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Interparfums Inc. (IPAR) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net sales of $1,452.3 million, a 10% increase from the previous year. European operations contributed 65% of net sales, while U.S. operations accounted for 35%.
The company reported a gross margin of 63.9%, with selling, general, and administrative expenses totaling $648.5 million. This represents 44.7% of net sales.
Net income for the year was $203.4 million, with $164.4 million attributable to Interparfums Inc. shareholders. This marks an increase from $152.7 million in the prior year.
Interparfums Inc. highlighted several key developments, including the acquisition of Off-White brand names and the renewal of the Van Cleef & Arpels license agreement.
The company also entered into a global licensing agreement for Roberto Cavalli fragrances and began shipping Lacoste brand perfumes in January 2024.
The filing details the company's strategy to expand its brand portfolio through new licenses and acquisitions, as well as its focus on prestige beauty brands.
Interparfums Inc. continues to manage financial risks through derivative instruments and maintains a strong cash position with $234.7 million in cash and short-term investments.
The company identified material weaknesses in its internal controls over financial reporting, specifically in risk assessment and information technology controls, and is implementing a remediation plan.
Interparfums Inc. does not anticipate any liquidity issues and plans to continue making strategic investments in fast-growing markets and channels.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Interparfums Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.