Inter Parfums Annual Report 2024

FY2024 Annual Report · Inter Parfums

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INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
1
table of contents
letter to our shareholders
letter to our shareholders
02
02
the company
the company
06
06
environmental, social & governance
environmental, social & governance 12
12
the products
the products
14
14
the organization
the organization
70
70

2
DEAR FELLOW SHAREHOLDERS,
By every measure, 2024 was a great year for Interparfums. We
achieved record sales and earnings, began manufacturing and
distributing two new fragrance brands, added still another brand
to our portfolio, while maintaining a strong balance sheet, and
increasing our annual cash dividend by 7%. In late 2024, we re-
inforced our 18 year partnership with Van Cleef & Arpels by
extending our license through year-end 2033. Similarly, in early
2025, five years were added to our Coach license which now
runs through June 2031. As responsible corporate citizens, we
are committed to advancing our ESG initiatives and our efforts
are paying off. Over the past 18 months, we have improved our
MSCI score by two notches - from “CCC” to “BB” in March
2025. We are focused on making continued progress, with the
goal of achieving further improvements by the end of 2025.
Shareholders
2024
Letter to our
Philippe Benacin and Jean Madar

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
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letter to shareholders
Sales for the year were $1.452 billion, reflecting a 10% in-
crease over 2023 with improvement coming from across the
globe. Our brand portfolio remains both strong and resilient.
Our top six brands grew 4% in 2024, and when including our
recently added brand, Lacoste, our largest brands represented
76% of our sales in 2024. Sales in our three largest markets –
North America, Western Europe, and Asia/Pacific – grew by
6%, 21%, and 3%, respectively. We achieved growth of 5% in
the Middle East & Africa, 14% in Eastern Europe, and 17% in
Central & South America. Travel retail sales, a critical channel
for enhancing brand visibility, grew by 20%. Direct sales to re-
tailers, including travel retail, have become a larger component
of our sales mix, accounting to 49% of net sales in 2024, up
from 47% from 2023.
Our European based operations generated 10% sales growth
in 2024, fueled by the 7% gain achieved by our largest brand,
Jimmy Choo, the addition of Lacoste, and solid execution across
several of our smaller brands, notably Karl Lagerfeld, Moncler,
Van Cleef & Arpels and Rochas. Montblanc and Coach, our sec-
ond and third largest brands, held steady after exceptional sales
growth in 2023 of 15% and 25%, respectively. Lacoste, in its first
year under our management, far exceeded expectations, with
sales achieving $85 million. Through a blend of strategy, creativ-
ity, market insight, and commercial innovation, we transformed
Lacoste’s presence, setting a new standard in its space.
For our United States based operations, net sales rose 12%
in 2024, primarily driven by the group’s two largest brands,
GUESS and Donna Karan/DKNY. Strong momentum by MCM
and the addition of Roberto Cavalli also contributed to the
increase. GUESS fragrance sales rose 13% thanks to both in-
novation and legacy products and is closing in on $200 million
in annual sales. For Donna Karan/DKNY, net sales climbed
by 9% attributable to established lines as well as the newly
launched four-scent Cashmere Collection by Donna Karan and
the blockbuster launch of DKNY 24/7. This dynamic duo has
become the fifth brand in our prestige portfolio to surpass
$100 million in sales. Roberto Cavalli met our expectations in
its first year in our prestige portfolio. With new store open-
ings, widespread buzz in fashion media and social platforms,
and fashion icons embracing its bold designs, Cavalli’s resur-
gence is in full swing.
In 2024, excluding the non-recurring, non-cash impairment
loss of $4 million for Rochas Fashion, we delivered earnings
per diluted share of $5.18. Our reported earnings per diluted
share were $5.12, setting a new all-time high. Our operating
margin, before the impairment loss, also expanded by 10 basis
points to 19.2% of net sales.
Our Italian subsidiary, which manages the distribution of all
of our fragrance products in Italy, has proven to be a valuable
distribution asset to our organization and we are exploring op-
portunities to extend this model into additional markets hav-
ing set our initial sights on the U.K. and Spain.
THE ROAD AHEAD: 2025 AND BEYOND
While the past two years have primarily focused on extensions,
in 2025, we will introduce bold, new fragrances that energize
our brands. From new blockbusters to pillars and elevated ex-
tensions, we are crafting premium-quality, highly concentrated
scents, aligned with the evolving preferences of today’s fra-
grance consumers.
Our 2025 pipeline includes:
• GUESS Iconic for men;
• Blockbuster debuts for Ferragamo, Rochas, and Roberto
Cavalli;
• Fragrance duos from Karl Lagerfeld and new collections from
DKNY, MCM, and Emanuel Ungaro; and
• Extensions across nearly all the rest of our portfolio, including
our three largest brands:
o Jimmy Choo, the Man Extreme extension launched at the
start of the year, along with several I Want Choo variants later
in 2025;
o Montblanc, a multi-scent collection with Star Oud and an
extension, Explorer Extreme;
and
o Coach for Men eau de parfum version, which launched at the
start of the year.
We are also making further operational improvements in
our supply chain. For our European based operations, we have
utilized third-party logistics providers for key services such as
packing, shipping, warehousing, and order fulfillment. Recently,
we made the strategic decision to transition our self-operated
warehouse in Dayton, NJ, to this model to streamline opera-
tions and reduce operating costs. As our business continues to
expand, partnering with third-party logistics experts will not
only boost operational efficiency but also allow us to sharpen
our focus on core strengths and enable us to better serve our
customers. This transition is set to be completed by June 2025.
As we navigate a range of potential challenges, including tar-
iffs, regulatory shifts, and currency fluctuations, we are pro-
actively addressing these headwinds to minimize their impact.
While we do not foresee significant concerns regarding tariffs,
we are exploring all viable strategies to mitigate any impact and
closely collaborating with our suppliers, particularly in China, to

4
Chairman of the Board
& Chief Executive Officer
Vice Chairman of the Board
& President
stay ahead of any changes. Aligned with industry trends but less
aggressive than the broader industry trends, we are implement-
ing mid-single digit price increases on select brands and regions
this summer to offset the additional costs we will inevitably not
be able to fully mitigate.
On the regulatory front, we are fully prepared to tackle the
complexities of evolving legislation, ensuring that our prod-
ucts remain compliant and safe. This includes reformulating
products as needed to meet regulatory standards. We have
also implemented measures to adhere to the Modernization of
Cosmetics Regulation Act (MoCRA), ensuring compliance with
mandatory product listings, safety substantiation, and facility
registration.
THE FUTURE OF OUR BRAND PORTFOLIO
Solférino
In 2025, we will unveil our first proprietary brand Solférino®, a
collection of 10 niche fragrances developed by star perfumers,
to be launched initially through an ultra-selective distribution
channel of some 100 points of sale. A boutique in Paris entirely
dedicated to the brand should be up and running by the end of
2025, along with an e-commerce site. With the Solférino col-
lection, our goal is to gain insight that can be applied across our
portfolio, while also strengthening our position in the robust
high-end fragrance market.
Off-White
In December 2024, we obtained all Off-White brand names and
registered trademarks for Class 3 fragrance and cosmetic prod-
ucts, subject to an existing license that expires on December
31, 2025, at which point we will begin commercial use of the
fragrance brands. Founded in 2012, Off-White is known for its
high-end streetwear influences and bold approach to youth lux-
ury in apparel for women, men and children, along with home
goods and of course, fragrance. This acquisition was made to
add more scale to our luxury fragrance franchise.
Goutal
In March 2025, we acquired all worldwide intellectual property
rights for Maison Goutal, a high-end luxury fragrance brand cre-
ated in France in 1981 and owned by the Korean skincare com-
pany, Amorepacific. While Goutal’s distribution will continue to
be selective, we plan to revitalize the brand and achieve higher
sales in the coming years. A transition period of about a year
will allow Amorepacific to wind down operations as we transfer
distribution to our partners. Come 2026, we will develop the
brand, together with the licensee.
The expansion of our fragrance portfolio in the luxury cate-
gory of the market calls for phasing out smaller, underperform-
ing brands as we did with Dunhill in 2024 and will do at 2025
year-end when the Boucheron license expires. By growing our
core brands faster, and introducing new brands, the departure
of these two brands will have little impact.
CLOSING REFLECTIONS
The momentum in the global fragrance market continues
its positive trajectory, but at a slower pace than in more
recent years. We’re energized and ready to embark on the
next phase in our journey, and as we look ahead, we remain
committed to delighting customers, strengthening our part-
nerships, and exploring new possibilities that will shape the
future of our brand.
Our achievements of the past years and those ahead would
not be possible without the drive, talent, creativity and dedi-
cation of our exceptional staff. At year-end 2024, we had 647
full-time employees worldwide, which translates into over $2
million in sales per employee, showcasing the power of col-
laboration and efficiency. We extend our heartfelt thanks to
our entire team for their tireless dedication and remarkable
contributions.
We also thank our brand owners for their trust in our collab-
orative approach, as well as our vast network of suppliers and
fillers, whose efforts are integral to our success. In addition, our
thanks extend to our distributors, whose passion ensures our
products shine on shelves worldwide.
To all our stakeholders, we extend our heartfelt appreciation
for your unwavering support and belief in our vision, empower-
ing us to innovate, grow, and reach new heights together. The
best is yet to come!
With sincere appreciation,

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
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letter to shareholders
letter to shareholders
Jimmy Choo I Want Choo

6
The
Company
Founded in 1982, we operate in the fragrance business, and manufacture, market and distribute
a wide array of prestige fragrances, and fragrance related products.

Our worldwide headquarters and the office of our wholly owned United States subsidiary, Interparfums, USA LLC, are located at 551
Fifth Avenue, New York, New York 10176, and our telephone number is 212.983.2640. We also have wholly owned subsidiaries as
follows:
Country
Italy for organization, and France
for seat of management
Switzerland
United Arab Emirates
Hong Kong, special administrative region
of the Peoples Republic of China
Subsidiary
Interparfums Italia Srl
Interparfums, USA Swiss Ltd
Interparfums Middle East DMCC
Interparfums USA Hong Kong Limited
Function
Manufacture, market and distribute a
wide array of prestige fragrances, and
fragrance related products
Sales Office
Sales Office
Sales Office
Our consolidated wholly owned subsidiary, Interparfums Holdings, S.A., and its majority owned subsidiary, Interparfums SA,
maintain executive offices at 10 rue de Solférino, 75007 Paris, France. Our telephone number in Paris is 331.5377.0000. Interparfums
SA also has wholly owned subsidiaries as follows:
Country
USA
Republic of Singapore
Switzerland
Subsidiary
Interparfums Luxury Brands, Inc.
Interparfums Singapore Pte., Ltd.
Interparfums (Suisse) Sarl
Function
Distribution of prestige brands
in the United States
Sales and marketing office
Holds and manages certain brand names
Interparfums SA is also the majority owner of Parfums Rochas Spain, SL, a Spanish limited liability company, which specializes in
the distribution of Rochas fragrances. In addition, Interparfums SA holds a 25% interest in Divabox SAS, a toiletries, cosmetics, and
perfumes distributor in France.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
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the company
Montblanc Explorer Extreme

8
Our common stock is listed on The Nasdaq Global Select
Market under the trading symbol “IPAR,” and the common
shares of our subsidiary, Interparfums SA, are traded on the
EuroNext exchange under the symbol “ITP”.
The Securities and Exchange Commission interactive data
files, periodic reports, current reports on Form 8-K, beneficial
ownership reports (Forms 3, 4 and 5) and amendments to those
reports filed or furnished pursuant to Section 13(a) of the Secu-
rities Exchange Act of 1934 are available as soon as reasonably
practicable after they have been electronically filed with or fur-
nished to the SEC.
We operate in the fragrance business, and manufacture,
market and distribute a wide array of prestige fragrances and
fragrance related products. We manage our business in two
segments, European based operations and United States based
operations. Certain prestige fragrance products are produced
and marketed by our European based operations through our
72% owned subsidiary in Paris, Interparfums SA, which is also
a publicly traded company as 28% of Interparfums SA shares
trade on the Euronext.
Our business is not capital intensive, and it is important to
note that we do not own manufacturing facilities. We act as a
general contractor and source our needed components from
our suppliers. These components are either received and stored
directly at our third party fillers or received at one of our dis-
tribution centers and then, based upon production needs, the
components are sent to one of several third party fillers, which
manufacture the finished products for us and then deliver them
to one of our distribution centers.
Our fragrance products focus on prestige brands, each with a
devoted following. By focusing on markets where the brands are
best known, we have had many successful product launches. We
typically launch new fragrance families for our brands every few
years (“blockbusters”), and more frequently introduce seasonal
and limited edition fragrances (“flankers” or “line extensions”).
The creation and marketing of each product family are inti-
mately linked with the brand’s name, its past and present posi-
tioning, customer base and, more generally, the prevailing market
atmosphere. Accordingly, we generally study the market for each
proposed family of fragrance products for almost a full year be-
fore we introduce any new product into the market. This study
is intended to define the general position of the fragrance family
and more particularly its scent, bottle, packaging and appeal to
the buyer. In our opinion, the unity of these four elements of the
marketing mix makes for a successful product.
As with any business, many aspects of our operations are
subject to influences outside our control. We believe we have a
strong brand portfolio with global reach and potential. As part
of our strategy, we plan to continue to make investments in
fast-growing markets and channels to grow market share. We
discuss in greater detail risk factors relating to our business in
Item 1A of our Annual Report on Form 10-K for the fiscal year
ended December 31, 2024, and the reports that we file from
time to time with the SEC.
European Based Operations
We produce and distribute our fragrance products primarily un-
der license agreements with brand owners, and fragrance prod-
uct sales through our European based operations represented
approximately 65% of net sales for the year ended December 31,
2024. We have 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.
United States Based Operations
Prestige brand fragrance products are also produced and mar-
keted through our United States based operations and rep-
resented approximately 35% of net sales for the year ended
December 31, 2024. These fragrance products are sold under
trademarks owned by us or pursuant to license or other agree-
ments with the owners of brands, which include Abercrombie
& Fitch, Anna Sui, Donna Karan/DKNY, Emanuel Ungaro,
Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta,
and Roberto Cavalli.
BUSINESS STRATEGY
Focus On Prestige Beauty Brands.
Prestige beauty brands are expected to contribute significantly
to our growth. We focus on developing and launching quality
fragrances utilizing internationally renowned brand names. By
identifying and concentrating on the most receptive market-
based operations and territories where our brands are known,
and executing highly targeted launches that capture the essence
of the brand, we have had a history of successful launches.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
9
Certain fashion designers and other licensors choose us as
a partner because our Company’s size enables us to work
more closely with them in the product development process
as well as our successful track record.
Grow Portfolio Brands Through
New Product Development And Marketing
We grow through the creation of fragrance family extensions
within the existing brands in our portfolio, and regularly cre-
ate a new family of fragrances for each brand in our portfolio.
In addition, we frequently introduce seasonal and limited edi-
tion fragrances as well. Our use of artificial intelligence (“AI”)
has enabled us to develop new products and marketing more
rapidly. With new introductions, we leverage our ability and
experience to gauge trends in the market and further leverage
the brand name into different product families to maximize
sales and profit potential. We have successfully introduced
new fragrance families (sub-brands or flankers) within our
brand franchises. Further, we promote the performance of
our prestige fragrance operations through knowledge of the
market, detailed analysis of the image and potential of each
brand name, and a highly professional approach to interna-
tional distribution channels.
Continue To Add New Brands
To Our Portfolio, Through New Licenses
Or Acquisitions
Prestige brands are the core of our business, and we intend
to add new prestige beauty brands to our portfolio. For over
40 years, we have built our portfolio of well-known prestige
brands through acquisitions and new license agreements. We
intend to further build on our success in prestige fragrances
and pursue new licenses and acquire new brands to strengthen
our position in the prestige beauty market. To that end, in 2021,
we closed a transaction agreement with Salvatore Ferragamo
S.p.A., whereby an exclusive and worldwide license was grant-
ed for the production and distribution of Ferragamo brand
perfumes. Also in 2021, we entered into a long-term global
licensing agreement for the creation, development and distri-
bution of fragrances and fragrance related products under the
Donna Karan and DKNY brands. This exclusive license became
effective in July 2022. During 2022, we closed a transaction
agreement with Lacoste, whereby an exclusive and worldwide
license was granted to Interparfums SA for the production and distri-
bution of Lacoste brand perfumes and cosmetics effective January 1,
2024. During 2023, we 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. This license became effective in
July 2023. In December 2024, Interparfums SA purchased all Off-
White brand names and registered trademarks for Class 3 fragrance
and cosmetic products, subject to an existing license that expires
on December 31, 2025, when Interparfums SA will begin commer-
cial use of the fragrance brands. As of December 31, 2024, we had
cash, cash equivalents and short-term investments of approximately
$234.7 million, which we believe should assist us in entering new
brand licenses or outright acquisitions. We identify prestige brands
that can be developed and marketed into a full and varied product
families and, with our technical knowledge and practical experience
gained over time, take licensed brand names through all phases of
concept, development, manufacturing, marketing and distribution.
Expand Existing Portfolio
Into New Categories
We selectively broaden our product offering beyond the fragrance
category and offer other fragrance related products and personal
care products under some of our existing brands. We believe such
product offerings meet customer needs, generate trial and further
strengthen customer loyalty.
Continue To Build
A Global Distribution Footprint
Our business is a global business, and we intend to continue to
build our global distribution footprint. In order to adapt to chang-
es in the environment and our business, in addition to our ar-
rangements with third party distributors globally, we are operating
distribution subsidiaries or divisions in the major markets of the
United States, France, Italy and Spain for distribution of prestige
fragrances. We may look into future joint arrangements or acquire
distribution companies within other key markets to distribute cer-
tain of our prestige brands. While building a global distribution
footprint is part of our long-term strategy, we may need to make
certain decisions based on the short-term needs of the business.
We believe that in certain markets, vertical integration of our dis-
tribution network may be one of the keys to future growth of our
Company, and ownership of such distribution should enable us to
the company

10
better serve our customers’ needs in local markets and adapt
more quickly as situations may determine.
RECENT DEVELOPMENTS
Solférino
2025 will mark the creation of Interparfums SA’s first pro-
prietary brand Solférino, a collection of 10 niche fragrances
developed by star perfumers and intended for the collector’s
fragrance market, to be launched initially through an ultra-se-
lective distribution channel of some 100 points of sale. The first
boutique entirely dedicated to the brand should be up and run-
ning by the end of 2025, along with an e-commerce site. The
launch of this new brand reflects the Company’s medium-term
growth strategy in the extremely buoyant high-end fragrance
market.
Off-White
In December 2024, Interparfums SA signed for all Off-White®
brand names and registered trademarks for Class 3 fragrance
and cosmetic products, subject to an existing license that ex-
pires on December 31, 2025, when Interparfums SA will begin
commercial use of the fragrance brands. Founded in 2012 by
the late designer Virgil Abloh, Off-White is known for its high-
end streetwear influences and bold approach to youth luxury.
When Virgil Abloh founded Off-White, he sought to establish
a brand with a universal design language that was artistic, dis-
ruptive and a reflection of concepts explored in the realm of
youth culture.
Off-White is globally recognized for:
• Conceptual and artistic dimension, viewing fashion as an art
form
• A deconstructionist aesthetic, including contrasting materials
and functional details
• Distinct and recurring brand symbols that have become icons
in the fashion world, such as crossed arrows, quotation marks
and the “X” logo
• A dedication to social and cultural causes, supporting initia-
tives for diversity and inclusion in the fashion sector, particular-
ly in the field of design.
Abercrombie & Fitch
In 2023, we announced our agreement to distribute Abercrombie
& Fitch’s number one men’s fragrance, Fierce, in selected mar-
kets. The first phase of the agreement, which became effective
on September 1, 2023, covers Fierce distribution in certain ma-
jor markets, including Europe, Mexico and Australia. The sec-
ond phase, which activated in February 2024, covers distribution
in additional markets in Western Europe and Latin America.
Roberto Cavalli
We entered into an exclusive worldwide fragrance license for
the Roberto Cavalli brand, for 6.5 years, effective July 6, 2023.
Our Roberto Cavalli fragrance license is held and operated by
our 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. Our rights under this license
are subject to certain minimum advertising expenditures and
royalty payments as are customary in our industry.
Lacoste
In December 2022, we closed a transaction agreement with
Lacoste, whereby an exclusive and worldwide license was grant-
ed to Interparfums SA for the production and distribution of
Lacoste brand perfumes and cosmetics. Our rights under this
license are subject to certain minimum advertising expenditures
and royalty payments as are customary in our industry. The li-
cense became effective in January 2024 and will last for 15 years.
Rochas Fashion
As a result of operational challenges faced by the Rochas Fashion
business, we have recorded impairment charges totaling $9.2 mil-
lion during 2021 and 2022 after an independent expert concluded
that the valuation of the trademark was $11.2 million. In 2023,
the Rochas teams underwent a strategic shift to take over their
own brand operations, exiting contracts with manufacturers and
distributors to have this new structure operational beginning in
2024. In the fourth quarter of 2024, we again took a $4.0 mil-
lion impairment charge on the Rochas fashion trademark after
management reviewed and agreed with an independent expert’s
conclusion that the valuation of the trademark was $7.2 million.
PRODUCTION AND SUPPLY
The stages of the development and production process for all
fragrances are as follows:
• Simultaneous discussions with perfume designers and creators
(includes analysis of esthetic and olfactory trends,
target clientele and market communication approach
• Concept choice
• Produce mock-ups for final acceptance of bottles and
packaging
• Receive bids from component suppliers (glass makers, plastic
processors, printers, etc.) and packaging companies

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INTERPARFUMS, INC. 2024 ANNUAL REPORT
11
the company
• Choose suppliers
• Schedule production and packaging
• Issue component purchase orders
• Follow quality control procedures for incoming components;
and
• Follow packaging and inventory control procedures
Suppliers who assist us with product development include,
but are not limited to:
• Independent perfumery design companies
• Perfumers who create a fragrance consistent with our
expectations and, that of the fragrance designers and creators
• Fillers
• Bottle, cap, pump, and box manufacturers
• Logistics for storage, order preparations and shipments

Suppliers’ accounts for our European based operations are
primarily settled in euros and for our United States based oper-
ations, suppliers’ accounts are primarily settled in U.S. dollars.
For our European based operations components for our pres-
tige fragrances are purchased from many suppliers around the
world and are primarily manufactured in France.
For United States based operations, components for our
prestige fragrances are sourced from many suppliers around the
world and are primarily manufactured in the United States and
Italy. Additionally, we occasionally utilize third party manufac-
turers in China, Poland and Turkey.
MARKETING AND DISTRIBUTION
Our products are distributed in over 120 countries around the
world through a selective distribution network. For our interna-
tional distribution, we either contract with independent distribu-
tion companies specializing in luxury goods or distribute prestige
products through our distribution subsidiaries. In each country,
we designate anywhere from one to three distributors on an
exclusive basis for one or more of our name brands. We also
distribute our products through a variety of duty free operators,
such as airports and airlines, and select vacation destinations.
As our business is a global one, we intend to continue to
build our global distribution footprint. For the distribution
of brands within our European based operations, we operate
through our distribution subsidiaries or divisions in the major
markets of the United States, France, Italy and Spain, in addi-
tion to our arrangements with third party distributors global-
ly. Our third party distributors vary in size depending on the
number of competing brands they represent. This extensive
and diverse network together with our own distribution sub-
sidiaries provides us with a significant presence in over 120
countries around the world.
Over 50% of our European based prestige fragrance net sales
are denominated in U.S. dollars. We address certain financial ex-
posures through a controlled program of risk management that
includes the use of derivative financial instruments. We primarily
enter into foreign currency forward exchange contracts to re-
duce the effects of fluctuating foreign currency exchange rates.
The business of our European based operations has become
increasingly seasonal due to the timing of shipments by our dis-
tribution subsidiaries and divisions to their customers, which
are weighted to the second half of the year.
For our United States operations, we distribute products to
retailers and distributors in the United States as well as inter-
nationally, including duty free and other travel-related retailers.
We also utilize our in-house sales team to reach our third party
distributors and customers outside the United States. In addi-
tion, the business of our United States operations has become
increasingly seasonal as shipments are weighted toward the sec-
ond half of the year.
Rochas Audace

12
We are committed to:
• Reducing and optimizing our environmental footprint.
Climate change requires urgent action. Quantifying and disclos-
ing our carbon impact, including scope 1, 2 and 3 emissions, is
the first step in making measurable progress on environmental
sustainability.
• Creating a more diverse and inclusive culture and impact-
ing our community. Our human capital is our greatest asset.
We want to build a culture genuinely focused on listening to
employees, supporting their development, and leveraging their
value.
• Understanding the impact of our fragrances through-
out their whole life cycle. Responsible product design and
ingredient procurement allows us to respond to evolving social
and environmental challenges, making our work a force for
good. The Company has partnered with EcoVadis to assess our
suppliers’ corporate social responsibility performance.
• Acting transparently and responsibly. We are committed to
safety, compliance, and proactively addressing critical ingredi-
ent challenges (particularly regarding chemicals and hazardous
materials). Areas of focus include ensuring the health and safety
of consumers and designing products that are vegan friendly,
that reduce the pressure on endangered natural resources and
that are recyclable.
Additionally, Interparfums, Inc. adheres to corporate gover-
nance codes including but not limited to anti-hedging, bribery,
fraud, and prohibition against insider trading. The Company’s
management is responsible for the development and implemen-
tation of its ESG strategies and programs. Ultimate oversight by
the Company’s Board of Directors is included in its committee
charters and practices. Interparfums, Inc. is a publicly traded
company (Nasdaq GS: IPAR), and files reports with the Securities
and Exchange Commission (“SEC”). Our largest subsidiary, 72%
owned Interparfums SA, is also a publicly traded company as 28%
of Interparfums SA shares trade on the Euronext and is subject
to the reporting requirements of the Euronext. Interparfums SA
also maintains a governance policy that relates to its status as a
French publicly held company, in addition to complying with this
governance policy, where applicable.
Additional detailed information on Interparfums, Inc.’s ESG
efforts can be found on our Company’s website at https://www.
interparfumsinc.com/esg and additional information published
by our French based subsidiary, Interparfums SA, including
their ESG performance reports can be found on their website at
https://www.interparfums-finance.fr/en/csr-strategy/.
Both our United States based operations and our European
based operations are good corporate citizens and take our
responsibilities seriously. We comply with all applicable laws,
rules and regulations in general, and in particular with regard
to chemicals and hazardous materials. Throughout our supply
chain, from procurement of components to distribution of
finished products, we act responsibly and monitor and comply
with all legal requirements. While we do not own our manufac-
turing facilities, we set a high bar with our industrial partners by
placing an emphasis on quality, the use of good manufacturing
practices and innovation, and encouraging them to build strong
Environmental, Social, and Governance (“ESG”) programs of
their own. Like many of our industry competitors, we are apply-
ing a multifunctional and comprehensive approach in addressing
the issues of corporate, environmental and social responsibility
and transparency, building off the UN Sustainable Development
Goals. Our European based operations have led the way on this
initiative, but our US operations are actively catching up.
Interparfums, Inc., is using a multi-step process for ESG re-
lated activities and reporting. Following the work done in ESG
by our French based subsidiary, Interparfums SA, in Septem-
ber 2022 we launched our United States ESG program for our
subsidiaries, Interparfums, USA LLC in the United States and
Interparfums, Italia Srl in Italy. Environmental data regarding our
regional sales offices in Geneva, Dubai and Hong Kong are not
yet included in the ESG strategy. We intend that the final step
in our ESG reporting will be the combination of both ESG pro-
grams into a single cohesive report.
Governance
Environmental
Social &

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environmental, social & governance
Ferragamo Fiamma

14
Products
The
We are the owner of the Rochas brand, the Lanvin brand name and trademark for our class of
trade, Off-White, subject to an existing license that expires on December 31, 2025, and the pro-
prietary brand Solférino, a collection of niche fragrances under development for the past
two years. In addition, we have built a portfolio of licensed prestige brands whereby we produce
and distribute our prestige fragrance products under license agreements with brand owners.
Under license agreements, we obtain the right to use the brand name, create new fragrances
and packaging, determine positioning and distribution, and market and sell the licensed prod-
ucts, in exchange for the payment of royalties. Our rights under license agreements are also
generally subject to certain minimum sales requirements and advertising expenditures as are
customary in our industry.

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the products
Portfolio
Fragrance

16
In 2009, we 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, we extended the license agreement
which now 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 net-
work 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 luxury fashion group.
A proposed acquisition by Tapestry, Inc. of Capri Holdings Lim-
ited was terminated in 2024.
Jimmy Choo has grown to become our largest brand with
new pillars and flankers debuting regularly, both for men and
women. Established fragrance collections, including Jimmy Choo,
Jimmy Choo Man, and Jimmy Choo I Want Choo continue to see
international success. Our newest women’s fragrance, I Want
Choo Le Parfum, was unveiled in 2024 with famous Chinese ac-
tress and singer, Victoria Song, as the face of the fragrance. In
2025, we plan to introduce two new fragrances, including a new
Jimmy Choo Man fragrance.

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Jimmy Choo Jimmy Choo Man Extreme
the products

18
In 2010, we entered into an exclusive license agreement to cre-
ate, develop, and distribute fragrances and fragrance related
products under the Montblanc brand. In 2015, we extended the
agreement to December 31, 2025 and in 2023, we 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 exclu-
sive products, which reflect today’s exacting demands for time-
less design, tradition and master craftsmanship. Through its
leadership positions in writing instruments, watches and leather
goods, promising growth outlook in women’s jewelry, interna-
tional retail footprint through its network of more than 600
boutiques, high standards of product design and quality, Mont-
blanc has grown to be our second largest fragrance brand.
In 2011, we launched our first new Montblanc fragrance, Leg-
end, which quickly became our best-selling men’s line and has giv-
en rise to a plethora of flankers including Legend Night, Legend
Spirit, and Legend Red. In 2014, we launched our second men’s line,
Emblem and like its predecessor, Emblem gave rise to brand ex-
tensions. In 2019, we unveiled Montblanc Explorer, which has add-
ed numerous flankers including Ultra Blue and Platinum. In 2024,
we launched the four-scent Montblanc Collection and introduced
a new extension in the Legend line, Legend Blue. Furthermore,
award winning singer and songwriter, John Legend, became the
new ambassador of the Legend fragrance franchise in 2024, fitting
in both name and essence of the Legend fragrance. We plan to
further enrich the Explorer and Legend lines in 2025.

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Montblanc Montblanc Collection, Star Oud
the products

20
In 2015, we entered into an exclusive 11-year worldwide li-
cense to create, produce and distribute men’s and women’s
fragrances and fragrance related products under the Coach
brand name. We distribute these fragrances globally to depart-
ment stores, specialty stores and duty free shops, as well as in
Coach retail stores.
Founded in 1941, Coach is the ultimate American leath-
er goods brand and has always been renowned for its quality
craftsmanship. Now 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, ex-
ported worldwide thanks to its thoroughly American non-con-
formist vision.
In 2016, we launched our first Coach fragrance, a women’s sig-
nature scent, and in 2017, a men’s scent, both of which became
and remain top selling prestige fragrances, leading the brand to
become the third largest in our portfolio. Subsequent flankers
and extensions have enlarged the Coach fragrance enterprise as
have entirely new collections, including Coach Dreams which de-
buted in early 2020, and its sister scent, Dreams Sunset, Coach
Wild Rose, and Coach Open Road, a new fragrance for men. In 2023,
we continued to enrich the Coach fragrance lines with the roll
out of a number of flankers including the launch of Coach Dreams
Moonlight. We have plans to launch two significant new flankers in
2025. Coach is part of the Tapestry house of brands.

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Coach Coach for Men
the products

22
In 2018, we entered into an exclusive, 15-year worldwide license
agreement with GUESS?, Inc. for the creation, development and
distribution of fragrances under the GUESS brand.
Established in 1981, 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 collec-
tion of contemporary apparel, denim, handbags, watches, foot-
wear and other related consumer products. GUESS products
are distributed through branded GUESS stores as well as better
department and specialty stores around the world.
We began selling GUESS legacy scents in 2018, and by 2019,
the GUESS brand quickly became the largest within our United
States based operations and fourth largest overall, with legacy
fragrances dominating the sales mix.
Since joining our portfolio, we have introduced several new
blockbuster scents, including Bella Vita and Uomo. In 2024, we
introduced an extension within the Uomo fragrance line, Uomo
Intenso, unveiled the newest women’s fragrance, Iconic, and also
released a new four-scent collection, Amore. In 2025, we plan
to launch a men’s Iconic fragrance and roll out several new in-
novative extensions.

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Guess Iconic for Men
the products

24
In September 2021, we entered into a long-term global licensing
agreement for the creation, development and distribution of fra-
grances and fragrance related products under the Donna Karan
brand, which took effect on July 1, 2022.
The Donna Karan brand, which draws from the energy and
attitude of New York City, is a powerhouse in fashion and fra-
grance. This global lifestyle brand has been an excellent addition
to our portfolio. With this agreement, we have gained several
well-established and valuable fragrance franchises.
The most notable fragrance for the fashion house is Donna
Karan Cashmere Mist. Upon joining our portfolio in July 2022,
this brand now ranks among our largest. In 2024, we launched
Donna Karan Cashmere Collection. There are new flankers
planned for 2025 to continue to grow the brand. Donna Karan is
part of the G-III house of brands.

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the products
Donna Karan Cashmere Collection

26
In September 2021, we entered into a long-term global licensing
agreement for the creation, development and distribution of fra-
grances and fragrance related products under the DKNY brand,
which took effect on July 1, 2022.
The DKNY brand, which draws from the energy and attitude
of New York City, is a powerhouse in fashion and fragrance.
This global lifestyle brand has been an excellent addition to our
portfolio. With this agreement, we have gained several well-es-
tablished and valuable fragrance franchises.
The most notable fragrance for the fashion house is DKNY Be
Delicious. Upon joining our portfolio in July 2022, this brand now
ranks among our largest. In 2024, we launched DKNY 24/7, our
first blockbuster fragrance with the fashion house. There are
new flankers planned for 2025 to continue to grow the brand.
DKNY is part of the G-III house of brands

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the products
DKNY DKNY 24/7

28
In December 2022, we closed a transaction agreement with
Lacoste, whereby a 15-year 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 us up, cre-
ates movement in our lives, and liberates our self-expression.
In every collection, in every line, Lacoste’s timeless elegance is
captured through a combination of the creative and the clas-
sic. 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 we
developed go-forward strategies, curated the collection, and
produced entirely new fresh goods during the year. In 2024,
we recreated Lacoste Original, the brand’s first men’s line and
introduced the L.12.12 fragrance line. In 2025, we plan to further
enrich Original and L.12.12 with new men’s and women’s scents.

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the products
Lacoste Lacoste Original

30
In October 2021, we closed on a transaction agreement with
Salvatore Ferragamo S.p.A., whereby an exclusive and world-
wide 10-year license was granted for the production and dis-
tribution 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 Sal-
vatore Ferragamo Group, one of the world’s leaders in the lux-
ury 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, creativi-
ty and innovation enriched by the quality and superior crafts-
manship 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.
Established scents in the Ferragamo portfolio include Ferrag-
amo, a collection of fragrances for men, Signorina, a collection of
fragrances for women, the Amo series and the Uomo series. In
2024, we rolled out new flankers for the Signorina and Ferragamo
collections. A new blockbuster, Fiamma, is launching in 2025.

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the products
Ferragamo Signorina Unica

32
In 2007, we acquired the worldwide rights to the Lanvin brand
names and international trademarks listed in Class 3, our class
of trade. A synonym of luxury and elegance, the Lanvin fashion
house, founded in 1889 by Jeanne Lanvin, expanded into fra-
grances in the 1920s.
Lanvin fragrances occupy an important position in the selec-
tive distribution market in France, Eastern Europe and Asia, and
we have several lines currently in distribution, including Éclat
d’Arpège, Lanvin L’Homme, Jeanne Lanvin, Modern Princess, A Girl
in Capri, and Les Fleurs de Lanvin. In 2024, we launched Modern
Princess in Jeans, a flanker within the Modern Princess pillar.

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Lanvin Modern Princess in Jeans
the products

34
In 2015, we acquired the Rochas brand from The Procter &
Gamble Company. Founded by Marcel Rochas in 1925, the brand
began as a fashion house and expanded into perfumery in the
1950s under Hélène Rochas.
For Rochas, nature evokes French gardens, eternal spring,
freshness, and innocence — an endless source of inspiration and
dreams. Birds and flowers are reimagined time and again, bring-
ing color and Parisian spirit to both ready-to-wear and perfume
creations.
Our first fragrance for Rochas, Mademoiselle Rochas, launched
successfully in 2017 in its traditional markets of France and
Spain. In the following years, we debuted flankers for legacy
scents Eau de Rochas, Mademoiselle Rochas, and more. In 2018,
we launched our first new men’s line, Rochas Moustache. Byz-
ance debuted in 2020, followed by Rochas Girl in 2021. The first
flankers for both launched in 2022, along with one for L’Homme
Rochas. In 2023, we rolled out pillar extensions Eau de Rochas
Citron Soleil and Rochas Girl Life. This was followed in 2024 by
Eau de Rochas Orange Horizon and Mademoiselle Rochas in Paris. In
2025, we are launching a new blockbuster, Audace.

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the products
Rochas Audace
the products

36
In July 2023, we closed a transaction agreement with Roberto
Cavalli, whereby an exclusive and worldwide license was grant-
ed 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 flam-
boyant, 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, we partnered with one of the top luxury
retailers and distributors in the Middle East, a key market, to
further expand the brand.
We began shipping in February 2024, and later launched Sweet
Ferocious, Just Cavalli Wild Heart fragrance duo, and a new collec-
tion of hair and body mists during 2024. In 2025, we are launch-
ing a new Roberto Cavalli blockbuster, Serpentine.

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Roberto Cavalli Serpentine
the products

38
In 2012, we 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 fra-
grances 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 Lager-
feld 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. Karl Lagerfeld created
the first fragrance that bears his name in 1978, and that legacy
has expanded to include several growing multi-scent collections,
Les Parfums Matières, and more recently, Karl Cities, a new col-
lection featuring entries for New York, Paris, Hamburg, Tokyo
and Vienna was unveiled. In 2024, we launched a new fragrance,
Rouge, and a new fragrance duo, Ikonik, with its bottle design
inspired by the late Karl Lagerfeld himself. In 2025, we plan to
introduce new fragrance duos.

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Karl Lagerfeld Karl Ikonik
the products

40
In 2014, we entered into a worldwide license to create, produce
and distribute new fragrances and fragrance related products
under the Abercrombie & Fitch brand name. We distribute
these fragrances in specialty stores, department stores and duty
free shops. Our initial men’s scent, First Instinct, was launched in
2016 followed by a women’s version in 2017. Since that time, we
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. The iconic Abercrombie & Fitch brand was born in
1892 and aims to make every day feel as exceptional as the start
of a long weekend.
In 2023, we announced our agreement to distribute Aber-
crombie & Fitch’s number one men’s fragrance, Fierce, in select-
ed 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 was activated in February 2024, covers
distribution in additional markets in Western Europe and Latin
America. Later in 2024, we began distributing Fierce Pride.

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the products
Abercrombie & Fitch 100% Passion

42
Our initial 12-year license agreement with Van Cleef & Arpels
was signed in 2006. In 2018, we 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. In 2024, the license was renewed for a second
time for an additional nine years through December 31, 2033.
Since its founding in 1896, Van Cleef & Arpels has often
turned to nature as an inexhaustible source of inspiration. En-
thralled by the constant metamorphoses of flora and fauna, the
Maison creates pieces that echo the blooming of flowers and
the lushness of gardens. Over the decades, the excellence and
creativity of the High Jewelry Maison established its reputation
across the world.
Van Cleef & Arpels fragrances in current distribution include:
First and Collection Extraordinaire. Sales of the Collection Extraor-
dinaire line have experienced continued growth since its debut.
We continue to introduce new additions to the Van Cleef & Ar-
pels Collection Extraordinaire assortment annually, including Oud
Blanc, Rêve de Matiere, and Patchouli Blanc and Precious Incense,
with further additions planned. Van Cleef & Arpels is a French
luxury jewelry company owned by Richemont Holdings Limited.

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Van Cleef & Arpels Collection Extraordinaire, Moonlight Cherry
the products

44
In 2013, we entered into an exclusive worldwide license to
create, produce and distribute fragrances and fragrance relat-
ed 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 was established in 1965,
and encompasses a full line of women’s accessories, bridal, chil-
dren’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, we 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, we debuted
an entirely new fragrance pillar, Alibi, which welcomed sister
scents, Alibi Eau de Toilette, and more recently, Alibi Eau Sensuelle,
and Alibi Pop, a three-scent collection launched in 2024. We also
launched Oscar de La Renta New York in 2024, and plan to intro-
duce a new extension in 2025.

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Oscar de la Renta Oscar de La Renta New York
the products

46
In 2019, we 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 we distribute globally to department and
specialty stores and duty free shops, as well as in Kate Spade
retail stores.
Since its launch in 1993 with a collection of six essential
handbags, Kate Spade has always stood for optimistic fem-
ininity. Today, the brand is a global life and style house with
handbags, ready-to-wear, jewelry, footwear, gifts, home décor
and more. Polished ease, thoughtful details and a modern, so-
phisticated use of color—Kate Spade’s founding principles de-
fine a unique style synonymous with joy. Under the vision of its
creative director, the brand continues to celebrate confident
women with a youthful spirit. Kate Spade is part of the Tapestry
house of brands.
Our first original scent, Kate Spade New York, debuted in
January 2021. We have continued to enrich the collection with
flankers, including Kate Spade Sparkle, and more recently, Kate
Spade Cherie.

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the products
Kate Spade Chérie Je t’aime

48
In 2010, we 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 em-
bodied very high-end creation, luxury and French know-how.
The mysterious and seductive collection of Boucheron fragranc-
es unquestionably continues this prestigious line of creations.
Boucheron’s legacy scents, Femme and Homme, and the leg-
endary Jaipur perfume form the foundation of brand sales. Our
team has enriched the portfolio with Quatre for men and wom-
en, 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.

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Boucheron Boucheron Collection
the products

50
In 2019, we entered into an exclusive, 10-year worldwide license
agreement with German luxury fashion house MCM for the cre-
ation, 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 li-
cense until December 31, 2034.
MCM is a luxury lifestyle goods and fashion house founded
in 1976 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. Today, through its associa-
tion with music, art, travel and technology, MCM embodies the
bold, rebellious and aspirational. Always with an eye on the dis-
ruptive, the driving force behind MCM centers on revolutioniz-
ing classic design with futuristic materials. MCM’s millennial and
Gen Z audience is genderless, ageless, empowered and uncon-
strained by rules and boundaries.
Following through on our plan to develop extraordinary
fragrances that capture the creative spirit of MCM, our first
new fragrance, MCM, was released in 2021. In 2023, we de-
buted our first ever men’s scent, MCM Onyx, and have since
enriched the fragrance line with MCM Crush and MCM Dia-
monds during 2024. In 2025, we plan to introduce a new six-
scent fragrance collection.

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the products
MCM MCM Fragrance Collection

52
In June 2020, we entered into an exclusive, 5-year worldwide li-
cense 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, in 1952 and is currently headquartered in Italy. Over the
years, 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 ex-
treme demands of nature with those of city life.
Our 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. Following the
launches of the Les Sommets Moncler and Home collections in
2023, we introduced a new Les Sommets extension in 2024 and
continued to roll out the Moncler Sunrise duo.

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Moncler Les Sommets Moncler, Ciel d’Hiver
the products

54
In 2014, we entered into a worldwide license to create, produce
and distribute new fragrances and fragrance related products
under the Hollister brand name. We distribute these fragrances
in specialty stores, department stores and duty free shops.
The quintessential apparel brand of the global teen consum-
er, Hollister’s clothes are made for capturing moments, creating
memories, and being unapologetically you.
In 2016, we launched our first men’s and women’s fragrance
duo, Wave, which led to several extensions, as did subsequent
fragrance families Festival, Canyon Escape, and Feelin’ Good. In
2024, we launched Feelin’ Free, a new flanker duo within the
Feelin’ Good fragrance family.

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Hollister Feelin’ Free
the products

56
In October 2021, we entered into a 10-year exclusive global
licensing agreement with Emanuel Ungaro for the creation, de-
velopment and distribution of fragrances and fragrance related
products, under the Emanuel Ungaro brand. Founded in 1965 in
Paris, the house of Emanuel Ungaro is an icon of French refine-
ment 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.
Emanuel Ungaro fragrances uphold the same values of audac-
ity and elegance, and the brand is best known internationally,
and such presence will remain our sales focus as we continue to
produce and distribute the brand’s legacy scents, notably Diva.
In 2023, we unveiled an extension, Diva Rouge, and in 2024, we
introduced a new pillar, Cosmic and two fragrance collections,
Petals and Metallic. We are planning to further enrich the brand
with additional scents in 2025.

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Emanuel Ungaro Cosmic
the products

58
In 2011, we entered into an exclusive worldwide fragrance
license to create, produce and distribute fragrances and fra-
grance related products under the Anna Sui brand. The Anna Sui
brand is mostly popular in Asia. Over the past decade, we have
worked in partnership with Anna Sui and her creative team to
build upon the brand’s customer appeal and develop and mar-
ket a family of fragrances including Fantasia, Sui Dreams, Sky, and
Sundae. In 2024, we introduced a new flanker within the Fantasia
fragrance family and most recently launched Wild Wonder, a new
four-scent fragrance collection. We plan to introduce a new
flanker in 2025.

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59
the products
Anna Sui Sundae

60
In 2018, we entered into an exclusive, 8-year worldwide license
agreement with London-based Graff for the creation, develop-
ment and distribution of fragrances under the Graff brand. The
agreement has three 3-year automatic renewal options, poten-
tially extending the license until December 31, 2035.
Since Laurence Graff OBE founded the company in 1960,
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 in 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 now extended to only the
most exclusive, limited, ultra-high end retail outlets. New mem-
bers of the collection have been regularly added since the Lesedi
La Rona launch.

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61
Graff Lesedi La Rona III Parfum
the products

62
In December 2024, Interparfums SA signed for all Off-White
brand names and registered trademarks for Class 3 fragrance
and cosmetic products, subject to an existing license that ex-
pires on December 31, 2025, when Interparfums SA will begin
commercial use of the fragrance brands. Founded in 2012 by
the late designer Virgil Abloh, Off-White is known for its high-
end streetwear influences and bold approach to youth luxury.
When Virgil Abloh founded Off-White, he sought to establish a
brand with a universal design language that was artistic, disrup-
tive and a reflection of concepts explored in the realm of youth
culture. Off-White blends the worlds of streetwear and luxu-
ry in a spirit of talent and inventiveness. This is a tremendous
opportunity for us considering the brand’s unique positioning,
not to mention Virgil Abloh’s impressive creative legacy. This
brand will help us explore new openings for fragrances in the
luxury sector.
Off-White is globally recognized for:
• Conceptual and artistic dimension, viewing fashion
as an art form
• A deconstructionist aesthetic, including contrasting materials
and functional details
• Distinct and recurring brand symbols that have become icons
in the fashion world, such as crossed arrows, quotation marks
and the “X” logo
• A dedication to social and cultural causes, supporting
initiatives for diversity and inclusion in the fashion sector,
particularly in the field of design.

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63
the products

64
SOLFERINO
2025 will mark the creation of the Interparfums SA’s first pro-
prietary brand, Solférino®, a collection of 10 niche fragrances
developed by star perfumers and intended for the collector’s
fragrance market, to be launched initially through an ultra-se-
lective distribution channel of some 100 points of sale. A first
boutique entirely dedicated to the brand should be up and run-
ning by the end of 2025, along with an e-commerce site. The
launch of this new brand reflects the Company’s medium-term
growth strategy in the extremely buoyant high-end fragrance
market. With the Solférino collection, a proprietary brand un-
der development for the past two years, we will boast a rich
and unique universe perfectly suited to the high-end fragrance
market. This represents a first strategic step in the implemen-
tation of a new focus on a market that has exhibited sustained
growth for several years.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
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65
the products
SOLFERINO

66
In March 2025, Interparfums announced the acquisition of all
intellectual property rights relating to Maison Goutal, previous-
ly held by Amorepacific Europe worldwide. Interparfums will
develop the brand starting 2026. The acquisition of the Goutal
brand is part of our strategy to expand the product offering
towards Haute Parfumerie.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
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67
the products

68
CONSOLIDATED NET SALES TO CUSTOMERS BY REGION
(in millions)
Year Ended December 31,
2024
2023
2022
North America
$541.9
$511.7
$421.0
Western Europe
364.3
301.2
259.2
Asia/Pacific
197.0
191.8
163.6
Middle East and Africa
122.8
117.1
98.8
Eastern Europe
118.1
103.2
74.2
Central and

South America
108.2
92.7
69.9

$1,452.3
$1,317.7
$1,086.7
7%
Central & South
America
37%
North
America

INTERPARFUMS, INC. 2024 ANNUAL REPORT
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69
14%
Asia Pacific
9%
Middle East
& Africa
Western
Europe
25%
8%
Eastern
Europe

70
All Corporate Functions:
Including product analysis and development, production and
sales, and finance are coordinated at the Company’s corpo-
rate headquarters in New York and at the corporate offices
of Interparfums SA in Paris. Each company is organized into
two operational units that report directly to general man-
agement, and European operations ultimately report to
Mr. Benacin and United States operations ultimately report to
Mr. Madar.
Finance, Investor Relations
And Administration:
Michel Atwood in the United States and Philippe Santi in France:
• Financial policy and communication, investor relations;
• Financial accounting, cost accounting, budgeting and

cash flow management;
• Disclosure requirements of the Securities and Exchange

Commission and Commission des Operations de Bourse;

• Labor relations, tax and legal matters and management

information systems.
Operations:
Franck Moisio in the United States and Axel Marot in France:
• Product development;
• Logistics and transportation;
• Purchasing and industrial relations;
• Quality control and inventory cost supervision.
Export Sales:
Hervé Bouillonnec in the United States and Daphné Benacin
in France:
• International development strategy;
• Establishment of distributor networks and negotiation
of contracts;
• Monitoring of profit margins and advertising expenditures.
Domestic (Home Country) Sales:
Hervé Bouillonnec in the United States and Jérôme Thermoz
in France:
• Establish and apply domestic sales strategy and
distribution policy;
• Sales team management and development;
• Monitoring of profit margins and advertising expenditures.
The
Organization

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71
SIMPLIFIED CHART OF THE ORGANIZATION
the organization
44%
56%
100%
Interparfums
HOLDINGS, SA
Interparfums,
USA LLC
Interparfums
ITALIA SRL
100%
PHILIPPE BENACIN
JEAN MADAR
PUBLIC
SHAREHOLDERS
72%
INTERPARFUMS SA
[ EURONEXT
- PARIS ]
100%
Interparfums,
USA
HONG KONG LTD
100%
Interparfums
MIDDLE EAST
DMCC
100%
Interparfums,
USA
SWISS SA
100%
100%
INTERPARFUMS
LUXURY BRANDS,
INC
100%
INTERPARFUMS
[ SUISSE ]
SARL
100%
INTERPARFUMS
SINGAPORE PTE,
LTD
PARFUMS
ROCHAS
SPAIN, SL
51%
US based Operations
European based Operations

72
contents
management’s discussion and analysis of financial
condition and results of operations
report on internal control

over financial reporting
report of independent registered

public accounting firm
financial statements

notes to consolidated financial statements
corporate and market information

directors and executive officers

73
81
83
86
90
110
111

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73

Management’s Discussion
and Analysis of
Financial Condition and
Donna Karan/DKNY, Emanual Ungaro, Ferragamo, Graff, GUESS,
Hollister, MCM, Oscar de la Renta, and Roberto Cavalli brands.
Substantially all of our prestige fragrance brands are licensed
from unaffiliated third parties, and our business is dependent
upon the continuation and renewal of such licenses. With re-
spect to the Company’s largest brands, we license the Jimmy
Choo, Montblanc, Coach, GUESS, Donna Karan/DKNY, Lacoste
and Ferragamo brand names. This diversified portfolio of top
brands represented 76%, 73% and 71% of total sales in 2024,
2023, and 2022, respectively.
As a percentage of net sales, product sales for the Company’s
largest brands were as follows:
Years ended December 31,
2024
2023
2022
Jimmy Choo
17%
17%
18%
Montblanc
15%
17%
18%
Coach
14%
15%
15%
GUESS
12%
12%
12%
Donna Karan/DKNY
7%
7%
3%
Lacoste
6%
-
-
Ferragamo
5%
5%
5%
Quarterly sales fluctuations are influenced by the timing of
new product launches as well as the third and fourth quarter
holiday season. In certain markets where we sell directly to re-
tailers, seasonality is more evident. We primarily sell directly to
retailers in France, the United States, and Italy.
We grow our business in two distinct ways. First, we grow
by adding new brands to our portfolio, through new licenses,
or other arrangements or outright acquisitions of brands. Sec-
ond, we grow through the introduction of new products and by
supporting new and established products through advertising,
merchandising and sampling, as well as by phasing out underper-
forming products, so we can devote greater resources to those
products with greater potential. The economics of developing,
producing, launching and supporting products influence our sales
and operating performance each year. The introduction of new
products may have some cannibalizing effect on sales of existing
products, which we take into account in our business planning.
Our business is not capital intensive, and it is important to
note that we do not own manufacturing facilities. We act as a
general contractor and source our needed components from
our suppliers. These components are received and stored di-
rectly at our third party fillers or received at one of our distri-
bution centers. For those components received at one of our
distribution centers, based upon production needs, the compo-
nents are subsequently sent to one of several third party fillers,
OVERVIEW
We operate in the fragrance business, and manufacture, market
and distribute a wide array of prestige fragrances and fragrance
related products. We manage our business in two segments,
European based operations and United States based operations.
Certain prestige fragrance products are produced and marketed by
our European based operations through our 72% owned subsidiary
in Paris, Interparfums SA, which is also a publicly traded company
as 28% of Interparfums SA shares trade on the Euronext.
We produce and distribute fragrance products through our
European based operations primarily under license agreements
with brand owners, and European based fragrance product sales
represented approximately 65%, 65% and 68% of net sales for
2024, 2023 and 2022, respectively. We have 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 distribut-
ed in over 120 countries around the world. Our exclusive and
worldwide license for the production and distribution of Lacoste
brand perfumes and cosmetics became effective in January 2024.
Through our United States based operations, we also produce
and distribute fragrances and fragrance related products. Unit-
ed States based operations represented 35%, 35% and 32% of
net sales in 2024, 2023 and 2022, respectively. These fragrance
products are sold primarily pursuant to license or other agree-
ments with the owners of the Abercrombie & Fitch, Anna Sui,
management’s discussion and analysis
of financial condition and results of operations
Results of
Operations

74
which manufacture the finished product for us and then deliver
them to one of our distribution centers.
As with any global business, many aspects of our operations
are subject to influences outside our control. We believe we
have a strong brand portfolio with global reach and potential. As
part of our strategy, we plan to continue to make investments
behind fast-growing markets and channels to grow market share.
Our reported net sales are impacted by changes in foreign
currency exchange rates as greater than 50% of net sales of our
European based operations are denominated in U.S. dollars,
while almost all costs of our European based operations are in-
curred in euro. We address certain financial exposures through
a controlled program of risk management that includes the use
of derivative financial instruments and primarily enter into for-
eign currency forward exchange contracts to reduce the effects
of fluctuating foreign currency exchange rates.
RECENT IMPORTANT EVENTS
Please see our discussion of Recent Important Events, which
is incorporated by reference to Note 2 to the Consolidated
Financial Statements contained in this 2024 Annual Report on
Form 10-K filed with the United States Securities and Exchange
Commission (“SEC”) for the year ended December 31, 2024.
DISCUSSION OF CRITICAL ACCOUNTING POLICIES
We make estimates and assumptions in the preparation of our fi-
nancial statements in conformity with accounting principles gener-
ally accepted in the United States of America. Actual results could
differ significantly from those estimates under different assump-
tions and conditions. We believe the following discussion addresses
our most critical accounting policies, which are those that are most
important to the portrayal of our financial condition and results of
operations. These accounting policies generally require our man-
agement’s most difficult and subjective judgments, often as a result
of the need to make estimates about the effect of matters that are
inherently uncertain. Management of the Company has discussed
the selection of significant accounting policies and the effect of esti-
mates with the Audit Committee of the Board of Directors.
Long-Lived Assets
We evaluate indefinite-lived intangible assets for impairment
at least annually during the fourth quarter, or more frequently
when events occur or circumstances change, such as an unex-
pected decline in sales, that would more likely than not indicate
that the carrying value of an indefinite-lived intangible asset may
not be recoverable. When testing indefinite-lived intangible as-
sets for impairment, the evaluation requires a comparison of the
estimated fair value of the asset to the carrying value of the as-
set. The fair values used in our evaluations are estimated based
upon discounted future cash flow projections using a weighted
average cost of capital of 9.47%. The cash flow projections are
based upon a number of assumptions, including future sales
levels and future cost of goods and operating expense levels,
as well as economic conditions, changes to our business mod-
el or changes in consumer acceptance of our products which
are more subjective in nature. If the carrying value of an indefi-
nite-lived intangible asset exceeds its fair value, an impairment
charge is recorded.
We believe that the assumptions we have made in project-
ing future cash flows for the evaluations described above are
reasonable. However, if future actual results do not meet our
expectations, we may be required to record an impairment
charge, the amount of which could be material to our results
of operations.
At December 31, 2024 indefinite-lived intangible assets aggre-
gated $116.2 million. The following table presents the impact a
change in the following significant assumptions would have had
on the calculated fair value in 2024 assuming all other assump-
tions remained constant:

Increase

(decrease)
$ in millions Change to fair value
Weighted average cost of capital
Weighted average cost of capital
Future sales level
Future sales levels
Intangible assets subject to amortization are evaluated for im-
pairment testing whenever events or changes in circumstances
indicate that the carrying amount of an amortizable intangible
asset may not be recoverable. If impairment indicators exist for
an amortizable intangible asset, the undiscounted future cash
flows associated with the expected service potential of the
asset are compared to the carrying value of the asset. If our
projection of undiscounted future cash flows is in excess of the
carrying value of the intangible asset, no impairment charge is
recorded. If our projection of undiscounted future cash flows
is less than the carrying value of the intangible asset, an impair-
ment charge would be recorded to reduce the intangible asset
to its fair value. The cash flow projections are based upon a
number of assumptions, including future sales levels and future
cost of goods and operating expense levels, as well as economic
$
$
$
$
+10%
-10%
+10%
-10%
(14.0)
18.0
12.5
(12.5)

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
75
conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature.
In those cases where we determine that the useful life of long-lived assets should be shortened, we would amortize the net book
value in excess of the salvage value (after testing for impairment as described above), over the revised remaining useful life of such
asset thereby increasing amortization expense. We believe that the assumptions we have made in projecting future cash flows for the
evaluations described above are reasonable.
In determining the useful life of our Lanvin brand names and trademarks, we applied the provisions of ASC topic 350-30-35-3. The
only factor that prevented us from determining that the Lanvin brand names and trademarks were indefinite lived intangible assets was
Item c. “Any legal, regulatory, or contractual provisions that may limit the useful life.” The existence of a repurchase option, originally
in 2025 and amended to 2027, may limit the useful life of the Lanvin brand names and trademarks to the Company. However, this
limitation would only take effect if the repurchase option were to be exercised and the repurchase price was paid. If the repurchase
option is not exercised, then the Lanvin brand names and trademarks are expected to continue to contribute directly to the future
cash flows of our Company and their useful life would be considered to be indefinite.
With respect to the application of ASC topic 350-30-35-8, the Lanvin brand names and trademarks would only have a finite life
to our Company if the repurchase option were exercised, and in applying ASC topic 350-30-35-8, we assumed that the repurchase
option is exercised. When exercised, Lanvin has an obligation to pay the exercise price and the Company would be required to con-
vey the Lanvin brand names and trademarks back to Lanvin. The exercise price to be received (residual value) is well in excess of the
carrying value of the Lanvin brand names and trademarks, therefore no amortization is required.
Quantitative Analysis
During the three-year period ended December 31, 2024, we have not made any material changes in our assumptions underlying these
critical accounting policies or to the related significant estimates. The results of our business underlying these assumptions have not
differed significantly from our expectations.
While we believe the estimates we have made are proper and the related results of operations for the period are presented fairly
in all material respects, other assumptions could reasonably be justified that would change the amount of reported net sales, cost
of sales, and selling, general and administrative expenses as they relate to the provisions for anticipated sales returns, allowance for
doubtful accounts and inventory obsolescence reserves. For 2024, had these estimates been changed simultaneously by 5% in either
direction, our reported gross profit would have increased or decreased by approximately $0.2 million and selling, general and adminis-
trative expenses would have changed by approximately $0.1 million. The collective impact of these changes on 2024 operating income,
net income attributable to Interparfums, Inc., and net income attributable to Interparfums, Inc. per diluted share would be an increase
or decrease of approximately $0.2 million, $0.2 million and $0.1, respectively.
RESULTS OF OPERATIONS
Net Sales
(in millions)
Years Ended December 31,
2024
% Change
2023
% Change
2022
European based product sales
$953.0
10%
$863.4
16%
$744.0
United States based product sales
511.3
12%
455.8
33%
342.7
Eliminations (12.0)

na (1.5)
na (0.1)
Total net sales
$1,452.3
10%
$1,317.7
21%
$1,086.7
na- not applicable
Net sales in 2024 increased 10% compared to 2023. At comparable foreign currency exchange rates, net sales also increased 10% in 2024,
as compared to 2023, of which 9% is related to new brands. The average dollar/euro exchange rate for 2024 was 1.08, in line with 2023.
For European based operations, sales grew by 10% for the full year 2024 driven by the strong performance of Jimmy Choo, the
addition of Lacoste, and solid execution of some of our smaller brands. Our largest brand, Jimmy Choo, increased 2024 sales by 7%
as compared to 2023, attributable to the ongoing success of the I Want Choo franchise, while our second and third largest brands,
management’s discussion and analysis
of financial condition and results of operations

76
Montblanc and Coach, were broadly flat against a high base period
in 2023 where sales grew by 15% and 25%, respectively. Lacoste,
our newest brand for European based operations, exceeded the
Company’s expectations in its first year, achieving $85 million in
net sales in 2024 thanks to the solid performance of the L.12.12
lines and the successful launch of the Lacoste Original line. There
were also gains made by our mid-sized brands, including Karl La-
gerfeld, Moncler, Van Cleef & Arpels and Rochas.
For United States based operations, sales grew by 12% in 2024,
due to the continued robust performance of legacy scents. GUESS,
our largest United States based brand, increased 2024 sales by
13%, due to the initial success of our new pillar, GUESS Iconic
(women), extensions for Uomo Intenso (men), as well as a variety
of multi-scent collections including Amore, Elements, and Sexy Skin
Metallique. For Donna Karan/DKNY, net sales increased by 9% in
2024 compared to 2023 driven by the success of Donna Karan’s
four-scent Cashmere Collection, and the blockbuster launch of DKNY
24/7. Additionally, the brand exceeded $100 million in sales for the
year. Sales of Ferragamo were flat against a high base period in 2023
where sales grew by 21%. Roberto Cavalli, our newest brand for
United States based operations, achieved net sales of $31 million in
its first year under the Company’s management.
We are confident in our future as 2025 has many exciting de-
velopments for the Company, including expansion of e-commerce
channels and a strong pipeline of new launches across our pres-
tige portfolio. Lacoste Original and Jimmy Choo I Want Choo Le
Parfum will continue their expansion in 2025. New launches are
also planned for a new men’s blockbuster for GUESS, Iconic, a
new Ferragamo blockbuster, Fiamma, an MCM collection in the
first quarter and a new Roberto Cavalli blockbuster in the sec-
ond quarter. Additionally, we have a slate of brand extensions
and flankers for Montblanc Explorer, Jimmy Choo Man, Coach
Woman and Man, Lacoste L.12.12 and Original, MCM Diamond,
Ferragamo Men, and two new scents for the Donna Karan Cash-
mere Collection. The upcoming year will also stand out for the
creation of the proprietary brand Solférino, a collection of 10
niche fragrances developed by star perfumers and intended for
the collector’s fragrance market. While the pace of growth in
the market is starting to normalize closer to historical levels
following massive growth seen over the past few years, the pow-
er of our diverse brand portfolio, in combination with our agile
operating model, should help us gain market share.
As in the past, we hope to benefit from our strong financial po-
sition to potentially acquire one or more brands, either on a pro-
prietary basis or as a licensee. However, we have no certainty that
any new license or acquisition agreements will be consummated.
Net Sales To Customers By Region
(in millions)
Year Ended December 31,
2024
2023
2022
North America
$541.9
$511.7
$421.0
Western Europe
364.3
301.2
259.2
Asia/Pacific
197.0
191.8
163.6
Middle East and Africa
122.8
117.1
98.8
Eastern Europe
118.1
103.2
74.2
Central and

South America
108.2
92.7
69.9

$1,452.3
$1,317.7
$1,086.7
Our largest market, North America, achieved sales growth of 6%
in 2024 compared to 2023, followed by Western Europe and Asia
where sales grew by 21% and 3% in 2024, respectively, compared
to 2023. Middle East and Africa, Eastern Europe, and Central and
South America also achieved top line growth of 5%, 14% and 17%
in 2024, respectively, compared to 2023. Additionally, our travel
retail business is continuing to strengthen.
Gross Profit Margins
(in millions)
Year Ended December 31,
2024
2023
2022
European based operations

Net sales (a)
$953.0
$863.4
$744.0

Cost of sales (a)
314.5
282.9
236.9

Gross margin (a)
$638.5
$580.5
$507.1

Gross margin, as a percent of net sales
67.0%
67.2%
68.2%
United States based operations

Net sales
$511.3
$455.8
$342.7

Cost of sales
215.2
196.0
155.4

Gross margin
$296.1
$259.8
$187.3

Gross margin, as a percent of net sales
57.9%
57.0%
54.7%
(a) Amounts do not reflect eliminations of intercompany sales of European based operations products sold to United States based operations.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
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77
The Company’s gross margin percentage was 63.9% in 2024
as compared to 63.7% in 2023 and 63.9% in 2022. The slight
increase in gross margin percentage was driven by segment
mix and the impact of certain one-time expenses related to
inventory in 2023.
For European based operations, gross profit margin as a
percentage of net sales was 67.0%, 67.2% and 68.2% in 2024,
2023 and 2022, respectively. European based operations were
negatively impacted by brand and channel mix. These negative
impacts were partially offset by the positive impact of certain
one-time expenses related to inventory in 2023. For United
States based operations, gross profit margin was 57.9%, 57.0%
and 54.7% in 2024, 2023 and 2022, respectively. The year-over-
year increase was driven by favorable brand and channel mix.
Costs relating to purchase with purchase and gift with pur-
chase promotions are reflected in cost of sales, and aggregated
$61.5 million, $52.3 million and $43.1 million in 2024, 2023 and
2022, respectively, and represented 4.2%, 4.0% and 4.0% of net
sales, respectively.
Generally, we do not bill customers for shipping and handling
costs and such costs, which are included in selling, general and
administrative expenses in the consolidated statements of in-
come. As such, our Company’s gross margins may not be compa-
rable to other companies, which may include these expenses as
a component of cost of sales.
Selling, General
& Administrative Expenses
(in millions)
Years ended December 31,
2024 2023 2022
European Based Operations
Selling, general
& administrative expenses
$441.6
$406.6
$358.3
Selling, general
& administrative expenses
as a percent of net sales 46.3% 47.1% 48.2%
United States Based Operations
Selling, general
& administrative expenses
$206.9
$181.1
$134.0
Selling, general
& administrative expenses
as a percent of net sales
40.5% 39.7% 39.1%
The Company’s selling, general and administrative expenses
as a percentage of nets sales were 44.7%, 44.6% and 45.3% in
2024, 2023 and 2022, respectively. The percentage of net sales
remained flat from the prior year as increased amortization cost
management’s discussion and analysis
of financial condition and results of operations
from the addition of the Lacoste license, which represented $6
million for the year, were offset due to promotional and adver-
tising activities by our European based operations growing slow-
er than sales growth in 2024.
For European based operations, selling, general and adminis-
trative expenses increased 9% and 13% in 2024 and 2023, respec-
tively, as compared to the corresponding prior year period, and
represented 46.3%, 47.1% and 48.2% of net sales in 2024, 2023
and 2022, respectively. The increases in expenses are in line with
fluctuations in sales for European operations, primarily from in-
creases in employee related costs due to a one-time severance
payment of $2.2 million, and higher royalty costs offset by pro-
motion and advertising expenditures growing slower than sales.
Furthermore, promotion and advertising activities originally
planned for the third and fourth quarter were phased into 2025
resulting in a decrease in selling, general and administrative ex-
penses as a percentage of net sales in 2024 as compared to 2023.
For United States based operations, selling, general and ad-
ministrative expenses increased 14% and 35% in 2024 and 2023,
respectively, as compared to the corresponding prior year peri-
od, and represented 40.5%, 39.7% and 39.1% of net sales in 2024,
2023 and 2022, respectively. The increases in selling, general
and administrative expenses as a percentage of net sales were
largely driven by continued investment in infrastructure and em-
ployee headcount to support the growth of the business as well
as increased promotional and advertising spending.
Promotion and advertising included in selling, general and ad-
ministrative expenses aggregated $280.5 million, $261.3 million
and $212.4 million in 2024, 2023 and 2022, respectively. Pro-
motion and advertising represented 19.3%, 19.8% and 19.5% of
net sales in 2024, 2023 and 2022, respectively. Promotion and
advertising are integral parts of our industry, and we continue
to invest heavily to support new product launches and to build
brand awareness. We believe that our promotion and adver-
tising efforts have had a beneficial effect on sales. Additionally,
as 2024 saw a lighter innovation program than in prior years,
the Company focused on increasing promotional and advertis-
ing spending to support the continued success of our existing
brands and to support the initial launches of our new brands,
Lacoste and Roberto Cavalli. We also continue to develop and
implement omnichannel concepts and compelling content to de-
liver an integrated consumer experience. As noted above, some
promotion and advertising expenses were phased into 2025 for
European based operations in order to further strengthen our
first half of 2025. Long-term, we continue to anticipate that on
a full year basis, promotion and advertising expenditures should
aggregate approximately 21% of net sales.

78
million) bank loan which bears interest at one-month Euribor
plus 0.75%. Approximately $83.1 million (€80 million) of the
variable rate debt was swapped for fixed interest rate debt with
a maximum interest rate of 2% per annum. The swap effectively
exchanges the variable interest rate to a fixed rate of approx-
imately 1.1%. Additionally in July 2024, the Company entered
into a $41.6 million (€40 million) three-year loan agreement
that bears a fixed interest rate of 4.03%. The loan was used to
improve our short-term cash position. Long-term debt includ-
ing current maturities aggregated $157.3 million, $157.5 million
and $180.0 million as of December 31, 2024, 2023 and 2022,
respectively.
We enter into foreign currency forward exchange contracts
to manage exposure related to receivables from unaffiliated
third parties denominated in a foreign currency and occasionally
to manage risks related to future sales expected to be denom-
inated in a foreign currency. Greater than 50% of net sales of
our European based operations are denominated in U.S. dollars.
Gains and losses in derivatives designated as hedges are accu-
mulated in other comprehensive income and gains and losses in
derivatives not designated as hedges are included in (gain) loss
on foreign currency on the accompanying consolidated income
statements. Such gains and losses were immaterial in each 2024,
2023, and 2022.
Interest and investment income represents interest earned
on cash and cash equivalents and short-term investments and
realized and unrealized gains and losses on marketable secu-
rities. Interest income was $4.4 million in 2024 compared to
$3.9 million in 2023. As of December 31, 2024, short-term in-
vestments also include approximately $7.7 million of market-
able equity securities of other companies in the luxury goods
sector. In the first quarter of 2023, the Company sold mar-
ketable securities which generated a gain of $3.1 million. The
Company purchased additional marketable securities through-
out 2023 and 2024, resulting in an losses of $2.1 million during
2024, of which $1.5 million was unrealized.
Income Taxes
Our consolidated effective tax rate was 24.2%, 24.8% and 22.2%
in 2024, 2023 and 2022, respectively.
The effective tax rate for European based operations was
25.8%, 27.3% and 25.2% in 2024, 2023 and 2022, respectively.
Our effective tax rate in 2023 differs from the 25% statutory
rate due to a one-time tax assessment of €2.8 million ($3.1 mil-
lion) included in tax expense as the result of a tax audit conduct-
ed for the 2020 and 2021 tax years.
The effective tax rate for United States based operations was
Royalty expense included in selling, general and administra-
tive expenses aggregated $117.8 million, $103.8 million and $87.0
million in 2024, 2023 and 2022, respectively. Royalty expense
represented 8.1%, 7.9% and 8.0% of net sales in 2024, 2023 and
2022, respectively, due to changes in brand mix.
Impairment Loss
The Company reviews intangible assets with indefinite lives for
impairment whenever events or changes in circumstances indi-
cate that the carrying amount may not be recoverable. There
was an impairment charge for trademarks with indefinite useful
lives of $4.0 million and $6.8 million in 2024 and 2022, respec-
tively, relating to our Rochas fashion business and an impairment
charge for trademarks with indefinite useful lives of $0.9 million
in 2022 relating to our Intimate trademark. There was no impair-
ment charge for trademarks with indefinite useful lives in 2023.
Income from Operations
As a result of the above analysis regarding net sales, gross profit
margins and selling, general and administrative expenses, our
operating margins aggregated 18.9%, 19.1% and 17.9% for the
years ended December 31, 2024, 2023 and 2022, respectively.
Other Income and Expenses
Overall, other income and expense was a loss of $6.4 million,
$1.8 million, and $0.1 million in 2024, 2023, and 2022, respec-
tively. The main drivers of the change between 2024 and 2023
are discussed in more detail below. These include an increase in
interest expense on borrowings of $0.4 million, a gain on foreign
currency of $0.5 million, a gain on interest income related to
cash and cash equivalents and short-term investments of $0.5
million, and losses on marketable securities of $2.1 million of
which $1.5 million is unrealized. Additionally, there was a one-
time gain of $3.1 million recognized in 2023 related to the sale
of marketable securities.
Interest expense is primarily related to the financing of brand
and licensing acquisitions and the financing of the headquarters
of Interparfums SA. The increase in interest expense in 2024 is
related to increased borrowings during the year. In December
2022, to finance the acquisition of the Lacoste trademark, the
Company entered into a $51.9 million (€50 million) four-year
loan agreement. The loan agreement bears interest at Euribor-1
month rates plus a margin of 0.825%. This variable rate debt was
swapped for variable interest rate debt with a maximum rate of
2% per annum. Additionally, in April 2021, we completed the ac-
quisition of the headquarters of Interparfums SA. The acquisition
was financed by a 10-year approximately $124.7 million (€120

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
79
Net Income
(In thousands)

Years ended December, 31
2024
2023
2022
Net income attributable to European based operations
$140,084
$123,994
$107,292
Net income attributable to United States based operations
68,853
63,782
43,745
Eliminations (5,504)
-
-
Net income
203,433
187,776
151,037
Less: Net income attributable to the noncontrolling interest
39,075
35,122
30,099
Net income attributable to Interparfums, Inc.
$164,358
$152,654
$120,938
Net income attributable to Interparfums, Inc. was $164.4 million, $152.7 million and $120.9 million in 2024, 2023 and 2022, respectively.
Net income attributable to European based operations was $140.1 million, $124.0 million and $107.3 million in 2024, 2023 and 2022,
respectively, while net income attributable to United States based operations was $68.9 million, $63.8 million and $43.7 million in 2024,
2023 and 2022, respectively. The significant fluctuations in net income for both European and United States based operations are directly
related to the previous discussions relating to changes in sales, gross profit margins, and selling, general and administrative expenses.
The noncontrolling interest arises from our 72% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded com-
pany as 28% of Interparfums SA shares trade on the Euronext. Net income attributable to the noncontrolling interest is directly
related to the profitability of our European based operations and aggregated 27.7%, 28.1% and 27.9% of European based operations
net income in 2024, 2023 and 2022, respectively. Net profit margins attributable to Interparfums, Inc. aggregated 11.3%, 11.6% and
11.1% in 2024, 2023 and 2022, respectively.
LIQUIDITY AND CAPITAL RESOURCES
Our conservative financial tradition has enabled us to amass significant cash balances. As of December 31, 2024, we had $234.7 million
in cash and cash equivalents and short-term investments, most of which are held in euro by our European based operations and is
readily convertible into U.S. dollars. We have not had any liquidity issues to date, and do not expect any liquidity issues relating to
such cash and cash equivalents and short-term investments.
As of December 31, 2024, working capital aggregated $582 million. Approximately 76% of the Company’s total assets are held
by European based operations, and approximately $246 million of trademarks, licenses and other intangible assets are also held by
European based operations.
The Company is party to a number of licenses and other agreements for the use of trademarks and rights in connection with the
manufacture and sale of its products expiring at various dates through 2038. In connection with most of these license agreements,
the Company is subject to minimum annual advertising commitments, minimum annual royalties and other commitments. See Item
8. Financial Statements and Supplementary Data – Note 11– Commitments in this annual report on Form 10-K. Future advertising
commitments are estimated based on planned future sales for the license terms that were in effect at December 31, 2024, without
consideration for potential renewal periods and do not reflect the fact that our distributors share our advertising obligations.
management’s discussion and analysis
of financial condition and results of operations
20.4%, 19.3% and 13.8% in 2024, 2023 and 2022, respectively. Our effective tax rate differs from the 21% statutory rate in the United
States as it is a blended rate across multiple jurisdictions, and takes into account benefits received from the exercise of stock options
as well as deductions we are allowed for a portion of our foreign derived intangible income, slightly offset by state and local taxes.
Additionally, in the third quarter of 2022, our United States based operations recognized a one-time tax benefit of $2.5 million as-
sociated with the 2021 Salvatore Ferragamo acquisition. At the time of the acquisition, we had not recognized a deferred tax benefit
as there were uncertainties concerning its potential recoverability; however, as of September 30, 2022, recoverability was deemed
likely. Other than as discussed above, we did not experience any significant changes in tax rates, and none were expected in the
jurisdictions where we operate.
The Company estimated the effect of its foreign derived intangible income (“FDII”) and recorded a tax benefit of $2.4 million, $2.4
million and $1.5 million as of December 31, 2024, 2023 and 2022, respectively. Share-based compensation resulted in a discrete tax
benefit of $0.7 million, $1.2 million and $0.8 million in 2024, 2023 and 2022, respectively.

80
The Company hopes to continue to benefit from its strong fi-
nancial position to potentially acquire one or more brands, either
on a proprietary basis or as a licensee. In December 2024, our 72%
owned French subsidiary, Interparfums SA, obtained all Off-White
brand names and registered trademarks for Class 3 fragrance and
cosmetic products, subject to an existing license that expires on
December 31, 2025, when Interparfums SA will begin commercial
use of the fragrance brands. Additionally in December 2024, we re-
newed the Van Cleef & Arpels license agreement for an additional
nine-year term, beginning January 1, 2025. In July 2023, we entered
into a global licensing agreement for the creation, development and
distribution of fragrances and fragrance related products under the
Roberto Cavalli brand. Our rights under this license are subject to
certain minimum advertising expenditures and royalty payments as
are customary in our industry. This license took effect in July 2023,
and began shipping products in February 2024.
In December 2022, we entered into a long-term global licens-
ing agreement for the creation, development and distribution
of fragrances and fragrance related products under the Lacoste
brand. Our rights under this license are subject to certain min-
imum advertising expenditures and royalty payments as are
customary in our industry. This new license took effect and
products started to ship in January 2024.
In September 2021, we entered into a long-term global licens-
ing agreement for the creation, development and distribution
of fragrances and fragrance related products under the Donna
Karan and DKNY brands. Our rights under this license are sub-
ject to certain minimum advertising expenditures and royalty
payments as are customary in our industry. With this agreement,
we gained several well-established and valuable fragrance fran-
chises, 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.
Cash provided by operating activities aggregated $187.6 mil-
lion, $105.8 million, and $73.0 million in 2024, 2023 and 2022,
respectively. In 2024, working capital items used $49.7 million in
cash from operating activities, as compared to $102.0 million in
2023 and $107.7 million in 2022. Although, from a cash flow per-
spective, accounts receivable is up 17% from year-end 2023, the
balance is reasonable based upon 2024 record sales levels. While
days sales outstanding was 66 days, up from 62 days and 60 days
in 2023 and 2022, respectively, driven by changes in our channel
mix, we are still seeing strong collection activity and do not an-
ticipate any issues with collections of accounts receivable. From
a cash flow perspective, inventory levels are up 5% in support of
our overall sales growth. Inventory days on hand increased slightly
to 259 days in 2024, as compared to 252 days in 2023, and 227
days in 2022, as we have built up inventory related to the inclu-
sion of the Lacoste and Roberto Cavalli licenses, which require
large inventory needs to support the launches of these brands.
Additionally, as we are working to manage down our invento-
ry levels, we have seen increased conversion of raw materials
into finished goods resulting in finished goods making up 63% of
our inventory levels at December 31, 2024 as compared to 57%
and 49% at December 31, 2023 and 2022, respectively. Due to
past supply constraints, we had strived to carry more inventory
overall, source the same components from multiple suppliers and
when possible, manufacture products closer to where they are
sold. These constraints have largely abated and we are gradually
reversing some of these previous interventions. We are beginning
to see the impacts of these recent inventory management efforts
and will continue to work to optimize inventory levels.
Cash flows used in investing activities in 2024 reflect the
purchases and sales of short-term investments. These invest-
ments consist of certificates of deposit with maturities great-
er than three months, marketable equity securities and other
contracts. At December 31, 2024, approximately $2.1 million of
certificates of deposit contain penalties where we would forfeit
a portion of the interest earned in the event of early withdrawal.
Further, in December 2024, the Company paid approximate-
ly $16 million for the purchase of the Off-White Trademark,
with an additional $2 million payable over two years.
Our business is not capital intensive as we do not own any
manufacturing facilities. On a full year basis, we typically spend
approximately $5 million on tools and molds, depending on our
new product development calendar. Capital expenditures also
include amounts for office fixtures, computer equipment and
industrial equipment needed at our distribution centers.
Cash flows used in financing activities in 2024 reflect issuances
and repayment of debt and payment of dividends to stockholders.
In July 2024, the Company entered into a $41.6 million (€40
million) three-year loan agreement that bears a fixed interest
rate of 4.03%. Additionally, in December 2022, to finance In-
terparfums SA’s acquisition of the Lacoste trademark, Inter-
parfums SA entered into an approximately $51.9 million (€50
million) four-year loan agreement. The loan agreement bears
interest at Euribor-1 month rates plus a margin of 0.825%. This
variable rate debt was swapped for variable interest rate debt
with a maximum rate of 2% per annum.
Our short-term financing requirements are expected to be
met by available cash on hand at December 31, 2024, and by
short-term credit lines provided by domestic and foreign banks.
management’s discussion and analysis
of financial condition and results of operations

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
81
foreign currency contracts are denominated in currencies of ma-
jor industrial countries and are with large financial institutions,
which are rated as strong investment grade.
All derivative instruments are required to be reflected as ei-
ther assets or liabilities in the balance sheet measured at fair val-
ue. Generally, increases or decreases in fair value of derivative
instruments will be recognized as gains or losses in earnings in the
period of change. If the derivative is designated and qualifies as a
cash flow hedge, then the changes in fair value of the derivative
instrument will be recorded in other comprehensive income.
Before entering into a derivative transaction for hedging pur-
poses, we determine that the change in the value of the deriv-
ative will effectively offset the change in the fair value of the
hedged item from a movement in foreign currency rates. Then,
we measure the effectiveness of each hedge throughout the
hedged period. Any hedge ineffectiveness is recognized in the
income statement.
As of December 31, 2024, we had foreign currency contracts
in the form of forward exchange contracts of approximately
U.S. $100 million with maturities of less than one year. We be-
lieve that our risk of loss as the result of nonperformance by any
of such financial institutions is remote.
Interest Rate Risk Management
We mitigate interest rate risk by monitoring interest rates,
and then determining whether fixed interest rates should be
swapped for floating rate debt, or if floating rate debt should be
swapped for fixed rate debt.
MANAGEMENT’S ANNUAL REPORT ON INTERNAL
CONTROL OVER FINANCIAL REPORTING
The management of Interparfums, Inc. is responsible for estab-
lishing and maintaining adequate internal control over financial
reporting, as defined in Rule 13(a)-15(f) under the Securities
Exchange Act of 1934, to provide reasonable assurance regard-
ing the reliability of our financial reporting and the preparation
of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles (“GAAP”).
Because of its inherent limitations, internal control over fi-
nancial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inad-
equate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. A
material weakness is a deficiency, or combination of deficien-
report on internal control
over financial reporting
The principal credit facilities for 2024 consist of $70 million un-
secured revolving lines of credit provided by a consortium of
domestic commercial banks and approximately $8.3 million in
credit lines provided by a consortium of international financial
institutions. Balances due from short-term borrowings totaled
$8.3 million and $4.4 million as of December 31, 2024 and 2023,
respectively.
In February 2022, our Board of Directors authorized an
annual dividend of $2.00 per share, payable quarterly. In Feb-
ruary 2023, our Board of Directors authorized an increase in
the annual dividend to $2.50 per share and in February 2024,
our Board of Directors increased the annual dividend to $3.00
per share. In February 2025, our Board of Directors further in-
creased the annual dividend to $3.20 per share. The next quar-
terly cash dividend of $0.80 per share is payable on March 28,
2025 to shareholders of record on March 14, 2025.
We believe that funds provided by or used in operations can
be supplemented by our present cash position and available
credit facilities, so that they will provide us with sufficient re-
sources to meet all present and reasonably foreseeable future
operating needs.
Inflation rates in the U.S. and foreign countries in which we
operate did not have a significant impact on operating results for
the year ended December 31, 2024.
QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
We address certain financial exposures through a controlled
program of risk management that primarily consists of the use of
derivative financial instruments. We primarily enter into foreign
currency forward exchange contracts in order to reduce the
effects of fluctuating foreign currency exchange rates. We do
not engage in the trading of foreign currency forward exchange
contracts or interest rate swaps.
Foreign Exchange Risk Management
We periodically enter into foreign currency forward exchange
contracts to hedge exposure related to receivables denominat-
ed in a foreign currency and to manage risks related to future
sales expected to be denominated in a currency other than our
functional currency. We enter into these exchange contracts
for periods consistent with our identified exposures. The pur-
pose of the hedging activities is to minimize the effect of foreign
exchange rate movements on the receivables and cash flows
of Interparfums SA, whose functional currency is the euro. All

82
Remediation Plan
We are committed to maintaining a strong internal control en-
vironment and implementing measures designed to ensure that
control deficiencies contributing to the material weaknesses
are remediated as soon as practicable. The Company plans to
engage a third-party firm to assist us with designing and im-
plementing a risk assessment process and establish process-
es and controls to support an effective control environment.
Specifically, we will:
(i) design and implement effective risk assessment procedures
and monitoring activities,
(ii) review our current processes, procedures, and systems
and assess the design of controls to ensure the key controls
address the relevant risks identified by management,
(iii) enhance and implement protocols to retain sufficient
documentary evidence of operating effectiveness of such
controls, and
(iv) implement enhanced process controls around user access
to information technology systems, including confirming and
monitoring appropriate user access levels to applications, pro-
grams and data.
These actions are intended to enable the Company to more
effectively monitor the effectiveness of our internal control
over financial reporting.
We believe that these actions, collectively, will remediate
the material weaknesses identified. However, our material
weaknesses will not be considered remediated until the con-
trols operate for a sufficient period of time and management
has concluded, through testing, that the related controls are
operating effectively. We will continue to monitor the design
and effectiveness of these and other processes, procedures,
and controls and will make any further changes management
deems appropriate.
report on internal control
over financial reporting
cies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the
Company’s annual or interim financial statements will not be
prevented or detected on a timely basis.
With the participation of the Chief Executive Officer and the
Chief Financial Officer, our management conducted an evaluation
of the effectiveness of our internal control over financial reporting
based on the framework and criteria established in Internal Con-
trol – Integrated Framework (2013), issued by the Committee of
Sponsoring Organizations of the Treadway Commission. Based on
this evaluation, our management has concluded that our internal
control over financial reporting was not effective as of December
31, 2024, due to the material weaknesses identified below.
• The Company does not have an annual risk assessment pro-
cess sufficiently designed to identify the risks that could impact
the Company’s consolidated financial statements. This includes
processes to review any previously-recognized risks and identify
any potential new risks that could have a material impact on the
Company. As a result, the Company could not properly assess
if the key controls in place were sufficient to mitigate the risks
of material misstatement and the Company could not adequate-
ly provide oversight over the testing of management’s internal
control over financial reporting.
• The Company did not design and maintain an effective control
environment commensurate with its financial reporting require-
ments. Specifically, the Company did not maintain sufficient doc-
umentation to evidence that controls have operated as designed
with respect to key financial statement accounts and assertions.
• The Company did not design and maintain effective informa-
tion technology general controls related to user access at our
Interparfums SA subsidiary, which limited management’s abil-
ity to rely on technology-dependent controls relevant to the
preparation of the Company’s consolidated financial statements.
Despite the finding of these material weaknesses, we have
concluded that our consolidated financial statements and relat-
ed notes thereto included in this Annual Report on Form 10-K
fairly present in all material respects the financial condition, re-
sults of operations and cash flows of the Company as of, and for,
the periods presented.
Our independent auditor, Forvis Mazars, LLP, a registered
public accounting firm, has issued its report on its audit of our
internal control over financial reporting. Forvis Mazars, LLP’s
attestation report contains an adverse opinion on the effective-
ness of the Company’s internal control over financial reporting.
This report appears on following page.
Jean Madar
Chief Executive Officer
Chairman of the
Board of Directors
Michel Atwood
Chief Financial Officer

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
83
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To Shareholders and
the Board of Directors of Interparfums, Inc.
Opinions on the Financial Statements
and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets
of Interparfums, Inc. (the “Company”) as of December 31, 2024,
the related consolidated statements of income, comprehensive
income, shareholders’ equity, and cash flows for the year ended
December 31, 2024, and the related notes and the schedule list-
ed in the Index in Item 15(a)(2) (collectively referred to as the
“financial statements”). We also have audited the Company’s in-
ternal control over financial reporting as of December 31, 2024,
based on criteria established in Internal Control – Integrated
Framework: (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
We also have audited the adjustments to the 2023 financial
statements to retrospectively apply the change in accounting
related to the Company’s adoption of ASU 2023-07, Segment
Reporting (Topic 280) - Improvements to Reportable Segment
Disclosures as described in Note 15. In our opinion, such ad-
justments are appropriate and have been properly applied. We
were not engaged to audit, review, or apply any procedures to
the 2023 financial statements of the Company other than with
respect to the adjustments and, accordingly, we do not express
an opinion or any other form of assurance on the 2023 financial
statements taken as a whole.
A material weakness is a deficiency, or a combination of de-
ficiencies, in internal control over financial reporting, such that
there is a reasonable possibility that a material misstatement
of the Company’s annual or interim financial statements will
not be prevented or detected on a timely basis. The following
material weaknesses have been identified and included in man-
agement’s assessment:
• The Company does not have an annual risk assessment pro-
cess sufficiently designed to identify the risks that could impact
the Company’s consolidated financial statements. This includes
processes to review any previously recognized risks and identify
any potential new risks that could have a material impact on the
Company. As a result, the Company could not properly assess
if the key controls in place were sufficient to mitigate the risks
of material misstatement and the Company could not adequately
provide oversight over the testing of management’s internal con-
trol over financial reporting.
• The Company did not design and maintain an effective con-
trol environment commensurate with its financial reporting
requirements. Specifically, the Company did not maintain suf-
ficient documentation to evidence that controls have operated
as designed with respect to key financial statement accounts
and assertions.
• The Company did not design and maintain an effective infor-
mation technology general controls related to user access at
our Interparfums SA subsidiary, which limited management’s
ability to rely on technology-dependent controls relevant to the
preparation of the Company’s consolidated financial statements.
These material weaknesses were considered in determining
the nature, timing, and extent of auditing procedures applied in
our audit of the Company’s consolidated financial statements as
of and for the year ended December 31, 2024 and our opinion
regarding the effectiveness of the Company’s internal control
over financial reporting does not affect our opinion on those
consolidated financial statements.
In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial po-
sition of the Company as of December 31, 2024, and the results
of its operations and its cash flows for the year ended Decem-
ber 31, 2024, in conformity with accounting principles generally
accepted in the United States of America. Also, in our opinion,
because of the effect of the material weakness described above
on the achievement of the objectives of the control criteria, the
Company has not maintained effective internal control over fi-
nancial reporting as of December 31, 2024, based on criteria
established in Internal Control – Integrated Framework: (2013)
issued by the COSO.

Basis for Opinion
The Company’s management is responsible for these consoli-
dated financial statements, for maintaining effective internal
control over financial reporting, and for its assessment of the
effectiveness of internal control over financial reporting, in-
cluded in the accompanying Management’s Annual Report on
Internal Control over Financial Reporting. Our responsibility is
to express an opinion on the Company’s financial statements
and an opinion on the Company’s internal control over financial
reporting based on our audit.
We are a public accounting firm registered with the Pub-
lic Company Accounting Oversight Board (United States)
(“PCAOB”) and are required to be independent with respect to
the Company in accordance with the U.S. federal securities laws
report of independent registered
public accounting firm

84
and the applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards
of the PCAOB. Those standards require that we plan and per-
form the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement,
whether due to error or fraud, and whether effective internal
control over financial reporting was maintained in all material
respects.
Our audit of the financial statements included performing
procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and per-
forming procedures that respond to those risks. Such proce-
dures include examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our
audit also included evaluating the accounting principles used
and significant estimates made by management, as well as eval-
uating the overall presentation of the financial statements. Our
audit of internal control over financial reporting included ob-
taining an understanding of internal control over financial re-
porting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. Our audit also
included performing such other procedures as we considered
necessary in the circumstances. We believe that our audit pro-
vide a reasonable basis for our opinions.
Definition and Limitations of Internal Control
over Financial Reporting
A company’s internal control over financial reporting is a pro-
cess designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of reliable
financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s inter-
nal control over financial reporting includes those policies
and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded
as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorizations of management and di-
rectors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over fi-
nancial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become in-
adequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.
Critical Audit Matter
The critical audit matters communicated below are matters
arising from the current-period audit of the financial statements
that were communicated or required to be communicated to
the audit committee and that:
(1) relate to accounts or disclosures that are material to the
financial statements and
(2) involved our especially challenging, subjective, or complex
judgments. The communication of critical audit matters does
not alter in any way our opinion on the financial statements,
taken as a whole, and we are not, by communicating the critical
audit matters below, providing separate opinions on the crit-
ical audit matters or on the accounts or disclosures to which
they relate.

Indefinite-Lived Intangible Assets
As described in Notes 1 and 7 to the consolidated financial
statements, the Company’s indefinite-lived intangible assets
were $116.2 million as of December 31, 2024. The Company
evaluates indefinite-lived intangible assets for impairment at
least annually during the fourth quarter, or more frequently
when events occur or circumstances change. When testing
indefinite-lived intangible assets for impairment, the evalu-
ation requires a comparison of the estimated fair value of
the asset to the carrying value of the asset. The fair values
used in management’s evaluations are estimated based upon
discounted future cash flow projections using a weighted av-
erage cost of capital.
We have identified the indefinite-lived intangible assets as a
critical audit matter. The principal considerations for our de-
termination are (i) the significant judgment used by management
when developing the fair value of the indefinite-lived intangible
assets; (ii) a high degree of auditor judgment, subjectivity, and
effort in performing procedures and evaluating management’s
significant assumptions related to estimates of projected future
sales and discount rates; and (iii) the audit effort involved the
use of professionals with specialized skill and knowledge.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
85
material respects, the financial position of the Company as of
December 31, 2023, and the results of its operations and its
cash flows for each of the years in the two-year period ended
December 31, 2023, in conformity with accounting principles
generally accepted in the United States of America.
We were not engaged to audit, review, or apply any proce-
dures to the adjustments to retrospectively apply the change in
accounting (as described in Note 14) and, accordingly, we do not
express an opinion or any other form of assurance about wheth-
er such adjustments are appropriate and have been properly
applied. Those adjustments were audited by Forvis Mazars, LLP.
Basis for Opinion
These consolidated financial statements are the responsibility
of the Company’s management. Our responsibility is to express
an opinion on the Company’s consolidated financial statements
based on our audits. We are a public accounting firm registered
with the PCAOB and are required to be independent with
respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and per-
form the audit to obtain reasonable assurance about whether
the consolidated financial statements are free of material mis-
statement, whether due to error or fraud. Our audits included
performing procedures to assess the risks of material misstate-
ment of the consolidated financial statements, whether due
to error or fraud, and performing procedures that respond to
those risks. Such procedures included examining, on a test basis,
evidence regarding the amounts and disclosures in the consol-
idated financial statements. Our audits also included evaluating
the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation
of the consolidated financial statements. We believe that our
audits provide a reasonable basis for our opinion.

We have served as the Company’s auditor from 2004 to 2024.
Mazars USA LLP
New York, New York
February 27, 2024
The procedures we performed to address this critical audit
matter included:
• Obtained an understanding of the Company’s valuation model
and process for assessing impairment of indefinite-lived intangi-
ble assets, and evaluated the design and tested the operating ef-
fectiveness of controls relating to the indefinite-lived intangible
assets impairment assessments.
• Involved the firm’s valuation specialists to assist in our procedures
in evaluating the appropriateness of management’s valuation mod-
els and assumptions, specifically related tot he weighted average
cost of capital (i.e., the discount rate) and long-term growth rate.
• Evaluated the reasonableness of the significant assumptions
used by management related to projected future sales and
cash flows
• Testing the completeness and accuracy of data used by man-
agement in their valuation model, and the mathematical accura-
cy of management’s valuation model.
We have served as the Company’s auditor since 2024.
Forvis Mazars, LLP
New York, New York
March 11, 2025
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To Shareholders and the Board of Directors
of Interparfums, Inc. (f/k/a Inter Parfums, Inc.)
Opinion on the Financial Statements
We have audited, before the effects of the adjustments to retro-
spectively apply the change in accounting described in Note 14,
the accompanying consolidated balance sheet of Interparfums,
Inc. (the “Company”) as of December 31, 2023, and the relat-
ed consolidated statements of income, comprehensive income,
shareholders’ equity, and cash flows for each of the years in the
two-year period ended December 31, 2023, and the related
notes and the schedule listed in the Index in Item 15(a)(2) (col-
lectively referred to as the “consolidated financial statements”).
In our opinion, the consolidated financial statements, before the
effects of the adjustments to retrospectively apply the change
in accounting (as described in Note 14), present fairly, in all
report of independent registered
public accounting firm

86
INTERPARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands except share and per share data)
Years Ended December 31,

2024

2023
ASSETS
Current assets:

Cash and cash equivalents
$125,433
$88,462

Short-term investments
109,311 94,304

Accounts receivable, net
274,705
247,240

Inventories
371,920
371,859

Receivables, other
6,122
7,012

Other current assets
27,035
29,458

Income taxes receivable
306
691
Total current assets
914,832
839,026
Property, equipment and leasehold improvements, net
153,773
169,222
Right-of-use assets, net
24,603
28,613
Trademarks, licenses and other intangible assets, net
282,484
296,356
Deferred tax assets
17,034
14,545
Other assets
18,535
21,567
Total assets
$1,411,261
$1,369,329
LIABILITIES AND EQUITY

Current liabilities:

Loans payable - banks
$8,311
$4,420

Current portion of long-term debt
41,607
29,587

Current portion of lease liabilities
6,087
5,951

Accounts payable - trade
91,049
97,409

Accrued expenses
172,758
178,880

Income taxes payable
12,615
8,498
Total current liabilities
332,427
324,745
Long–term debt, less current portion
115,734
127,897
Lease liabilities, less current portion
20,455
24,517
Equity:

Interparfums, Inc. shareholders’ equity:

Preferred stock, $0.001 par value. Authorized 1,000,000 shares; none issued
-
-

Common stock, $0.001 par value. Authorized 100,000,000 shares;

outstanding, 32,110,170 and 32,004,660 shares
on December 31, 2024, and 2023, respectively
32
32

Additional paid-in capital
106,702
98,565

Retained earnings
763,240
693,848

Accumulated other comprehensive loss
(72,239)
(40,188)

Treasury stock, at cost, 9,981,665 and 9,981,665 common shares

on December 31, 2024, and 2023, respectively
(52,864) (52,864)
Total Interparfums, Inc. shareholders’ equity
744,871
699,393
Noncontrolling interest
197,774
192,777
Total equity
942,645
892,170
Total liabilities and equity
1,411,261
$1,369,329
(See accompanying notes to consolidated financial statements)
financial statements

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
87
INTERPARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except share and per share data)

Years Ended December 31,
2024
2023
2022
Net sales
$1,452,325
$1,317,675
$1,086,653

Cost of sales
524,984
478,597
392,231
Gross margin
927,341
839,078
694,422

Selling, general, and administrative expenses
648,540
587,696
492,370

Impairment loss
4,005
–
7,749
Income from operations
274,796
251,382
194,303
Other expenses (income):

Interest expense
7,825
11,253
3,599

Loss on foreign currency
1,085
1,582
1,921

Interest and investment income
(2,218)
(10,729) (5,486)

Other (Income) expense
(287)
(317) 50

6,405
1,789
84
Income before income taxes
268,391
249,593
194,219

Income taxes
64,958
61,817
43,182
Net income
203,433
187,776
151,037

Less: Net income attributable to the noncontrolling interest
39,075
35,122
30,099
Net income attributable to Interparfums, Inc.
$164,358
$152,654
$120,938
Net income attributable to Interparfums, Inc. common shareholders:

Basic
$5.13
$4.77
$3.80

Diluted
$5.12
$4.75
$3.78
Weighted average number of shares outstanding:

Basic
32,036,728
31,994,328
31,859,417

Diluted
32,124,285
32,139,702
31,988,753
Dividends declared per share
$3.00
$2.50
$2.00
(See accompanying notes to consolidated financial statements.)
Interparfums, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands except share and per share data)
Years ended December 31,
2024
2023
2022
Net income
$203,433
$187,776
$151,037
Other comprehensive income:

Net derivative instrument (loss) income, net of tax
(2,249)
(3,329)
2,356

Transfer of OCI into earnings
(64)
1,709
992

Pension benefits, net of tax
2,785
-
-

Translation adjustments, net of tax
(42,059)
24,042 (29,683)

(41,587)
22,422
(26,335)
Comprehensive income
161,846 210,198 124,702
Comprehensive income attributable to noncontrolling interests:

Net income
39,075
35,122
30,099

Net derivative instrument (loss) income, net of tax (618)
25
647

Pension benefits, net of tax
766
-
-
Translation adjustments, net of tax
(9,684)
6,529
(9,358)

29,539
41,676
21,388
Comprehensive income attributable to Interparfums, Inc.
$132,307
$168,522
$103,314
(See accompanying notes to consolidated financial statements.)
financial statements

88
INTERPARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(In thousands, except share and per share data)

Years Ended December 31,
2024
2023
2022
Common stock, beginning and end of year
$32
$32
$32
Additional paid-in capital, beginning of year
98,565
90,186
87,132

Shares issued upon exercise of stock options
7,049
8,025
6,004

Share-based compensation
1,039
1,246
1,355

Transfer of subsidiary shares purchased
49
(892 )
(4,305)
Additional paid-in capital, end of year
106,702
98,565
90,186
Retained earnings, beginning of year
693,848
620,095
560,663

Net income
164,358
152,654
120,938

Dividends
(96,026)
(80,047)
(63,743)

Stock-based compensation
1,060
1,146
2,237
Retained earnings, end of year
763,240
693,848
620,095
Accumulated other comprehensive loss, beginning of year
(40,188)
(56,056)
(38,432)

Foreign currency translation adjustment, net of tax
(32,375)
17,513
(20,325)

Transfer from other comprehensive income into earnings
(64)
1,709 992

Pension benefits, net of tax
2,019
- -

Net derivative instrument (loss) income, net of tax
(1,631)
(3,354)
1,709
Accumulated other comprehensive loss, end of year
(72,239)
(40,188)
(56,056)
Treasury stock, beginning of year
(52,864)
(37,475 )
(37,475)

Shares repurchased
-
(15,389)
-
Treasury stock, end of year
(52,864)
(52,864)
(37,475)
Noncontrolling interest, beginning of year
192,777
171,364
166,412

Net income
39,075
35,122
30,099

Foreign currency translation adjustment, net of tax
(9,684)
6,529
(9,358)

Pension benefits, net of tax
766
-
-

Net derivative instrument (loss) income, net of tax
(618)
25
647

Dividends
(24,729)
(20,301)
(16,056)

Share-based compensation
236
180
(282)

Transfer of subsidiary shares purchased
(49)
(142 )
(98)
Noncontrolling interest, end of year
197,774
192,777
171,364
Total equity
$942,645
$892,170
$788,146
(See accompanying notes to consolidated financial statements.)

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
89
INTERPARFUMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Years ended December, 31
2024
2023
2022
Cash flows from operating activities:

Net income
$203,433
$187,776
$151,037
Adjustments to reconcile net income to net cash

provided by operating activities:

Depreciation and amortization including impairment loss
28,358
17,331
22,539

Provision for doubtful accounts
618
(1,734)
2,353

Noncash stock compensation
2,379
2,525
3,143

Share of income (loss) of equity investment
(460)
(317)
49

Noncash lease expense
6,271
5,448
4,980

Deferred tax benefit
(3,356)
(2,987)
(3,604)

Change in fair value of derivatives
93
(301)
227
Changes in:

Accounts receivable
(41,281)
(36,843)
(59,640)
Inventories
(17,203)
(73,700)
(98,297)

Other assets
5,428
11,868
(13,651)
Operating lease liabilities
(6,128)
(5,290)
(4,795)
Accounts payable and accrued expenses
4,868
3,064
64,738
Income taxes, net
4,622
(1,066)
3,952
Net cash provided by operating activities
187,642
105,774
73,031
Cash flows from investing activities:

Purchases of short-term investments
(206,222)
(221,111)
(1,038)

Proceeds from sale of short-term investments
183,742
281,741
896

Purchase of property, equipment and leasehold improvements
(4,740)
(6,465)
(33,756)

Payment for intangible assets acquired
(17,612)
(46,903)
(56,746)
Net cash (used in) provided by investing activities
(44,832)
7,262
(90,644)
Cash flows from financing activities:

Proceeds from loans payable, bank
4,330
4,325
-

Proceeds from issuance of long-term debt
43,296
-
52,492

Repayment of long-term debt
(34,689)
(28,800)
(19,861)

Proceeds from exercise of options
7,049
8,025
6,003

Purchase of subsidiary shares from noncontrolling interests
-
(1,027)
(4,403)

Dividends paid
(96,026)
(80,047)
(63,743)

Dividends paid to noncontrolling interests
(24,729)
(20,301)
(16,056)

Purchase of treasury stock
-
(15,389)
-
Net cash used in financing activities
(100,769)
(133,214)
(45,568)
Effect of exchange rate changes on cash
(5,070)
3,927
(493)
Net increase (decrease) in cash and cash equivalents
36,971
(16,251)
(63,674)
Cash and cash equivalents – beginning of year
88,462
104,713
168,387
Cash and cash equivalents – end of year
$125,433
$88,462
$104,713
Supplemental disclosures of cash flow information:

Cash paid for:

Interest
$7,495
$5,823
$2,987
Income taxes
63,197
60,990
38,492
(See accompanying notes to consolidated financial statements.)

financial statements

90
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(1) The Company and its Significant
Accounting Policies
Business of the Company
Interparfums, Inc. and its subsidiaries (the “Company”) are in
the fragrance business and manufacture, market and distribute a
wide array of prestige fragrances and fragrance related products.
Substantially all of our prestige fragrance brands are licensed
from unaffiliated third parties, and our business is dependent
upon the continuation and renewal of such licenses. With re-
spect to the Company’s largest brands, we license the Jimmy
Choo, Montblanc, Coach, GUESS, Donna Karan/DKNY, La-
coste, and Ferragamo brand names. As a percentage of net sales,
product sales for the Company’s largest brands were as follows:
Year Ended December 31,
2024
2023
2022
Jimmy Choo
17%
17%
18%
Montblanc
15%
17%
18%
Coach
14%
15%
15%
GUESS
12%
12%
12%
Donna Karan/DKNY
7%
7%
3%
Lacoste
6%
-
-
Ferragamo
5%
5%
5%
Basis of Preparation
The consolidated financial statements include the accounts
of the Company and its subsidiaries, including 72% owned
Interparfums SA, a subsidiary whose stock is publicly traded
in France. All material intercompany balances and transactions
have been eliminated.
Management Estimates
Management makes assumptions and estimates to prepare fi-
nancial statements in conformity with accounting principles
generally accepted in the United States of America. Those as-
sumptions and estimates directly affect the amounts reported
and disclosures included in the consolidated financial state-
ments. Actual results could differ from those assumptions and
estimates. Significant estimates for which changes in the near
term are considered reasonably possible and that may have a
material impact on the financial statements are disclosed in
these notes to the consolidated financial statements.
Foreign Currency Translation
For foreign subsidiaries with operations denominated in a for-
eign currency, assets and liabilities are translated to U.S. dol-
lars at year-end exchange rates. Income and expense items are
translated at average rates of exchange prevailing during the
year. Gains and losses from translation adjustments are accumu-
lated in a separate component of shareholders’ equity.
Cash and Cash Equivalents
and Short-Term Investments
All highly liquid investments purchased with a maturity of three
months or less are considered to be cash equivalents. The
Company also has short-term investments which consist of cer-
tificates of deposit with maturities greater than three months,
marketable equity securities and other contracts. The Company
monitors concentrations of credit risk associated with finan-
cial institutions with which the Company conducts significant
business. The Company believes its credit risk is minimal, as
the Company primarily conducts business with large, well-es-
tablished financial institutions. Substantially all cash and cash
equivalents are primarily held at financial institutions outside
the United States and are readily convertible into U.S. dollars.
Accounts Receivable
Accounts receivable represent payments due to the Company
for previously recognized net sales, reduced by allowances for
doubtful accounts or balances which are estimated to be un-
collectible, which aggregated $2.4 million and $2.1 million as of
December 31, 2024, and 2023, respectively. Accounts receiv-
able balances are written-off against the allowance for doubt-
ful accounts when they become uncollectible. Recoveries of
accounts receivable previously recorded against the allowance
are recorded in the consolidated statement of income when re-
ceived. We generally grant credit based upon our analysis of the
customer’s financial position, as well as previously established
buying patterns.
Inventories
Inventories, including promotional merchandise, only include
inventory considered saleable or usable in future periods, and
are stated at the lower of cost and net realizable value, with
cost being determined on the first-in, first-out method. Cost
components include raw materials, direct labor and overhead
(e.g., indirect labor, utilities, depreciation, purchasing, receiv-
ing, inspection and warehousing) as well as inbound freight.
Promotional merchandise is charged to cost of sales at the time
the merchandise is shipped to the Company’s customers
Derivatives
All derivative instruments are recorded as either assets or lia-
bilities and measured at fair value. The Company uses derivative
notes to consolidated financial statements
(in thousands except share and per share data)

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
91
instruments to principally manage a variety of market risks. For
derivatives designated as hedges of the exposure to changes
in fair value of the recognized asset or liability or a firm com-
mitment (referred to as fair value hedges), the gain or loss is
recognized in earnings in the period of change together with
the offsetting loss or gain on the hedged item attributable to
the risk being hedged. The effect of that accounting is to include
in earnings the extent to which the hedge is not effective in
achieving offsetting changes in fair value. For cash flow hedges,
the effective portion of the derivative’s gain or loss is initially re-
ported in equity (as a component of accumulated other compre-
hensive income) and is subsequently reclassified into earnings in
the same period or periods during which the hedged forecasted
transaction affects earnings. The ineffective portion of the gain
or loss of a cash flow hedge is reported in earnings immediately.
The Company also holds certain instruments for economic pur-
poses that are not designated for hedge accounting treatment.
For these derivative instruments, changes in their fair value are
recorded in earnings immediately.
Property, Equipment
and Leasehold Improvements
Property, equipment and leasehold improvements are stated at
cost less accumulated depreciation. Depreciation is provided
using the straight-line method over the estimated useful lives for
furniture and equipment, which range between three and fifteen
years. Depreciation on buildings and leasehold improvements is
calculated using the straight-line method over the shorter of the
lease term or estimated useful asset lives, which range between
seven and fifty years. Depreciation provided on equipment used
to produce inventory, such as tools and molds, is included in
cost of sales.
Long-Lived Assets
Indefinite-lived intangible assets principally consist of trade-
marks which are not amortized. The Company evaluates in-
definite-lived intangible assets for impairment at least annually
during the fourth quarter, or more frequently when events oc-
cur or circumstances change, such as an unexpected decline in
sales, that would more-likely-than-not indicate that the carrying
value of an indefinite-lived intangible asset may not be recover-
able. When testing indefinite-lived intangible assets for impair-
ment, the evaluation requires a comparison of the estimated fair
value of the asset to the carrying value of the asset. The fair val-
ues used in our evaluations are estimated based upon discount-
ed future cash flow projections using a weighted average cost of
capital of 9.47% and 10.39% in 2024 and 2023, respectively. The
cash flow projections are based upon a number of assumptions,
including future sales levels, future cost of goods and operating
expense levels, as well as economic conditions, changes to our
business model or changes in consumer acceptance of our prod-
ucts which are more subjective in nature. If the carrying value
of an indefinite-lived intangible asset exceeds its fair value, an
impairment charge is recorded.
Intangible assets subject to amortization principally consist
of licenses and are amortized on a straight-line basis over the
shorter of the license term or estimated economic life, ranging
from three to twenty years. Intangible assets subject to amor-
tization are evaluated for impairment testing whenever events
or changes in circumstances indicate that the carrying amount
of an amortizable intangible asset may not be recoverable. If im-
pairment indicators exist for an amortizable intangible asset, the
undiscounted future cash flows associated with the expected
service potential of the asset are compared to the carrying value
of the asset. If our projection of undiscounted future cash flows
is in excess of the carrying value of the intangible asset, no im-
pairment charge is recorded. If our projection of undiscounted
future cash flows is less than the carrying value of the intangible
asset, an impairment charge would be recorded to reduce the
intangible asset to its fair value.
Revenue Recognition
The Company sells its products to department stores, perfum-
eries, specialty stores and domestic and international wholesal-
ers and distributors. Our revenue contracts represent single
performance obligations to sell our products to customers.
Sales of such products by our domestic subsidiaries are de-
nominated in U.S. dollars, and sales of such products by our
foreign subsidiaries are primarily denominated in either euro or
U.S. dollars. The substantial majority of our revenue is recog-
nized at a point in time when control of the promised goods is
transferred to customers based on agreed upon shipping terms,
which usually occurs upon delivery. Revenue is recognized in
an amount that reflects the consideration that we expect to
receive in exchange for those goods. Net sales are comprised
of gross revenues less incentives to customers such as returns,
trade discounts and allowances, which give rise to variable con-
sideration. The Company does not bill its customers’ freight
and handling charges. The Company grants credit to all qualified
customers and does not believe it is exposed significantly to any
undue concentration of credit risk. Macy’s, our top retail cus-
tomer, accounted for approximately 12% of net sales in 2024 and
2023, respectively. No one customer represented 10% or more
of net sales in 2022.
notes to consolidated financial statements
(in thousands except share and per share data)

92
Sales Returns
Generally, the Company does not permit customers to return
their unsold products. However, for U.S. based customers, we
allow returns if properly requested, authorized and approved.
The Company regularly reviews and revises, as deemed nec-
essary, its estimate of reserves for future sales returns based
primarily upon historic trends and relevant current data includ-
ing information provided by retailers regarding their inventory
levels. In addition, as necessary, specific accruals may be estab-
lished for significant future known or anticipated events. The
types of known or anticipated events that we consider include,
but are not limited to, the financial condition of our customers,
store closings by retailers, changes in the retail environment and
our decision to continue to support new and existing products.
The Company records its estimate of potential sales returns as
a reduction of sales and cost of sales with corresponding entries
to accrued expenses, to record the refund liability, and invento-
ry, for the right to recover goods from the customer. The refund
liability associated with estimated returns was $10.8 million and
$5.5 million at December 31, 2024 and 2023, respectively, and
the amounts recognized for the rights to recover products was
$4.1 million and $2.4 million at December 31, 2024 and 2023, re-
spectively. The physical condition and marketability of returned
products are the major factors we consider in estimating realiz-
able value. Actual returns, as well as estimated realizable values
of returned products, may differ significantly, either favorably
or unfavorably, from our estimates, if factors such as econom-
ic conditions, inventory levels or competitive conditions differ
from our expectations.
Payments to Customers
The Company records revenues generated from purchase with
purchase and gift with purchase promotions as sales and the
costs of its purchase with purchase and gift with purchase pro-
motions as cost of sales. Certain other incentive arrangements
require the payment of a fee to customers based on their at-
tainment of pre-established sales levels. These fees have been
recorded as a reduction of net sales.
Advertising and Promotion
Advertising and promotional costs are expensed as incurred
and recorded as a component of cost of goods sold (in the
case of free goods given to customers) or selling, general and
administrative expenses. Advertising and promotional costs
included in selling, general and administrative expenses were
$280.5 million, $261.3 million and $212.4 million for 2024,
2023 and 2022, respectively. Costs relating to purchase with
purchase and gift with purchase promotions that are reflected
in cost of sales aggregated $61.5 million, $52.3 million and $43.1
million in 2024, 2023 and 2022, respectively.
Package Development Costs
Package development costs associated with new products
and redesigns of existing product packaging are expensed as
incurred.
Operating Leases
The Company leases its offices and warehouses, vehicles, and
certain office equipment, substantially all of which are classi-
fied as operating leases. The Company currently has no materi-
al financing leases. The Company determines if an arrangement
is a lease at inception. Operating lease assets and obligations
are recognized at the lease commencement date based on the
present value of lease payments over the lease term.
License Agreements
The Company’s license agreements generally provide the
Company with worldwide rights to manufacture, market and
sell prestige fragrances and fragrance related products using the
licensors’ trademarks. The licenses typically have an initial term
of approximately 5 to 15 years and are potentially renewable
subject to the Company’s compliance with the license agree-
ment provisions. The remaining terms, excluding potential re-
newal periods, range from approximately 1 to 14 years. Under
each license, the Company is required to pay royalties in the
range of 6% to 11% to the licensor, at least annually, based on net
sales to third parties.
In certain cases, the Company may pay an entry fee to ac-
quire, or enter into, a license where the licensor or another
licensee was operating a pre-existing fragrance business. In
those cases, the entry fee is capitalized as an intangible asset and
amortized over its useful life.
Most license agreements require minimum royalty payments,
incremental royalties based on net sales levels and minimum
spending on advertising and promotional activities. Royalty ex-
penses are accrued in the period in which net sales are recog-
nized while advertising and promotional expenses are accrued at
the time these costs are incurred.
In addition, the Company is exposed to certain concentration
risk. Most of our prestige fragrance brands are licensed from
unaffiliated third parties, and our business is dependent upon
the continuation and renewal of such licenses.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
93
notes to consolidated financial statements
(in thousands except share and per share data)
Income Taxes
The Company accounts for income taxes using an asset and
liability approach that requires the recognition of deferred tax
assets and liabilities for the expected future tax consequences
of events that have been recognized in its financial statements
or tax returns. The net deferred tax assets assume sufficient
future earnings for their realization, as well as the continued
application of currently enacted tax rates. Included in net
deferred tax assets is a valuation allowance for deferred tax
assets, where management believes it is more-likely-than-not
that the deferred tax assets will not be realized in the relevant
jurisdiction. If the Company determines that a deferred tax
asset will not be realizable, an adjustment to the deferred tax
asset will result in a reduction of net earnings at that time.
Accrued interest and penalties are included within the related
tax asset or liability in the accompanying consolidated financial
statements.
Issuance of Common Stock
by Consolidated Subsidiary
The difference between the Company’s share of the proceeds
received by the subsidiary and the carrying amount of the por-
tion of the Company’s investment deemed sold, is reflected as
an equity adjustment in the consolidated balance sheets.
Treasury Stock
The Board of Directors has authorized share repurchases of the
Company’s common stock (Share Repurchase Authorizations).
Share repurchases under Share Repurchase Authorizations are
made through open market transactions, negotiated purchase
or otherwise, at times and in such amounts within the parame-
ters authorized by the Board. Shares repurchased under Share
Repurchase Authorizations are held in treasury for general cor-
porate purposes, including issuances under various employee
stock option plans. Treasury shares are accounted for under
the cost method and reported as a reduction of equity. Share
Repurchase Authorizations may be suspended, limited or termi-
nated at any time without notice.
Recently Adopted
Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update (“ASU”) No.
2023-07, Segment Reporting (Topic 280): Improvements to
Reportable Segment Disclosures. The ASU updates reportable
segment disclosure requirements, primarily through requiring
enhanced disclosures about significant segment expenses and
information used to assess segment performance and allocate
resources. The guidance is effective for fiscal years beginning
after December 15, 2023, and interim periods for fiscal years
beginning after December 15, 2024, on a retrospective basis.
Early adoption is permitted. The Company adopted the ASU as
of December 31, 2024 and applied its provisions retrospectively
(See Note 14).
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03,
Income Statement - Reporting Comprehensive Income -
Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses and in January
2025, the FASB issued ASU No. 2025-01, Income Statement -
Reporting Comprehensive Income - Expense Disaggregation
Disclosures (Subtopic 220-40): Clarifying the Effective Date,
which clarified the effective date of ASU 2024-04. The ASU
requires, among other things, more detailed disclosures about
types of expenses in commonly presented expense captions
such as cost of sales and selling, general and administrative
expenses and is intended to improve the disclosures about an
entity’s expenses including purchases of inventory, employee
compensation, depreciation and intangible asset amortization.
ASU 2024-03 will also require the Company to disclose both
the amount and the Company’s definition of selling expens-
es. The guidance, as clarified by ASU 2025-01, is effective for
fiscal years beginning after December 15, 2026, and interim
periods for fiscal years beginning after December 15, 2027, on
a prospective or retrospective basis. Early adoption is permit-
ted. We are currently evaluating the impact of adopting this
ASU on our disclosures.
In December 2023, the FASB issued ASU No. 2023-09, In-
come Taxes (Topic 740): Improvements to Income Tax Dis-
closures. The ASU includes amendments requiring enhanced
income tax disclosures, primarily related to standardization
and disaggregation of rate reconciliation categories and in-
come taxes paid by jurisdiction. The guidance is effective
for annual periods beginning after December 15, 2024. Early
adoption is permitted and shall be applied on a prospective
basis with the option to apply retrospectively. We are cur-
rently evaluating the impact of adopting this ASU on our
disclosures.
There are no other recent accounting pronouncements is-
sued but not yet adopted that would have a material effect on
our consolidated financial statements.

94
Reclassifications
Certain prior year amounts in the accompanying notes to consolidated financial statements have been reclassified to conform with
current period presentation.
Correction of Immaterial Misstatements
in Prior Period Financial Statements
During the year ended December 31, 2023, the Company identified an error that caused an overstatement of line items on the
previously reported consolidated statement of cash flows. The error does not impact any other consolidated financial statement
included herein. Specifically, the error related to the timing of payments to Lacoste in accordance with the acquisition agreement
of the Lacoste trademark in 2022 which required a payment in 2022 and an additional payment in 2023. In the 2022 consolidated
statement of cash flow, the payment was reported to have been made in full during 2022. This error had no impact on net income
or earnings per share for the year ended December 31, 2022. The impact of the error resulted in a movement of $42.1 million
between “Change in Accounts payable and accrued expenses” within operating cash flows and “Payment for intangible assets
acquired” within investing cash flows.
In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior
Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the errors and
determined that the impact was not material to any of our previously issued financial statements.
The following table presents a summary of the impact by financial statement line item of the corrections for the year ended
December 31, 2022:
Consolidated Statement of Cash Flow
(In thousands)

As previously
Year ended December 31, 2022
reported Adjustment
As revised
Change in Accounts payable and accrued expenses
106,857
(42,119)
$64,738
Net cash provided by operating activities
115,150
(42,119)
73,031
Payment for intangible assets acquired
(98,865)
42,119
(56,746)
Net cash used in investing activities
(132,763)
42,119
(90,644)
(2) Recent Agreements
Off-White
In December 2024, we announced that our 72% owned French subsidiary, Interparfums SA, signed for all Off-White brand names and
registered trademarks for Class 3 fragrance and cosmetic products, subject to an existing license that expires on December 31, 2025,
when Interparfums SA will begin commercial use of the fragrance brand.
Van Cleef & Arpels
In 2006, Van Cleef & Arpels and Interparfums SA signed a 12-year worldwide license agreement to manufacture and distribute
perfumes and related products under the Van Cleef & Arpels brand name, which was subsequently extended for a further six
years until December 31, 2024. In December 2024, the license agreement was renewed for an additional 9-year term, through
December 31, 2033.
Abercrombie & Fitch
In 2023, we announced our agreement to distribute Abercrombie & Fitch’s number one men’s fragrance, Fierce, in selected mar-
kets. The first phase of the agreement, which became effective on September 1, 2023, covers Fierce distribution in certain major

INTERPARFUMS, INC. 2024 ANNUAL REPORT
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95
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.
Roberto Cavalli
In July 2023, we closed a transaction agreement with Roberto
Cavalli, whereby an exclusive and worldwide license was grant-
ed for the production and distribution of Roberto Cavalli brand
perfumes and fragrance related products. Our rights under this
license are subject to certain minimum advertising expenditures
and royalty payments as are customary in our industry. The li-
cense became effective in July 2023 and will last for 6.5 years.
We began shipping Roberto Cavalli perfumes and fragrance re-
lated products in February 2024.
Lacoste
In December 2022, we 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. Our rights under this license are sub-
ject to certain minimum advertising expenditures and royalty
payments as are customary in our industry. The license became
effective in January 2024 and will last for 15 years. We began
shipping Lacoste fragrances in January 2024.
Dunhill
The Dunhill fragrance license expired on September 30, 2023 and
was not renewed. The Company had a twelve-month sell-off peri-
od during which it maintained the right to sell-off remaining Dunhill
fragrance inventory, which is customary in the fragrance industry.
As of September 30, 2024, all finished goods and components were
sold and we no longer carry any inventory related to Dunhill.
Donna Karan/DKNY
In September 2021, we entered into a long-term global licensing
agreement for the creation, development and distribution of fra-
grances and fragrance related products under the Donna Karan
and DKNY brands. Our rights under this license are subject
to certain minimum advertising expenditures and royalty pay-
ments as are customary in our industry. With this agreement,
we have 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. In connection with the grant of license,
we issued 65,342 shares of Interparfums, Inc. common stock
valued at $5.0 million to the licensor. The exclusive license
became effective July 1, 2022.
Rochas Fashion
As a result of operational challenges faced by the Rochas
Fashion business we took a $2.4 million impairment charge on
our Rochas fashion trademark in the first quarter of 2021 and
a $6.8 million impairment charge in the fourth quarter of 2022
after an independent expert concluded that the valuation of the
trademark was $11.2 million. In 2023, the Rochas teams under-
went 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. In the fourth
quarter of 2024, we again took a $4.0 million impairment charge
on the Rochas fashion trademark after management reviewed
and agreed with an independent expert’s conclusion that the
valuation of the trademark was $7.2 million.
(3) Inventories
Inventories consist of the following:
Years Ended December 31,
2024
2023
Raw materials and

component parts
$137,572
$158,733
Finished goods
234,348
213,126

$371,920
$371,859
Overhead included in inventory aggregated $6.1 million and
$5.4 million as of December 31, 2024 and 2023, respectively. In-
cluded in inventories is an inventory reserve, which represents
the difference between the cost of the inventory and its estimat-
ed realizable value, based upon sales forecasts and the physical
condition of the inventories. In addition, and as necessary, spe-
cific reserves for future known or anticipated events may be es-
tablished. Inventory reserves aggregated $18.4 million and $21.5
million as of December 31, 2024 and 2023, respectively.
(4) Fair Value of Financial Instruments
The following tables present our financial assets and liabilities
that are measured at fair value on a recurring basis and are cat-
egorized using the fair value hierarchy. The fair value hierarchy
has three levels based on the reliability of the inputs used to
determine fair value.
notes to consolidated financial statements
(in thousands except share and per share data)

96
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024

Quoted Prices in Significant
Significant

Active Markets for Other Observable Unobservable

Identical Assets Inputs Inputs

Total (Level 1)
(Level 2) (Level 3)
Assets

Short-term investments

$109,311
$7,703
$101,608 $-

Interest rate swaps

1,967
-
1,967
-
Total Assets

$111,278
$7,703
$103,575
$-
Liabilities

Foreign currency forward exchange contracts

not accounted for using hedge accounting

445
-
445
-

Foreign currency forward exchange contracts

accounted for using hedge accounting

1,435
-
1,435
-
Total Liabilities

$1,880 $-
$1,880
$-
FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023

Quoted Prices in
Significant
Significant

Active Markets for Other Observable Unobservable

Identical Assets Inputs Inputs

Total ( Level 1)
(Level 2) (Level 3)
Assets

Short-term investments

$94,304
$12,868
$80,614 $822

Interest rate swaps

3,909
-
3,909
-

Foreign currency forward exchange contracts

not accounted for using hedge accounting

359
-
359
-

Foreign currency forward exchange contracts

accounted for using hedge accounting

1,533
-
1,533
-
Total Assets

$100,105
$12,868
$86,415
$822
The carrying amount of cash and cash equivalents including money market funds, short-term investments including marketable
equity securities, accounts receivable, other receivables, accounts payable and accrued expenses approximates fair value due to
the short terms to maturity of these instruments. The carrying amount of loans payable approximates fair value as the interest
rates on the Company’s indebtedness approximate current market rates. The fair value of the Company’s long-term debt was es-
timated based on the current rates offered to companies for debt with the same remaining maturities and is approximately equal
to its carrying value.
Foreign currency forward exchange contracts are valued based on quotations from financial institutions and the value of interest
rate swaps is the discounted net present value of the swaps using third party quotes from financial institutions.

(5) Derivative Financial Instruments
The Company enters into foreign currency forward exchange contracts to hedge exposure related to receivables denominated in a
foreign currency and occasionally to manage risks related to future sales expected to be denominated in a foreign currency. Before
entering into a derivative transaction for hedging purposes, it is determined that a high degree of initial effectiveness exists between
the change in value of the hedged item and the change in the value of the derivative instrument from movement in exchange rates. High
effectiveness means that the change in the cash flows of the derivative instrument will effectively offset the change in the cash flows of the

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
97
hedged item. The effectiveness of each hedged item is measured
throughout the hedged period and is based on the dollar offset
methodology and excludes the portion of the fair value of the
foreign currency forward exchange contract attributable to the
change in spot-forward difference which is reported in current
period earnings. Any hedge ineffectiveness is also recognized as
a gain or loss on foreign currency in the income statement. For
hedge contracts that are no longer deemed highly effective, hedge
accounting is discontinued, and gains and losses accumulated in
other comprehensive income are reclassified to earnings. If it is
probable that the forecasted transaction will no longer occur,
then any gains or losses accumulated in other comprehensive in-
come are reclassified to current-period earnings.
In December 2022, to finance the acquisition of the Lacoste
trademark, the Company entered into a €50 million (approximately
$51.9 million) 4-year term loan with a variable interest rate. This
variable rate debt was swapped for variable interest rate debt with
a maximum rate of 2% per annum. This swap is a hedged derivative
instrument and is therefore recorded at fair value and changes in
fair value are reflected in other comprehensive income.
In connection with the April 2021 acquisition of the office
building complex in Paris, €120 million (approximately $124.7
million) of the purchase price was financed through a 10-year
term loan. The Company entered into interest rate swap con-
tracts related to €80 million of the loan, effectively exchanging
the variable interest rate to a fixed rate of approximately 1.1%.
This derivative instrument is recorded at fair value and chang-
es in fair value are reflected in the accompanying consolidated
statements of income.
Gains and losses in derivatives designated as hedges are ac-
cumulated in other comprehensive income (loss) and gains and
losses in derivatives not designated as hedges are included in
(gain) loss on foreign currency on the accompanying income
statements. Such gains and losses were immaterial in each of the
years in the three-year period ended December 31, 2024. Other
(income) expense includes a loss of $1.7 million and $2.8 million
in 2024 and 2023, respectively, and a gain of $6.3 million in 2022,
resulting from an interest rate swap.
All derivative instruments are reported as either assets or
liabilities on the consolidated balance sheet measured at fair
value. The valuation of interest rate swaps is included in long-
term debt on the accompanying consolidated balance sheets.
The valuation of foreign currency forward exchange contracts at
December 31, 2024 and December 31, 2023, resulted in an asset
and is included in other current assets on the accompanying con-
solidated balance sheets.
At December 31, 2024, the Company had foreign currency
contracts in the form of forward exchange contracts with no-
tional amounts of approximately U.S. $100 million which all have
maturities of less than one year.
(6) Property, Equipment and Leasehold Improvements
Years Ended December 31,

2024 2023
Land and Building

(construction in progress)
$147,786 $157,057
Equipment

59,800
55,385
Leasehold Improvements

8,456
9,363

$216,042
$221,805
Less accumulated depreciation

62,269 52,583

$153,773 $169,222
Depreciation expense was $10.4 million, $9.8 million and $7.5
million in 2024, 2023, and 2022, respectively.
In April 2021, Interparfums SA, our 72% owned French Sub-
sidiary, completed the acquisition of its headquarters at 10 rue
de Solférino in the 7th arrondissement of Paris from the proper-
ty developer. This is an office complex combining three buildings
connected by two inner courtyards, and consists of approxi-
mately 40,000 total sq. ft.
The purchase price included the complete renovation of the
site. As of December 31, 2024, $145 million (€139 million) of
the purchase price, including approximately $3 million of acqui-
sition costs, is included in property, equipment and leasehold
improvements on the accompanying consolidated balance sheet.
The purchase price has been allocated approximately $59.5
million (€57 million) to land and $85.5 million (€82 million) to
the building. The building, which was delivered on February 28,
2022, includes the building structure, development of the prop-
erty, façade waterproofing, general and technical installations
and interior fittings that will be depreciated over a range of 7 to
50 years. The Company has elected to depreciate the building
cost based on the useful lives of its components.
The acquisition was financed by a 10-year €120 million (ap-
proximately $124.7 million) bank loan which bears interest at
one-month Euribor plus 0.75%. Approximately €80 million of
the variable rate debt was swapped for variable interest rate
debt with a maximum rate of 2% per annum. The swap effec-
tively exchanges the variable interest rate to a fixed rate of
approximately 1.1%.
notes to consolidated financial statements
(in thousands except share and per share data)

98
(7) Trademarks, Licenses and Other Intangible Assets

Gross Accumulated Net Book
2024 Amount Amortization Value
Trademarks

(indefinite lives) $116,187
$-
$116,187
Trademarks

(finite lives)
40,732
599
40,133
Licenses

(finite lives)
202,852
79,800
123,052
Other intangible assets

(finite lives)
20,238
17,126
3,112
Subtotal
263,822
97,525
166,297
Total
$380,009
$97,525
$282,484

Gross Accumulated Net Book
2023 Amount Amortization Value
Trademarks

(indefinite lives)
$108,760
$-
$108,760
Trademarks

(finite lives)
42,752
66
42,686
Licenses

(finite lives)
215,307
73,264
142,043
Other intangible assets

(finite lives)
19,524
16,657
2,867
Subtotal
277,583
89,987
187,596
Total

$386,343 $89,987 $296,356
Amortization expense was $13.6 million, $7.5 million and $6.8
million in 2024, 2023 and 2022, respectively. Amortization
expense is expected to approximate $13.8 million in 2025,
$12.2 million in 2026, $11.8 million in 2027, and $11.0 million in
2028 and 2029. The weighted average amortization period for
trademarks, licenses and other intangible assets with finite lives
are 18 years, 14.3 years and 2.5 years, respectively, and 13.9
years on average.
The Company reviews intangible assets with indefinite
lives for impairment whenever events or changes in circum-
stances indicate that the carrying amount may not be recov-
erable. There was an impairment charge for trademarks with
indefinite useful lives of $4.0 million and $6.8 million in 2024
and 2022, respectively, relating to our Rochas fashion busi-
ness and an impairment charge for trademarks with indefinite
useful lives of $0.9 million in 2022 relating to our Intimate
trademark. There was no impairment charge for trademarks
with indefinite useful lives in 2023. The fair values used in
our evaluations are estimated based upon discounted future
cash flow projections using a weighted average cost of capital
of 9.47%, 10.39%, and 9.80% as of December 31, 2024, 2023
and 2022, respectively. The cash flow projections are based
upon a number of assumptions, including future sales levels
and future cost of goods and operating expense levels, as well
as economic conditions, changes to our business model or
changes in consumer acceptance of our products which are
more subjective in nature. The Company believes that the
assumptions it has made in projecting future cash flows for
the evaluations described above are reasonable and currently
no other impairment indicators exist for our indefinite-lived
assets. However, if future actual results do not meet our ex-
pectations, the Company may be required to record an im-
pairment charge, the amount of which could be material to
our results of operations.
The cost of trademarks, licenses and other intangible assets
with finite lives is being amortized by the straight-line method
over the term of the respective license or the intangible assets
estimated useful life which range from three to twenty years. If
the residual value of a finite life intangible asset exceeds its car-
rying value, then the asset is not amortized. The Company re-
views intangible assets with finite lives for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable.
Trademarks (finite lives) primarily represent Lanvin brand
names and trademarks and in connection with their purchase,
Lanvin was granted the right to repurchase the brand names
and trademarks on July 1, 2027 for €70 million (approximately
$73 million), representing the residual value, in accordance with
an amendment signed in 2021. Because the residual value of the
intangible asset exceeds its carrying value, the asset is not being
amortized.
(8) Accrued Expenses
Accrued expenses consist of the following:
Years Ended December 31, 2024
2023
Advertising liabilities
$56,948
$64,815
Salary (including bonus

and related taxes)
26,675
23,546
Royalties
27,206
27,477
Due vendors (not yet invoiced)
33,327
41,859
Retirement reserves
5,080
10,444
Refund (return) liability
10,826
5,507
Other
12,696
5,232

$172,758
$178,880

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99
(9) Loans Payable – Banks
Loans payable – banks consist of the following:
Effective June 2024, the Company and its domestic subsidiaries have available a $25 million unsecured revolving line of credit due on
demand, which bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 1.75% (the SOFR was 4.45% as of December 31,
2024). The line of credit which has a maturity date of April 30, 2025, is expected to be renewed on an annual basis.
Effective November 2024, the Company and its domestic subsidiaries have available a $20 million unsecured revolving line of credit
due on demand, which bears interest at the SOFR plus a margin (the SOFR was 4.45% as of December 31, 2024). The line of credit,
which has a maturity date of December 31, 2025, is expected to be renewed on an annual basis.
The Company and its domestic subsidiaries have available a $25 million unsecured revolving line of credit due on demand, which
bears interest at the daily SOFR plus 2% (the SOFR was 4.45% as of December 31, 2024). The line of credit which has a maturity date
of December 13, 2025, is expected to be renewed on an annual basis.
Borrowings outstanding pursuant to all lines of credit were zero as of December 31, 2024 and 2023.
The Company’s foreign subsidiaries have available credit lines totaling approximately $8.3 million provided by a consortium of
international financial institutions. These credit lines bear interest at the three-month Euribor rate plus 1.65% (Three-Month Euribor
was 2.71% at December 31, 2024). Borrowings outstanding pursuant to lines of credit were $8.3 million and $4.4 million as of Decem-
ber 31, 2024 and 2023.
The weighted average interest rate on short-term borrowings was 5.2% and 4.5% as of December 31, 2024 and 2023.
(10) Long-term Debt
Long-term debt consists of the following:
Years Ended December 31

2024

2023
$41.6 million (€40 million) payable in 36 monthly installments of approximately

$1.1 million each beginning in August 2024, bearing interest at 4.03% per annum $36,087
$-
$51.9 million (€50 million) payable in 48 equal monthly installments of $1.1 million

beginning in December 2022, bearing interest at one-month Euribor plus 0.825%
25,052
40,334
$124.7 million (€120 million) payable in 120 equal monthly installments of $1.1 million

beginning in April 2021, bearing interest at one-month Euribor plus 0.75%
77,481
95,576
$15.0 million payable in 14 equal annual installments of $1.1 million beginning

in January 2020 including interest imputed at 4.1% per annum
8,416
9,172
$15.6 million payable (€15 million) in 10 equal annual installments of $1.5 million

beginning in October 2021 including interest imputed at 2.0% per annum
10,305
12,402

157,341
157,484
Less current maturities
41,607
29,587
Total
$115,734
$127,897
In July 2024, the Company entered into a $41.6 million (€40 million) three-year loan agreement. The loan agreement bears interest
at 4.03% per annum.
In December 2022, to finance Interparfums SA’s acquisition of the Lacoste trademark, the Company entered into a $51.9 million (€50
million) four-year loan agreement. The loan agreement bears interest at Euribor-1-month rates plus a margin of 0.825%. This variable
rate debt was swapped for variable interest rate debt with a maximum rate of 2% per annum. The swap is a derivative instrument and is
therefore recorded at fair value and changes in fair value are reflected in the accompanying consolidated statements of income.
In April 2021, to finance the acquisition of Interparfums SA’s corporate headquarters, the Company entered into a $124.7 million
(€120 million) ten-year credit agreement. Approximately $88.4 million (€80.0 million) of the variable rate debt was swapped for
variable interest rate debt with maximum rate of 2% per annum. The swap is a derivative instrument and is therefore recorded at fair
value and changes in fair value are reflected in the accompanying consolidated statements of income.
notes to consolidated financial statements
(in thousands except share and per share data)

100
Maturities of long-term debt subsequent to December 31,
2024 are approximately $41.6 million in 2025, $41.0 million in
2026, $23.5 million in 2027, $15.0 million in 2028, $15.0 million in
2029, and $21.0 million thereafter through 2033.
(11) Commitments
Leases
The Company leases offices, warehouses and vehicles, substantially
all of which are classified as operating leases. The Company cur-
rently has no material financing leases. The Company determines if
an arrangement is a lease at inception. Operating lease assets and
obligations are recognized at the lease commencement date based
on the present value of lease payments over the lease term.
In determining lease asset value, the Company considers fixed
or variable payment terms, prepayments, incentives, and options
to extend or terminate, depending on the lease. Renewal, termi-
nation or purchase options affect the lease term used for deter-
mining lease asset value only if the option is reasonably certain
to be exercised. The Company generally uses its incremental
borrowing rate based on information available at the lease com-
mencement date for the location in which the lease is held in
determining the present value of lease payments.
As of December 31, 2024, the weighted average remaining
lease term was 4 years and the weighted average discount rate
used to determine the operating lease liability was 3.2%. Rental
expense related to operating leases was $6.5 million, $5.8 mil-
lion, and $5.6 million for the years ended December 31, 2024,
2023 and 2022, respectively. Operating lease payments includ-
ed in operating cash flows totaled $6.1 million, $5.3 million, and
$4.8 million in 2024, 2023, and 2022, respectively. Noncash addi-
tions to operating lease assets totaled $2.5 million, $4.8 million,
and $0.3 million in 2024, 2023, and 2022, respectively.
Maturities of lease liabilities subsequent to December 31, 2024
are as follows:
(in thousands)
2025

$6,506
2026

5,943
2027

5,989
2028

5,440
2029

3,485
Thereafter

27,363
Less imputed interest (based on 3.2%

weighted-average discount rate) (821)
$26,542
License Agreements
The Company is party to a number of licenses and other agree-
ments for the use of trademarks and rights in connection with
the manufacture and sale of its products expiring at various dates
through 2038. In connection with certain of these license agree-
ments, the Company is subject to minimum annual advertising
commitments, minimum annual royalties and other commitments
as follows:
(in thousands)
2025

$316,617
2026

279,938
2027

266,142
2028

262,492
2029

264,103
Thereafter

758,999

$2,148,291
Future advertising commitments are estimated based on
planned future sales for the license terms that were in effect
at December 31, 2024, without consideration for potential re-
newal periods. The above figures do not reflect the fact that
our distributors share our advertising obligations. Royalty ex-
pense included in selling, general, and administrative expenses,
aggregated $117.8 million, $103.8 million and $87.0 million in
2024, 2023 and 2022, respectively, and represented 8.1%, 7.9%
and 8.0% of net sales for the years ended December 31, 2024,
2023 and 2022, respectively.
Properties
The Company entered into agreements in December 2024 to
purchase additional property in Paris attached to its French
headquarters for $12.4 million (€11.9 million) by May 30, 2025
after deducting the amount of escrow already paid.
(12) Equity
Share-Based Payments
The Company maintains a stock option program for key em-
ployees, executives and directors. The plans, all of which have
been approved by shareholder vote, provide for the granting of
both nonqualified and incentive options. Options granted under
the plans typically have a six-year term and vest over a four to
five-year period. The fair value of shares vested aggregated $1.2
million, $1.2 million and $1.3 million in 2024, 2023 and 2022,
respectively. Compensation cost, net of estimated forfeitures,
is recognized on a straight-line basis over the requisite service

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
101
period for the entire award. Forfeitures are estimated based on historic trends. It is generally the Company’s policy to issue new
shares upon exercise of stock options.
The following table sets forth information with respect to nonvested options for 2024:

Number of Shares Weighted Average Fair Value
Nonvested options – beginning of year
122,100
$24.47
Nonvested options granted
47,250
$33.31
Nonvested options vested or forfeited (50,700)
$19.73
Nonvested options - end of year
118,650
$30.02
The effect of share-based payment expenses decreased income statement line items as follows:

Years Ended December 31,
2024
2023
2022
Income before income taxes
$2,379
$2,525
$3,143
Net Income attributable to Interparfums, Inc.
1,565
1,700
2,036
Earnings per share attributable to Interparfums, Inc.
0.05
0.05
0.06
The following table summarizes stock option activity and related information for the years ended December 31, 2024, 2023 and 2022:
Years Ended December 31, 2024
2023 2022
Weighted Average
Weighted Average
Weighted Average

Options
Exercise Price
Options Exercise Price
Options
Exercise Price
Shares under option -
beginning of year 308,970 $86.52
441,580 $67.30
524,900 $57.58
Options granted 47,250
130.60
47,500 147.71
62,000 97.84
Options exercised
(105,510)
66.83
(154,220) 52.04
(136,880) 43.86
Options forfeited
(4,280)
95.73
(25,890) 76.32
(8,440) 67.65
Shares under option-

end of year
246,430
$103.24
308,970 $86.52
441,580 $67.30
At December 31, 2024, options for 492,395 shares were available for future grant under the plans. The aggregate intrinsic value of
options outstanding is $7.8 million as of December 31, 2024 and unrecognized compensation cost related to stock options outstanding
aggregated $3.3 million, which will be recognized over the next five years.
The weighted average fair values of options granted by Interparfums, Inc. during 2024, 2023 and 2022 were $33.31, $35.08 and
$20.36 per share, respectively, on the date of grant using the Black-Scholes option pricing model to calculate the fair value.
The assumptions used in the Black-Scholes pricing model are set forth in the following table:
Years Ended December 31,

2024
2023
2022
Weighted average expected stock-price volatility
30%
29%
26%
Weighted average expected option life
4.4 yrs
4.0 yrs
4.0 yrs
Weighted average risk-free interest rate
4.4%
3.8%
4.0%
Weighted average dividend yield
2.3%
2.0%
2.4%
Expected volatility is estimated based on historic volatility of the Company’s common stock. The expected term of the option is
estimated based on historic data. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant of the
option and the dividend yield reflects the assumption that the dividend payout as authorized by the Board of Directors would maintain
its current payout ratio as a percentage of earnings.
notes to consolidated financial statements
(in thousands except share and per share data)

102
Proceeds, tax benefits and intrinsic value related to stock options exercised were as follows:
Years Ended December 31,
2024
2023 2022
Proceeds from stock options exercised
$7,049
$8,025
$6,003
Tax benefits
$673
$1,150
$800
Intrinsic value of stock options exercised
$7,052
$11,578
$6,760
The following table summarizes additional stock option information as of December 31, 2024:

Options Outstanding

Weighted Average
Exercise Price Options Outstanding Remaining Contractual Life Options Exercisable
$62.18 - $69.11
10,500
0.66 years

9,000
$73.09 88,580
1.00 years

88,580
$97.84
53,600
4.00 years

20,900
$147.71
46, 500
4.99 years

9,300
$130.60
47, 250
6.00 years

-
Totals 246,430 3.35 years 127,780
As of December 31, 2024, the weighted average exercise price of options exercisable was $81.91 and the weighted average remaining
contractual life of options exercisable is 2 years. The aggregate intrinsic value of options exercisable at December 31, 2024 is $6.6 million.
In March 2022, Interparfums SA, our 72% owned French subsidiary, approved a plan to grant an aggregate of 88,400 shares to all
Interparfums SA employees and corporate officers having more than six months of employment at grant date, subject to certain cor-
porate performance conditions. The shares, subject to adjustment for stock splits, will be distributed in June 2025.
The fair value of the grant had been determined based on the quoted stock price of Interparfums SA shares as reported by the
Euronext on the date of grant. The estimated number of shares to be distributed of 104,418 has been determined taking into account
employee turnover. The aggregate cost of the grant of approximately $4.1 million will be recognized as compensation cost on a
straight-line basis over the requisite three and a quarter year service period.
In order to avoid dilution of the Company’s ownership of Interparfums SA, all shares distributed or to be distributed pursuant to
these plans will be pre-existing shares of Interparfums SA, purchased in the open market by Interparfums SA. As of December 31,
2024, the Company acquired 96,371 shares at an aggregate cost of $3.9 million.
All share purchases and issuances have been classified as equity transactions on the accompanying consolidated balance sheet.
Dividends
In February 2022, our Board of Directors authorized an annual dividend of $2.00 per share, payable quarterly. In February 2023, our
Board of Directors authorized an increase in the annual dividend to $2.50 per share and in February 2024, our Board of Directors
increased the annual dividend to $3.00 per share. In February 2025, our Board of Directors further increased the annual dividend
to $3.20 per share. The next quarterly cash dividend of $0.80 per share is payable on March 28, 2025 to shareholders of record on
March 14, 2025.
(13) Net Income Attributable to Interparfums, Inc. Common Shareholders
Net income attributable to Interparfums, Inc. per common share (“basic EPS”) is computed by dividing net income attributable to
Interparfums, Inc. by the weighted average number of shares outstanding. Net income attributable to Interparfums, Inc. per share

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
103
assuming dilution (“diluted EPS”), is computed using the weighted average number of shares outstanding, plus the incremental shares
outstanding assuming the exercise of dilutive stock options using the treasury stock method.
The reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows:
Years Ended December 31,
2024
2023
2022
Numerator

Net income attributable to Interparfums, Inc.
164,358
152,654
120,938
Denominator

Weighted average shares
32,036,728
31,994,328
31,859,417

Effect of dilutive securities:

Stock options
87,557
145,374
129,336
Denominator for diluted earnings per share
32,124,285
32,139,702
31,988,753
Earnings per share:

Net income attributable to Interparfums, Inc.

common shareholders:

Basic
$5.13
$4.77
$3.80
Diluted
$5.12
$4.75
$3.78
Not included in the above computations is the effect of anti-dilutive potential common shares, which consist of outstanding options
to purchase 47,250, nil, and 38,000 shares of common stock for 2024, 2023, and 2022, respectively.
(14) Segments and Geographic Areas
Operating and reportable segments (“segments”) reflect the way the Company is managed and for which separate financial
information is available and evaluated regularly by the Company’s chief operating decision maker (“CODM”) in deciding how
to allocate resources and assess performance. The Company’s CODM is the founders of Interparfums, Inc. which includes
the Chief Executive Officer and Chairman of the Board of Directors of Interparfums, Inc. and the President of Interparfums,
Inc. and Chief Executive Officer of Interparfums SA. The Company manufactures and distributes one product line, fragrances
and fragrance related products. The Company manages its business in two segments, European based operations and United
States based operations. The European based operations, assets and business operations are primarily conducted in France,
and include the results and assets of Interparfums Luxury Brands, Inc., located in the United States. For United States based
operations, assets and business operations are primarily conducted in the United States, and include the results and assets of
Interparfums Italia Srl, located in Italy. Both European based operations and United States based operations primarily represent
the sale of prestige brand name fragrances.
The accounting policies for the Company’s reportable segments are the same as those described in the summary of significant
accounting policies. The Company evaluates the performance of its segments and allocates resources based on gross margin
and income from operations. Segment gross margin and segment income from operations include intersegment revenues and
expenses. For both segments, the CODM used these measures in the annual budgeting and forecasting process. The CODM
considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about allocating
capital and personnel to the segments and in determining the compensation of employees. The CODM also uses segment gross
margin for evaluating product pricing, customer and product mix, cost optimization, and marketing strategies and used segment
income from operations to assess the performance and relative profitability of each segment by comparing the results of each
segment with one another.
notes to consolidated financial statements
(in thousands except share and per share data)

104
Information on the Company’s operations by segments is as follows:

United States based
European based
Year Ended December 31, 2024
Operations
Operations
Total
Net sales
$511,307
$953,046
$1,464,353
Eliminations (a)
- (12,028)
(12,028)

511,307
941,018
1,452,325
Less: (b)
Cost of sales
215,207
314,465
Eliminations (a)
- (4,688)
Segment gross margin
296,100
631,241
927,341
Less: (b)
Advertising and Promotion
79,479
201,065
Employee-related costs
51,318
74,071
Royalties
37,081
80,711
Other segment items (c)
39,048
89,772
Segment income from operations
$89,174
$185,622
$274,796
Reconciliation:
Interest expense
7,825
Loss on foreign currency

1,085
Interest and investment income

(2,218)
Other (income) expense

(287)
Income before income taxes

$268,391

United States based
European based
Year Ended December 31, 2023
Operations
Operations
Total
Net sales
$455,758
$863,397
$1,319,155
Eliminations (a)
- (1,480)
(1,480)

455,758
861,917
1,317,675
Less: (b)
Cost of sales
195,973
282,624
Segment gross margin
259,785
579,293
839,078
Less: (b)
Advertising and Promotion
70,033
191,253
Employee-related costs
45,880
70,473
Royalties
32,573
71,214
Other segment items (c)
32,622
73,648
Segment income from operations
$78,677
$172,705
$251,382
Reconciliation:
Interest expense
11,253
Loss on foreign currency

1,582
Interest and investment income

(10,729)
Other (income) expense

(317)
Income before income taxes

$249,593

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
105

United States based
European based
Year Ended December 31, 2022
Operations
Operations
Total
Net sales
$342,644
$744,075
$1,086,719
Eliminations (a)
-
(66)
(66)

$342,644
744,009
1,086,653
Less: (b)
Cost of sales
155,333
236,898
Segment gross margin
187,311
507,111
694,422
Less: (b)
Advertising and Promotion
45,860
166,510
Employee-related costs
38,457
60,984
Royalties
24,012
62,986
Other segment items (c)
26,541
74,769
Segment income from operations
$52,441
$141,862
$194,303
Reconciliation:
Interest expense
3,599
Loss on foreign currency 1,921
Interest and investment income
(5,486)
Other (income) expense
50
Income before income taxes
$194,219
(a) Eliminations of intercompany sales relate to European based operations products sold to United States based operations.
(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
(c) Other segment items for each reportable segment include expenses for professional services, travel & entertainment, rent, warehousing, shipping, depre-
ciation & amortization, and other selling, general and administrative costs.
notes to consolidated financial statements
(in thousands except share and per share data)

106
Other segment disclosures:
Years Ended December 31, 2024
2023
2022
Net Income attributable to Interparfums, Inc.

United States
$68,164
$63,354
$43,330

Europe
101,698
89,677
77,608

Eliminations
(5,504)
(377)
-

$164,358
$152,654
$120,938
Depreciation and amortization expense

including impairment loss

United States
$6,838
$6,517
$6,355

Europe
21,520
10,814
16,184

$28,358
$17,331
$22,539
Interest and investment income

United States
$514
$346
$66

Europe
2,392
10,810
5,769

Eliminations
(688)
(427)
(349)

$2,218
$10,729
$5,486
Interest expense

United States
$1,838
$1,351
$1,100

Europe
6,675
10,329
2,848

Eliminations
(688)
(427)
(349)

$7,825
$11,253
$3,599
Income tax expense

United States
$17,805
$15,180
$6,920

Europe
48,988
46,763
36,262
Eliminations
(1,835)
(126)
-

$64,958
$61,817
$43,182
Total assets

United States
$352,139
$344,341
$278,090

Europe
1,073,326
1,066,684
1,052,004

Eliminations
(14,204)
(41,696)
(21,552)

$1,411,261
$1,369,329
$1,308,542
Additions to long-lived assets(a)

United States
$1,882
$3,918
$5,318

Europe
20,470
49,450
85,184

$22,352
53,368
90,502
Total long-lived assets(a)

United States
$50,401
$57,372
$61,539

Europe
410,459
436,819
423,999

$460,860
$494,191
$485,538

(a) Total long-lived assets include property, equipment and leasehold improvements, trademarks, licenses, and other intangible assets, and right-of-use assets.

United States export sales were approximately $218.5 million, $230.5 million and $180.0 million in 2024, 2023 and 2022, respectively.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
107
Consolidated net sales to customers by region are as follows:

Years Ended December 31,
2024
2023
2022
North America
$541,850
$511,655
$420,968
Western Europe
364,308
301,228
259,216
Asia/Pacific
196,978
191,772
163,621
Middle East and Africa
122,844
117,115
98,776
Eastern Europe
118,130
103,227
74,161
Central and South America
108,215
92,678
69,911

$1,452,325
$1,317,675
$1,086,653
For net sales, a major country is defined as a group of customers in a country with combined net sales of greater than 10% of consol-
idated net sales or as otherwise deemed significant. Net sales in the United States were approximately $522.1 million, $493.2 million,
and $410.0 million in 2024, 2023 and 2022, respectively. Net sales in France were approximately $65.4 million, $51.0 million, and $44.8
million in 2024, 2023 and 2022, respectively. No other country represented greater than 10% of the Company’s consolidated net sales
or was otherwise deemed significant.
(15) Income Taxes
The components of income before income taxes consist of the following:
Years Ended December 31,
2024
2023
2022
U.S. operations
$83,169
$103,517
$75,682
Foreign operations
185,222
146,076
118,537

$268,391
$249,593
$194,219
The provision for current and deferred income tax expense (benefit) consists of the following:
Years Ended December 31,
2024
2023
2022
Current:

Federal
$14,992
$18,322
$14,019

State and local
2,627
2,297
2,782

Foreign
50,557
44,341
30,144

68,176
64,960
46,945
Deferred:

Federal
(1,115)
518
(1,150)

State and local
(162)
81
(149)

Foreign
(1,941)
(3,742)
(2,464)

(3,218)
(3,143)
(3,763)
Total income tax expense
$64,958
$61,817
$43,182
notes to consolidated financial statements
(in thousands except share and per share data)

108
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities
are as follows:
December 31,

2024
2023
Net Deferred tax assets

Foreign net operating loss carry-forwards

$-
$218

Inventory and accounts receivable

4,505
3,138

Profit sharing

2,274
3,505

Stock option compensation

314
613

Effect of inventory profit elimination

11,569
10,957

Other

2,290
1,674

Total gross deferred tax assets, net

20,952
20,105

Valuation allowance

- (296)
Net deferred tax assets

20,952
19,809
Deferred tax liabilities (long-term)

Building expenses
(1,196)
(1,327)

Trademarks and licenses
(2,104)
(2,238)

Unrealized gain on marketable equity securities
(560)
(1,044)

Other
(58)
(655)
Total deferred tax liabilities
(3,918)
(5,264)
Net deferred tax assets

$17,034
$14,545
Valuation allowances have been provided for deferred tax
assets relating to foreign net operating loss carry-forwards as
future profitable operations from certain foreign subsidiaries
might not be sufficient to realize the full amount of the deferred
tax assets in 2023. No valuation allowances were provided for
deferred tax assets in 2024.
No other valuation allowances have been provided as man-
agement believes that it is more likely than not that the asset will
be realized in the reduction of future taxable income.
The Company estimated the effect of foreign derived intangi-
ble income (“FDII”) and recorded a tax benefit of approximately
$2.4 million, $2.4 million and $1.5 million as of December 31,
2024, 2023 and 2022, respectively.
The Company and its subsidiaries file income tax returns in
the U.S. federal, and various states and foreign jurisdictions.
The Company assessed its uncertain tax positions and deter-
mined that it has no material uncertain tax position at Decem-
ber 31, 2024.
A tax audit of our Company’s French subsidiary was finalized
in 2023 for the tax years 2020 and 2021. As a result of the audit’s
conclusions, a one-time assessment of €2.8 million ($3.1 million)
was included in tax expense in the consolidated statements of
income for the annual period ended December 31, 2023. The
Company’s French subsidiary is no longer subject to foreign tax
examination for years before 2022. The Company’s French sub-
sidiary has been notified of an upcoming audit for tax years 2022
and 2023, to begin in 2025.
The Company is no longer subject to U.S. federal, state,
and local income tax examinations by tax authorities for years
before 2021.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
109
Differences between the United States federal statutory income tax rate and the effective income tax rate were as follows:
Years Ended December 31,
2024
2023
2022
Statutory rates
21.0%
21.0%
21.0%
State and local taxes, net of Federal benefit
0.7
0.8
1.1
Windfall benefit from exercise of stock options
(0.3)
(0.4)
(0.4)
Benefit of Foreign Derived Intangible Income
(0.9)
(0.9)
(0.8)

Effect of foreign taxes greater than U.S. statutory rates
3.5
4.1
1.5
Other
0.2
0.2
(0.2)
Effective rates
24.2%
24.8%
22.2%
(16) Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss consist of the following:
Years Ended December 31,
2024 2023 2022
Net derivative instruments, beginning of year
$64
$1,709
$(992)
Net derivative instrument (loss) gain, net of tax
(1,695)
(1,645 ) 2,701
Net derivative instrument, end of year
(1,631)
64
1,709
Net pension benefits, beginning of year
-
-
-
Net pension benefits gain, net of tax
2,019
-
-
Net pension benefits, end of year
2,019
-
-
Cumulative translation adjustments, beginning of year
(40,252) (57,765)
(37,440)
Translation adjustments
(32,375)
17,513
(20,325)
Cumulative translation adjustments, end of year
(72,627) (40,252)
(57,765)
Accumulated other comprehensive loss
$(72,239) $(40,188)
$(56,056)
(17) Related Party Transactions
In 2023, a foreign subsidiary of Interparfums, Inc. began leasing office space and receiving consulting services from affiliates of the
Company’s Chairman and principal stockholder. The Company incurred approximately $48 thousand and $47 thousand of expenses for
these services in the year ended December 31, 2024 and 2023, respectively.

notes to consolidated financial statements
(in thousands except share and per share data)

110
corporate and market information
12/19
12/22
12/20
12/121
12/24
12/23
$250
$200
$150
$100
$50
$0
Below is the list of data points for each year that corresponds to the lines of the above graph:

12/19
12/20
12/21
12/22
12/23
12/24
Interparfums, Inc.
100.00
83.75
149.91
138.82
210.93
197.35
NASDAQ Composite
100.00
144.92
177.06
119.45
172.77
223.87
Peer Group
100.00
118.87
138.71
116.33
114.95
101.55
As of March 10, 2025, the number of record holders, which in-
clude brokers and broker nominees, etc., of our common stock
was 28. We believe there are approximately 57,700 beneficial
owners of our common stock.

Dividends
In February 2022, our Board of Directors authorized an annu-
al dividend of $2.00 per share, payable quarterly. In February
2023, our Board of Directors authorized an increase in the
annual dividend to $2.50 per share and in February 2024, our
Board of Directors increased the annual dividend to $3.00 per
share. In February 2025, our Board of Directors further in-
creased the annual dividend to $3.20 per share.
Form 10-K
A copy of the company’s 2024 Annual Report on Form 10-K, as filed with
the Securities and Exchange Commission, is available without charge to
shareholders upon request (except for exhibits) To: Interparfums, Inc.
551 Fifth Avenue, New York, NY 10176 Attention: Corporate Secretary.
The Market for Our Common Stock
Our Company’s common stock, $.001 par value per share, is trad-
ed on The Nasdaq Global Select Market under the symbol “IPAR”.
The following table sets forth, in dollars, the range of high and low
closing prices for the past two fiscal years for our common stock.
High Closing
Low Closing
Fiscal 2024 Price Price
Fourth Quarter
139.92

118.08
Third Quarter
140.68

113.85
Second Quarter
138.31

109.63
First Quarter
155.12

133.33

High Closing
Low Closing
Fiscal 2023 Price Price
Fourth Quarter
147.71

121.48
Third Quarter
150.70

129.06
Second Quarter
157.59

125.60
First Quarter
143.87

96.65
Interparfums, Inc.
Peer Group
Comparison of 5 Year Cumulative Total Return*
Among Interparfums, Inc., the NASDAQ Composite Index, and a Peer Group
Fiscal year ending December 31.
Corporate Performance Graph
The following graph compares the performance for the periods indicated in the graph of our common stock with the performance of
the Nasdaq Market Index, the average performance the Company’s peer group consisting of: Coty Inc., e.l.f. Beauty, Inc., Estée Lauder
Companies, Inc., L’Oréal SA, LVMH Moët Hennessy Louis Vuitton, Natura &Co Holding SA, Olaplex Holdings, Inc., Procter & Gamble
Co., and Shiseido Co Ltd. The graph assumes that the value of the investment in our common stock and each index was $100 at the
beginning of the period indicated in the graph, and that all dividends were reinvested.

INTERPARFUMS, INC. 2024 ANNUAL REPORT
INTERPARFUMS, INC. 2024 ANNUAL REPORT
111
DIRECTORS AND EXECUTIVE OFFICERS
Directors
Jean Madar
Chief Executive Officer,
and Chairman of the Board of Directors
Interparfums, Inc.
Philippe Benacin
President, and Vice Chairman of the
Board of Directors, Interparfums, Inc.
Chief Executive Officer,
Interparfums SA
Michel Atwood
Chief Financial Officer
Interparfums, Inc.
Philippe Santi
Executive Vice President
Chief Financial Officer
Interparfums SA
Francois Heilbronn
Managing Partner M.M. Friedrich,
Heilbronn & Fiszer
Robert Bensoussan-Torres
Co-founder of Sirius Equity,
a retail and branded luxury goods
investment company
Gérard Kappauf (“Kappauf”)
Chief Executive Officer & Creative and
Editorial Director of the K Groupe,
which owns Citizen K Magazines in Paris
as well as Enkore Studio in Dubai.
Véronique Gabai-Pinsky
President of Startup Specialty
Fragrance Company and
Former President, Vera Wang Group
Gilbert Harrison
Chairman, Harrison Group, Inc.
Founder and Chairman Emeritus
Financo LLC
Executive Officers
Jean Madar
Chief Executive Officer,
and Chairman of the Board of Directors
Interparfums, Inc.
Philippe Benacin
President, and Vice Chairman of the
Board of Directors, Interparfums, Inc.
Chief Executive Officer,
Interparfums SA
Michel Atwood
Chief Financial Officer
Interparfums, Inc.
Philippe Santi
Executive Vice President
Chief Financial Officer
Interparfums SA
Corporate Information
Interparfums, Inc.
551 Fifth Avenue
New York, NY 10176
Tel. (212) 983-2640
www.interparfumsinc.com
European Operations
Interparfums SA
10 rue de Solferino
75007 Paris, France
Tel. (1) 53-77-00-00
Interparfums Italia, Srl
Piazza della Repubblica, 6
50123 Firenze, Italy
Auditors
Forvis Mazars, LLP
135 West 50th Street
New York, NY 10020
Transfer Agent
Equinity Trust Company, LLC
28 Liberty Street, 53rd Fl
New York, NY 10005
directors and executive officers