(BFM Bourse) – The Interparfums share is in difficulty on the Paris Stock Exchange, investors fearing that the appointment of Boet Brinkgreve, at the head of a new division created by Richemont, will call into question the licenses granted by the Swiss group in French.
Interparfums blames the blow on the Paris Stock Exchange. The title of the creator and distributor of prestigious perfumes lost another nearly 9% to 54.30 euros around 3:30 p.m. after being booked downwards at lunchtime.
The sources of concern do not come directly from Interparfums, but from Richemont, which announced the appointment of Boet Brinkgreve as general manager of the Laboratoire de Haute Parfumerie et Beauté, the new division created by the Swiss group. The latter was until recently boss of the Swiss group Firmenich, specializing in the creation of fragrances and aromas.
Operators have an unfavorable cross-reading of this news. They fear that Boet Brinkgreve will challenge the licenses granted by Richemont to Interparfums, including those of Montblanc and Van Cleef & Arpels, which both represent 29% of Interparfums’ 2022 sales.
Note that Interparfums markets fragrances mainly under license on behalf of European and American luxury brands. Montblanc is the leading brand in the French group’s portfolio, and accounted for 26% of Interparfums’ 2022 turnover, when Van Cleef & Arpels represents 3% of the sales of the creator and distributor of prestigious perfumes.
Prestigious licenses
However, concerns about Montblanc should be put into perspective. In February 2022, Interparfums announced that it had renewed its license with Montblanc until the year 2030.
In addition to Montblanc and Van Cleef & Arpels, the French group operates the perfume licenses of Moncler, Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Montblanc, Paul Smith, ST Dupont. Interparfums also owns Lanvin and Maison Rochas perfumes. At the end of 2022, it was Lacoste who had placed its trust in Interparfums as part of a 15-year global licensing agreement, which will take effect on January 1, 2024. The famous crocodile brand was until then under license with the American perfumer Coty.
Exploitation of these prestigious licenses enables Interparfums to regularly raise its revenue outlook, as in July. For 2023, the company now expects to achieve a turnover of around 800 million euros this year. The group led by Philippe Benacin had hitherto targeted sales of around 770 million euros for the current year, a target which had been announced in April, itself raised from the 750 million euros targeted a month earlier.
Sabrina Sadgui – ©2023 BFM Bourse
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