs, economic/geopolitical uncertainty, and a wait-and-see consumer attitude.

Financial highlights

• Consolidated sales: €446.9m (+5.8% year-over-year).

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

• Operating profit: €103.8m (+12%), 23.2% of sales (+1.3 pts).

• Net income: €73.1m (+5%), net margin 16.3% (-0.3 pts).

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

Outlook and guidance

• Full-year 2025 sales are projected at around €900m.

• The company expects improved prospects for 2026 and 2027, with new brands and major launches.

• H2 2025 is expected to be more challenging, with European markets stabilizing and moderate international growth.

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

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