About Inter Parfums

Inter Parfums, Inc. manufactures, markets and distributes an array of fragrance and fragrance related products. The company’s wholly owned United States subsidiary is Interparfums, USA LLC. The company’s consolidated wholly owned subsidiary is Inter Parfums Holdings, S.A., and its majority owned subsidiary, Interparfums SA. The company has wholly owned subsidiaries include Interparfums Italia Srl; Interparfums, USA Swiss Ltd; Interparfums Middle East DMCC; and Inter Parfums USA Hong Kong Limited. Interparfums SA also has wholly owned subsidiaries, including Inter Parfums Srl; Interparfums Luxury Brands, Inc.; Interparfums (Suisse) Sarl; and Interparfums Singapore Pte., Ltd. The company operates in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances and fragrance related products. The company manages its business in two based operations, its European based operations and its United States based operations. Certain prestige fragrance products are produced and marketed by the company’s European based operations through its 72% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 28% of Interparfums SA shares trade on the Euronext. The company acts as a general contractor and source its needed components from its suppliers. These components are either received and stored directly at the company’s third-party fillers or received at one of its distribution centers and then, based upon production needs, the components are sent to one of several third party fillers, which manufacture the finished product for it and then deliver them to one of its distribution centers. The company’s fragrance products focus on prestige brands. The company has a strong brand portfolio with global reach and potential. As part of its strategy, the company plans to continue to make investments in fast-growing markets and channels to grow market share. European Based Operations The company produces and distributes its fragrance products primarily under license agreements with brand owners, and fragrance product sales through its European based operations represented approximately 65% of net sales for the year ended December 31, 2023. The company has built a portfolio of prestige brands, which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Lanvin, Moncler, Montblanc, Rochas, and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world. The Lacoste fragrance license became effective on January 1, 2024. United States Based Operations Prestige brand fragrance products are also produced and marketed through the company’s United States based operations and represented approximately 35% of net sales for the year ended December 31, 2023. These fragrance products are sold under trademarks owned by the company or pursuant to license or other agreements with the owners of brands, which include Abercrombie & Fitch, Anna Sui, Donna Karan, DKNY, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, Roberto Cavalli, and Ungaro. Recent Developments Abercrombie & Fitch In 2023, the company announced its agreement to distribute Abercrombie & Fitch’s number one men's fragrance, Fierce, in selected markets. The first phase of the agreement, which became effective on September 1, 2023, covers Fierce distribution in certain major markets, including Europe, Mexico and Australia. The second phase, which activated in February 2024, covers distribution in additional markets in Western Europe and Latin America, and may include other flankers of the Fierce family of products. Roberto Cavalli The company entered into an exclusive worldwide fragrance license for the Roberto Cavalli brand, for 6.5 years, effective July 6, 2023. The company’s Roberto Cavalli fragrance license is held and operated by its Italian subsidiary, Interparfums Italia, Srl, in keeping with the company’s strategy to develop an Italian brand hub, and is managed out of Paris, France. The first seven months of the license have been focused on producing finished goods, and the company actively started distributing these products with key customers in February 2024. The company’s rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in its industry. Lacoste In 2022, the company closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted to Interparfums SA for the production and distribution of Lacoste brand perfumes and cosmetics. The company’s rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in its industry. The license became effective in January 2024 and will last for 15 years. Dunhill The Dunhill fragrance license expired on September 30, 2023, and was not renewed. The company has entered the twelve-month sell-off period during which it will maintain the right to sell-off remaining Dunhill fragrance inventory, which is customary in the fragrance industry. All usable components have been converted to finished goods, and any remaining components will be destroyed. Salvatore Ferragamo In 2021, the company closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide license was granted for the production and distribution of Ferragamo brand perfumes. The company’s rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in its industry. The license became effective in October 2021 and will last for 10 years with a 5-year optional term, subject to certain conditions. With respect to the management and coordination of activities related to the license agreement, the company operates through a wholly owned Italian subsidiary based in Florence, that was acquired from Salvatore Ferragamo on October 1, 2021. The acquisition together with the license agreement was accounted for as an asset acquisition. Emanuel Ungaro In 2021, the company also entered into a 10-year exclusive global licensing agreement with a 5-year optional term subject to certain conditions, with Emanuel Ungaro Italia S.r.l, for the creation, development and distribution of fragrances and fragrance-related products under the Emanuel Ungaro brand. The company’s rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in its industry. Donna Karan and DKNY In 2021, the company entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance-related products under the Donna Karan and DKNY brands. The company’s rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in its industry. With this agreement, the company has gained several well-established and valuable fragrance franchises, most notably Donna Karan Cashmere Mist and DKNY Be Delicious, as well as a significant loyal consumer base around the world. The exclusive license became effective on July 1, 2022, and the company is planning to launch new fragrances under these brands in 2024. Rochas Fashion In 2023, the Rochas teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers and distributors to make this new structure operational beginning in 2024. Fragrance Products The company is the owner of the Rochas brand, and the Lanvin brand name and trademark for its class of trade. In addition, the company has built a portfolio of licensed prestige brands whereby it produces and distributes its prestige fragrance products under license agreements with brand owners. Under license agreements, the company obtains the right to use the brand name, create new fragrances and packaging, determine positioning and distribution, and market and sell the licensed products, in exchange for the payment of royalties. The company’s rights under license agreements are also generally subject to certain minimum sales requirements and advertising expenditures as are customary in its industry. As a percentage of net sales, product sales for the company’s largest brands represented 73% of sales in 2023. In 2023, Macys, the company’s top retail customer, accounted for approximately 12% of net sales. Fragrance Portfolio Abercrombie & Fitch— In 2014, the company entered into a worldwide license to create, produce and distribute new fragrances and fragrance related products under the Abercrombie & Fitch brand name. The company distributes these fragrances in specialty stores, department stores and duty free shops, and in the U.S., in select Abercrombie & Fitch retail stores. The company’s initial men’s scent, First Instinct, was launched in 2016 followed by a women’s version in 2017. Since that time, the company unveiled several new fragrances, most notably the Authentic and Away duos, as well as brand extensions. Abercrombie & Fitch Co. is a leading, global, omnichannel specialty retailer of apparel and accessories for men, women and kids. In 2023, the company announced its agreement to distribute Abercrombie & Fitch’s number one men's fragrance, Fierce, in selected markets. The first phase of the agreement, which became effective on September 1, 2023, covers Fierce distribution in certain major markets, including Europe, Mexico and Australia. The second phase, which activated in February 2024, covers distribution in additional markets in Western Europe and Latin America, and may include other flankers of the Fierce family of products. Anna Sui—In 2011, the company entered into an exclusive worldwide fragrance license to create, produce and distribute fragrances and fragrance related products under the Anna Sui brand. The Anna Sui brand is mostly popular in Asia. Over the past decade, the company has worked in partnership with Anna Sui and her creative team to build upon the brand’s customer appeal and develop and market a family of fragrances including Fantasia, Sui Dreams, Sky, and Sundae, a new three fragrance collection. Boucheron— In 2010, the company entered into an exclusive 15-year worldwide license agreement for the creation, development and distribution of fragrances and fragrance related products under the Boucheron brand. For over a century, since becoming the first jeweler to open a boutique on Place Vendôme in 1893, Boucheron has embodied very high-end creation, luxury and French know-how. The mysterious and seductive collection of Boucheron fragrances unquestionably continues this prestigious line of creations. Boucheron’s legacy scents, Femme and Homme, and the legendary Jaipur perfume form the foundation of brand sales. The company’s team has enriched the portfolio with Quatre for men and women, a new men’s fragrance, Singulier, along with several special editions, a growing collection of unique scents aptly named, La Collection, and Serpent Bohème. Boucheron operates through several boutiques worldwide as well as an e-commerce site. Coach— In 2015, the company entered into an exclusive 11-year worldwide license to create, produce and distribute new men’s and women’s fragrances and fragrance related products under the Coach brand name. The company distributes these fragrances globally to department stores, specialty stores and duty free shops, as well as in Coach retail stores. Coach is the ultimate American leather goods brand and has always been renowned for its quality craftsmanship. The luxury brand that best embodies New York’s casual elegance, Coach also offers collections of ready-to-wear, lifestyle accessories and fragrances. Its contemporary approach to luxury combines authenticity and innovation, exported worldwide thanks to its thoroughly American non-conformist vision. In 2016, the company launched its first Coach fragrance, a women’s signature scent, and in 2017, a men’s scent, both of which became and remain top selling prestige fragrances. Subsequent flankers and extensions have enlarged the Coach fragrance enterprise as have entirely new collections, including Coach Dreams which debuted in 2020, and its sister scent, Dreams Sunset, Coach Wild Rose, and Coach Open Road, a new fragrance for men. In 2023, the company continued to enrich the Coach fragrance lines with the roll-out of a number of flankers. Coach is part of the Tapestry house of brands. Donna Karan/DKNY— In 2021, the company entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance-related products under the Donna Karan and DKNY brands, which took effect on July 1, 2022. The Donna Karan and DKNY brands, which draw from the energy and attitude of New York City, are powerhouses in fashion and fragrance. These global lifestyle brands have been excellent additions to the company’s portfolio. With this agreement, the company has gained several well-established and valuable fragrance franchises. The most notable fragrances for the fashion house duo include Donna Karan Cashmere Mist and DKNY Be Delicious. Upon joining the company’s portfolio in July 2022, these brands rank among its largest. In 2023, the company enriched DKNY with the newest extension, Be Delicious Orchard St. and plan to launch new blockbuster fragrances under these brands in 2024. Donna Karan and DKNY are part of the G-III house of brands. Dunhill— The Dunhill fragrance license expired on September 30, 2023, and was not renewed. After the expiration of this license, the Company has a twelve-month period to sell-off its remaining Dunhill fragrance inventory, which is customary in the fragrance industry. All usable components have been converted to finished goods, and any remaining components will be destroyed. Emanuel Ungaro— In 2021, the company also entered into a 10-year exclusive global licensing agreement with Emanuel Ungaro for the creation, development and distribution of fragrances and fragrance-related products, under the Emanuel Ungaro brand. The house of Emanuel Ungaro is an icon of French refinement and haute couture. Its unique style is expressed through unquestioning sensuality, purity of silhouette, flamboyant prints, and exquisite attention to detail. Season after season, Emanuel Ungaro dared to be different, combining unexpected yet sensual clashes of bright colors and prints with beautiful draping. Ungaro fragrances uphold the same values of audacity and elegance, and the brand is best known internationally, and such presence will remain its sales focus as the company continues to produce and distribute the brand’s legacy scents, notably Diva. In 2023, the company unveiled an extension, Diva Rouge, and plan to launch a new fragrance in 2024. Graff— In 2018, the company entered into an exclusive, 8-year worldwide license agreement with London-based Graff for the creation, development and distribution of fragrances under the Graff brand. The agreement has three 3-year automatic renewal options, potentially extending the license until December 31, 2035. Graff has been dedicated to sourcing and crafting diamonds and gemstones of untold beauty and rarity and transforming them into spectacular pieces of jewelry that move the heart and stir the soul. Throughout its rich history, Graff has become the world leader for diamonds of rarity, magnitude and distinction. Each jewelry creation is designed and manufactured in Graff’s London atelier, where master craftsmen employ techniques to emphasize the beauty of each individual stone. The company remains a family business, overseen by Francois Graff, Chief Executive Officer. For Graff, a six-scent collection for women, Lesedi La Rona, debuted exclusively at Harrods, has extended to only the most exclusive, limited, ultra-high end retail outlets. New members of the collection have been regularly added since the Lesedi La Rona launch. GUESS— In 2018, the company entered into an exclusive, 15-year worldwide license agreement with GUESS?, Inc. for the creation, development and distribution of fragrances under the GUESS brand. GUESS began as a jeans company and has since successfully grown into a global lifestyle brand. GUESS?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. GUESS products are distributed through branded GUESS stores, as well as better department and specialty stores around the world. The company began selling GUESS legacy scents in 2018. In 2019 the GUESS brand quickly became the largest within the company’s United States based operations, with legacy fragrances dominating the sales mix. Since joining its portfolio, the company has introduced several new blockbuster scents, including Bella Vita, Effect, and Uomo, the newest men’s fragrance for GUESS, which came to market in 2022 with a flanker debuting in 2023. In 2024, the company plans to launch a new blockbuster scent for women, in addition to the roll-out of an innovative extension. Hollister— In 2014, the company entered into a worldwide license to create, produce and distribute new fragrances and fragrance related products under the Hollister brand name. The company distributes these fragrances in specialty stores, department stores and duty-free shops. In 2016, the company launched its first men’s and women’s fragrance duo, Wave, which led to several extensions, as did subsequent fragrance families Festival and Canyon Escape. In 2023, the company launched a new blockbuster scent, Feelin’ Good, with plans to enrich the line with a new flanker in 2024. Jimmy Choo— In 2009, the company entered into an exclusive 12-year worldwide license agreement for the creation, development and distribution of fragrances and fragrance related products under the Jimmy Choo brand, and in 2017, the company extended the license agreement which runs through December 31, 2031. Jimmy Choo encompasses a complete luxury accessories brand. Women’s shoes remain the core of the product offering, alongside handbags, small leather goods, scarves, eyewear, belts, fragrances and men’s shoes. Jimmy Choo has a global store network encompassing more than 200 stores and is present in the most prestigious department and specialty stores worldwide. Jimmy Choo is part of the Capri Holdings Limited luxury fashion group. In the decade that followed, Jimmy Choo has grown to become the company’s second largest brand with new pillars and flankers debuting regularly, both for men and women. The company’s newest women’s fragrance pillar, Rose Passion, was unveiled in 2023. Established fragrance collections, including Jimmy Choo, Jimmy Choo Man, and Jimmy Choo I Want Choo continue to see international success. Karl Lagerfeld— In 2012, the company entered into a 20-year worldwide license agreement with Karl Lagerfeld B.V., the internationally renowned haute couture fashion house, to create, produce and distribute fragrances under the Karl Lagerfeld brand. Under the creative direction of the late Karl Lagerfeld, one of the world’s most influential and iconic designers, the Lagerfeld Portfolio represents a modern approach to distribution, an innovative digital strategy and a global 360 degree vision that reflect the designer’s own style and soul. Kate Spade— In 2019, the company entered into an exclusive, 11-year worldwide license agreement with Kate Spade to create, produce and distribute new perfumes and fragrance related products under the Kate Spade brand which it distributes globally to department and specialty stores and duty-free shops, as well as in Kate Spade retail stores. Kate Spade has always stood for optimistic femininity. The brand is a global life and style house with handbags, ready-to-wear, jewelry, footwear, gifts, home decor and more. Polished ease, thoughtful details and a modern, sophisticated use of color—Kate Spade’s founding principles define a unique style synonymous with joy. The company’s first original scent, Kate Spade New York, debuted in 2021. The company has continued to enrich the collection with flankers, including Kate Spade Sparkle, and more recently, Kate Spade Cherie. Lacoste – In 2022, the company closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted for the production and distribution of Lacoste brand perfumes and cosmetics. At the juncture of sport and fashion, Lacoste frees the company up, creates movement in its lives, and liberates its self-expression. In every collection, in every line, Lacoste’s timeless elegance is captured through a combination of the creative and the classic. Since its beginnings, the crocodile’s aura has grown more powerful with every generation who has worn it, becoming a rallying sign beyond style. Passed from country to country, from one generation to the next, from one friend to another, Lacoste pieces become imbued with an emotional connection that raises them to the status of icons. The Lacoste license took into effect in January 2024, and the company has been using the time since the license was signed to develop go-forward strategies, curate the collection, and produce entirely new fresh goods. Lanvin— In 2007, the company acquired the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3, its class of trade. Lanvin fragrances occupy an important position in the selective distribution market in France, Eastern Europe and Asia, and the company has several lines in distribution, including Eclat d’Arpège, Lanvin L’Homme, Jeanne Lanvin, Modern Princess, A Girl in Capri, and Les Fleurs de Lanvin. MCM— The company has an exclusive, 10-year worldwide license agreement with German luxury fashion house MCM for the creation, development and distribution of fragrances and fragrance related products under the MCM brand. The agreement has a 4-year automatic renewal option, potentially extending the license until December 31, 2034. MCM is a luxury lifestyle goods and fashion house with an attitude defined by the cultural Zeitgeist and its German heritage with a focus on functional innovation, including the use of cutting-edge techniques. Through its association with music, art, travel and technology, MCM embodies the bold, rebellious and aspirational. Always with an eye on the disruptive, the driving force behind MCM centers on revolutionizing classic design with futuristic materials. MCM’s millennial and Gen Z audience is genderless, ageless, empowered and unconstrained by rules and boundaries. Following through on its plan to develop extraordinary fragrances that capture the creative spirit of MCM, the company’s first new fragrance, MCM, was released during the first quarter of 2021 to great success. In 2023, the company debuted its first ever men’s scent, MCM Onyx, and have plans to enrich the fragrance line with extensions in 2024. Moncler— In 2020, the company entered into an exclusive, 5-year worldwide license agreement with a potential 5-year extension with Moncler for the creation, development, and distribution of fragrances under the Moncler brand. Moncler was founded at Monestier-de-Clermont, Grenoble, France, and is headquartered in Italy. The brand has combined style with constant technological research assisted by experts in activities linked to the world of the mountain. The Moncler outerwear collections marry the extreme demands of nature with those of city life. The company’s first fragrance for the Moncler brand had a revolutionary LED design, and the flask-shaped bottles of Moncler Pour Femme and Moncler Pour Homme forged a powerful bond with the House Moncler’s alpine roots and pioneering spirit. This playful and unique innovation enables its owner to write a personalized note that scrolls in red letters on the screen of the mirror bottle. In March 2023, the company launched Les Sommets Moncler and Home collections, exploring a rich, woody olfactory palette. Montblanc—In 2010, the company entered into an exclusive license agreement to create, develop, and distribute fragrances and fragrance related products under the Montblanc brand. In 2015, the company extended the agreement to December 31, 2025 and in 2023, it extended the agreement for a second time through December 31, 2030. Montblanc has achieved a world-renowned position in the luxury-based operations and has become a purveyor of exclusive products, which reflect today’s exacting demands for timeless design, tradition and master craftsmanship. Through its leadership positions in writing instruments, watches and leather goods, promising growth outlook in women’s jewelry, international retail footprint through its network of more than 600 boutiques, high standards of product design and quality, Montblanc has grown to be the company’s largest fragrance brand. In 2011, the company launched its first new Montblanc fragrance, Legend, which quickly became its best-selling men’s line and has given rise to a plethora of flankers including Legend Night, Legend Spirit, and Legend Red. In 2014, the company launched its second men’s line, Emblem and like its predecessor, Emblem gave rise to brand extensions. In 2019, the company unveiled Montblanc Explorer, which has added numerous flankers including Ultra Blue and Platinum. A four-scent premium collection will debut in 2024. Oscar de la Renta— In 2013, the company entered into an exclusive worldwide license to create, produce and distribute fragrances and fragrance related products under the Oscar de la Renta brand. In 2019, the agreement was extended through December 31, 2031, with an additional five-year option potentially extending the agreement through December 31, 2036. Oscar de la Renta is one of the world’s leading luxury goods firms. The New York-based company and encompasses a full line of women’s accessories, bridal, children’s wear, fragrance, beauty and home goods, in addition to its internationally renowned signature women’s ready to wear collection. Oscar de la Renta products are sold globally in fine department and specialty stores, www.oscardelarenta.com and through wholesale channels. After taking over distribution of the brand’s legacy fragrances in 2014, the company introduced Extraordinary the following year. Oscar de la Renta Bella Blanca debuted in 2018, followed by Bella Rosa, Bella Essence, Bella Bouquet, and Bella Night. In 2021, the company debuted an entirely new fragrance pillar, Alibi, which welcomed sister scents, Alibi Eau de Toilette, and more recently, Alibi Eau Sensuelle. In 2024, the company will unveil the Alibi ‘Pop’ three-scent collection. Roberto Cavalli— In 2023, the company closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for the production and distribution of Roberto Cavalli brand perfumes and fragrance related products. The license became effective in July 2023 and will last for 6.5 years. Roberto Cavalli scents are sophisticated, luxurious, and flamboyant, while Just Cavalli fragrances are designed to appeal to contemporary, urban customers that are young or young at heart. In addition to the two core lines, the house launched the Roberto Cavalli Gold Collection, an ultra-premium fragrance collection, in 2014. Cavalli fragrances are distributed globally, with a concentration in Europe, the Middle East and the United States. Additionally, the company partnered with one of the top luxury retailers and distributors in the Middle East, a concentrated market for the brand, to further expand the brand. The company began shipping new freshly produced goods in February 2024, and plans to launch its first signature flanker in the summer of 2024, which is planned to be followed by a Just Cavalli duo and a new collection of hair and body mists. Rochas—The brand began as a fashion house and expanded into perfumery in the 1950s under Helène Rochas’ direction. With Rochas, nature is synonymous with French-style gardens, eternal springs, freshness, and innocence. Never dry, these gardens are constantly irrigated by the water of dreams and lit by the sun of the imagination. Rochas’ birds and flowers are regularly revisited in the ready-to-wear creations and perfumes. They are part of the natural lifeblood of Rochas, a constant presence thronging with a multitude of colors and a very Parisian spirit. The company’s first new fragrance for Rochas, Mademoiselle Rochas, had a successful launch in 2017 in its traditional markets of France and Spain. Over the next few years, the company debuted flankers for legacy scents Eau de Rochas and Mademoiselle Rochas, plus others, and in 2018, the company launched its first new men’s line, Rochas Moustache. Byzance debuted in 2020 and Rochas Girl in 2021. The first flanker for both came to market in 2022 as well as one for L’Homme Rochas. In 2023, the company rolled-out pillar extensions Eau de Rochas Citron Soleil and Rochas Girl Life. Ferragamo— In 2021, the company closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide 10-year license was granted for the production and distribution of Ferragamo brand perfumes, with a 5-year optional term if certain conditions are met. Salvatore Ferragamo S.p.A. is the parent company of the Salvatore Ferragamo Group, one of the world’s leaders in the luxury industry and whose origins date back to 1927. Named after its founder, the brand still represents and lives by the original values of Salvatore Ferragamo. The uniqueness and exclusivity of its creations, along with the perfect blend of style, creativity and innovation enriched by the quality and superior craftsmanship of the ‘Made in Italy’ tradition, have always been the hallmarks of the Salvatore Ferragamo’s products notably shoes, leather goods, apparel, silk products and other accessories for men and women. The fragrance lineup includes Storie di Seta, a collection of four refined, luminous olfactory works of art. Each fragrance is made with rare, sustainable raw materials, and can be worn alone or in combination, creating a personalized multifaceted scent. The genderless collection consist of four fragrances in four colors. Four exclusive motifs drawn from the House’s textile heritage adorn each flacon. Established scents in the Ferragamo portfolio include Ferragamo, a collection of fragrances for men, Signoria, a collection of fragrances for women, the Tuscan Creations series, the Amo series and the Uomo series. In 2023, the company rolled out new flankers for the Signoria collection, Liberia, a Storie di Seta duo, Cieli & Foreste, and a four-scent collection for Ferragamo. New flankers are in the works for 2024. Van Cleef & Arpels— In 2018, the company renewed its license agreement for an additional six years with Van Cleef & Arpels for the creation, development, and distribution of fragrance products through December 2024. Van Cleef & Arpels has often turned to nature as an inexhaustible source of inspiration. Enthralled by the constant metamorphoses of flora and fauna, the Maison creates pieces that echo the blooming of flowers and the lushness of gardens. Van Cleef & Arpels fragrances in distribution include First and Collection Extraordinaire. Sales of the Collection Extraordinaire line have experienced continued growth since its debut. The company continues to introduce new additions to the Van Cleef & Arpels Collection Extraordinaire assortment annually, including Oud Blanc, Rêve de Matiere, and Patchouli Blanc, with further additions planned. Van Cleef & Arpels is a French luxury jewelry company owned by Richemont Holdings Limited. Business Strategy The key elements of the company’s strategy are to focus on prestige beauty brands; grow portfolio brands through new product development and marketing; continue to add new brands to its portfolio, through new licenses or acquisitions; expand existing portfolio into new categories; and continue to build global distribution footprint. Suppliers Suppliers who assist the company with product development include Independent perfumery design companies (Aesthete, Carre Basset, PI Design, Cent Degres); Perfumers (IFF, Givaudan, Firmenich, Robertet, Takasago, Mane) who create a fragrance consistent with its expectations and, that of the fragrance designers and creators; Fillers (Voyant, CPFPI, Omega Packaging, Societe de Diffusion de Produits de Parfumerie, TSM Brands, ICR, Cosmint, Tatra, Arcade Beauty); Bottle manufacturers (Pochet du Courval, Verescence, Verreries Brosse, Bormioli Luigi, Stoelzle Masnières, Heinz), caps (Qualipac, ALBEA, RPC, Codiplas, LF Beauty, Texen Group, S.A.R.L. J3P SBG Packaging Group), Pumps (Silgan Dispensing Systems Thomaston Corp, Aptar, Rexam) or boxes (Autajon, Diamond Packaging, TPC Printing); and Logistics (DiFarco, Bansard, Bollore Logistics for storage, order preparation and shipment). Marketing and Distribution The company’s products are distributed in over 120 countries around the world through a selective distribution network. For its international distribution, the company either contracts with independent distribution companies specializing in luxury goods or distribute prestige products through its distribution subsidiaries. In each country, the company designates anywhere from one to three distributors on an exclusive basis for one or more of its name brands. The company also distributes its products through a variety of duty free operators, such as airports and airlines, and select vacation destinations. As its business is a global one, the company intends to continue to build its global distribution footprint. For the distribution of brands within its European based operations, the company operates through its distribution subsidiaries or divisions in the major markets of the United States, France, Italy and Spain, in addition to its arrangements with third party distributors globally. The company’s third party distributors vary in size depending on the number of competing brands they represent. This extensive and diverse network together with its own distribution subsidiaries provides the company with a significant presence in over 120 countries around the world. Over 50% of the company’s European based prestige fragrance net sales are denominated in U.S. dollars. The company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. The company primarily enters into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates. The business of the company’s European based operations has become increasingly seasonal due to the timing of shipments by its distribution subsidiaries and divisions to their customers, which are weighted to the second half of the year. For its United States operations, the company distributes products to retailers and distributors in the United States as well as internationally, including duty free and other travel-related retailers. The company also utilizes its in-house sales team to reach its third party distributors and customers outside the United States. In addition, the business of its United States operations has become increasingly seasonal as shipments are weighted toward the second half of the year (year ended December 31, 2023). Trademarks Under various licenses and other agreements, the company has the right to use certain registered trademarks throughout the world for fragrance products. These registered trademarks include Abercrombie & Fitch; Anna Sui; Boucheron; Coach; Donna Karan and DKNY; Dunhill (license expired September 30, 2023, sell off period until September 30, 2024); Emanuel Ungaro; Ferragamo; French Connection; Graff; GUESS; Hollister; Jimmy Choo; Kate Spade; Karl Lagerfeld; Lacoste; MCM; Moncler; Montblanc; Oscar de la Renta; Roberto Cavalli; and Van Cleef & Arpels. In addition, the company is the registered owner of several trademarks for fragrance and beauty products, including Rochas, Lanvin, Intimate, and Tristar. Government Regulation The company’s fragrance products that are manufactured and marketed in Europe are also regulated as cosmetics and subject to EU Regulation 1223/2009, and after Brexit, the United Kingdom regulation of The UK Schedule 34 to the Product Safety and Metrology Regulation 2019. History The company was founded in 1982. It was incorporated under the laws of the state of Delaware in 1985 as Jean Philippe Fragrances, Inc. and changed its name to Inter Parfums, Inc. in 1999.