Interparfums Inc (IPAR) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Interparfums fourth quarter 2025 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Interparfums 2025 年第四季電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce Devin Sullivan, Managing Director of the Equity Group. Thank you. You may begin.

現在我很榮幸地向大家介紹股權集團的董事總經理德文·沙利文。謝謝。你可以開始了。

Thank you, and good morning, everyone. Thank you for joining us today. Joining us on the call this morning will be Chairman and Chief Executive Officer, Jean Madar; and Chief Financial Officer, Michel Atwood.

謝謝大家，大家早安。感謝您今天蒞臨。今天早上參加電話會議的有董事長兼執行長 Jean Madar 和財務長 Michel Atwood。

As a reminder, this conference call may contain forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from projected results. These factors may be found in the company's filings with the Securities and Exchange Commission under the headings Forward-Looking Statements and Risk Factors.

提醒各位，本次電話會議可能包含前瞻性陳述，其中涉及已知和未知的風險、不確定性以及其他因素，這些因素可能導致實際結果與預期結果有重大差異。這些因素可以在公司向美國證券交易委員會提交的文件中，在「前瞻性聲明」和「風險因素」標題下找到。

Forward-looking statements speak only as of the date on which they are made, and Interparfums undertakes no obligation to update the information discussed. Interparfums' consolidated results include two business segments, European Based Operations through Interparfums SA the company's 72% owned French subsidiary and United States Based Operations.

前瞻性聲明僅代表其發布之日的情況，Interparfums 不承擔更新所討論資訊的義務。Interparfums 的合併業績包括兩個業務部門：歐洲業務（透過公司持股 72% 的法國子公司 Interparfums SA 進行）和美國業務。

It is now my pleasure to turn the call over to Jean Madar. Jean, please go ahead.

現在我很高興將電話轉交給 Jean Madar。Jean，請繼續。

Thank you, Davin. Good morning, everyone, and thank you for joining us on today's call. 2025 was a record year for Interparfums with sales rising to $1.49 billion, including fourth quarter sales of $386 million representing our best-ever fourth quarter performance. We saw the industry, including ourselves, return to a more historically normalized level of growth.

謝謝你，達文。各位早安，感謝各位參加今天的電話會議。 2025年是Interparfums創紀錄的一年，銷售額成長至14.9億美元，其中包括第四季3.86億美元的銷售額，這是我們有史以來最好的第四季業績。我們看到，包括我們自身在內的整個產業，都恢復到了歷史上較為正常的成長水準。

And while new and ongoing challenges such as tariffs and exchange rate pressures have influenced the environment, we have been able to manage through them with disciplined operational execution. Fragrance remains a resilient category and is widely considered an everyday essential luxury that delivers an irreplaceable experience of self-expression and daily indulgence.

儘管關稅和匯率壓力等新的和持續的挑戰對環境產生了影響，但我們憑藉嚴謹的營運執行力克服了這些挑戰。香水仍然是具有強大生命力的品類，被廣泛認為是日常生活中必不可少的奢侈品，能夠提供無可取代的自我表達和日常享受體驗。

In 2025, we energized our portfolio through the launch of several blockbuster fragrances and new line extensions across our brands, including the introduction of Solferino, our first proprietary ultra-luxury offering and strengthened our marketing efforts with impactful advertising and promotional support.

2025 年，我們透過推出多款重磅香水和旗下各品牌的新產品線，為我們的產品組合注入了活力，其中包括推出我們首款自主研發的超奢華產品 Solferino，並透過強有力的廣告和促銷支持加強了我們的行銷工作。

Our diverse portfolio of fragrances attracted consumers throughout the year with impressive annual performances by several of our top brands as well as brands newer to our portfolio such as Lacoste and Roberto Cavalli. We generated growth in the majority of our markets, made meaningful progress to improve efficiencies and optimized our supply chain to mitigate cost pressure and support long-term growth and continue to deepen our sales reach on increasingly meaningful platforms such as digital and travel.

我們豐富多樣的香水產品組合全年都吸引著消費者，其中幾個頂級品牌以及 Lacoste 和 Roberto Cavalli 等新加入的品牌都取得了令人印象深刻的年度業績。我們在大多數市場實現了成長，在提高效率方面取得了實質進展，優化了供應鏈以減輕成本壓力，支持長期成長，並繼續在數位和旅遊等日益重要的平台上深化銷售覆蓋率。

We delivered a high level of client service, maintained a strong financial position and continued to skillfully navigate lingering macroeconomic headwinds in certain key markets, mainly caused by the effect of tariffs and trade destocking and, of course, geopolitical conflicts.

我們提供了高水準的客戶服務，保持了強勁的財務狀況，並繼續巧妙地應對某些主要市場持續存在的宏觀經濟逆風，這些逆風主要是由關稅和貿易去庫存的影響，當然還有地緣政治衝突造成的。

Innovation will continue to define our success, including the rollout of brands recently signed or acquired, namely Longchamp, Off-White and Goutal as well as the 15-year extension of our GUESS license and our strengthening partnership with Authentic Brands Group and their exciting brand portfolio. We will touch on that shortly. I'm very proud of our team for their hard work and dedication. This record results and continuing operational progress reflect their shared commitment to our pursuit of excellence. Now on to a discussion of our results and operating activities.

創新將繼續定義我們的成功，包括推出最近簽約或收購的品牌，例如 Longchamp、Off-White 和 Goutal，以及將 GUESS 授權延長 15 年，並​​加強與 Authentic Brands Group 及其令人興奮的品牌組合的合作關係。我們稍後會談到這一點。我為我們團隊的辛勤工作和奉獻精神感到非常自豪。這項創紀錄的成績和持續的營運進展體現了他們對我們追求卓越的共同承諾。接下來我們將討論我們的業績和經營活動。

As we noted on last quarter's call, we expected that fourth quarter sales will be supported by new rollouts late in the third quarter and the robust holiday sales season and that is exactly what happened. Consolidated 2025 fourth quarter sales rose 7% on a reported basis and 3% on an organic basis, driven by higher sales for both US and European Based Operations.

正如我們在上個季度的電話會議上所指出的，我們預計第四季度的銷售額將得到第三季末新產品上市和強勁的假日銷售季的支持，而實際情況也正是如此。2025 年第四季合併銷售額按報告基準成長 7%，以有機成長基準成長 3%，主要得益於美國和歐洲業務銷售額的成長。

Sales by our US operations increased 4% in the fourth quarter of 2025, driven by performance from our two largest US-based brands, GUESS and Donna Karan, DKNY and even greater growth from Cavalli and MCM. Excluding the phaseout of Dunhill fragrance that was completed in August 2024, full year '25 for US operations, sales declined 3%. Fragrance sales of GUESS and Donna Karan returned to growth in the fourth quarter with increases of 7% and 8%, respectively.

2025 年第四季度，我們美國業務的銷售額成長了 4%，這主要得益於我們在美國最大的兩個品牌 GUESS 和 Donna Karan 以及 DKNY 的出色表現，而 Cavalli 和 MCM 的成長更為顯著。不包括 2024 年 8 月完成的 Dunhill 香水停產，2025 年美國業務全年銷售額下降了 3%。GUESS 和 Donna Karan 的香水銷售額在第四季度恢復成長，分別成長了 7% 和 8%。

GUESS continues to benefit from the ongoing success of the Iconic and Seductive franchise as well as the Q3 introduction of GUESS La Mia Bella Vita. Donna Karan growth was mainly driven by the Cashmere Mist and DKNY Be Delicious franchises. For the full year, GUESS sales were flat and the Donna Karan, DKNY, decline of 4% was mostly due to unfavorable growth comparisons related to the timing of 2024 product launches.

GUESS 繼續受惠於 Iconic 和 Seductive 系列的持續成功，以及第三季推出的 GUESS La Mia Bella Vita 系列。Donna Karan 的成長主要得益於 Cashmere Mist 和 DKNY Be Delicious 這兩個品牌。全年來看，GUESS 的銷售額持平，而 Donna Karan 和 DKNY 的銷售額下降了 4%，這主要是由於 2024 年產品上市時間較去年同期增長不利所致。

In just the second full year under our management, Cavalli fragrance sales rose 33% in both the fourth quarter and full year, a testament to our ability to elevate a brand's profile creatively and strategically. The exclusive May-August introduction of Roberto Cavalli Serpentine at Dubai Duty Free was highly successful and has helped drive significant brand market share growth in the region.

在我們管理的第二個完整年度，Cavalli 香水的銷售額在第四季度和全年均增長了 33%，這證明了我們有能力以創造性和戰略性的方式提升品牌的知名度。Roberto Cavalli Serpentine 於 5 月至 8 月在杜拜免稅店獨家發售，取得了巨大成功，並幫助推動了該品牌在該地區市場份額的顯著增長。

We have expanded the distribution of Serpentine globally through multiple retail channels where it is enjoying ongoing success. Additional 2025 Roberto Cavalli rollout included the Gold Collection extension, the Paradiso extension, the Paradiso Rosa and the striking three-scents Marbleous sub collection and the dual gender Just Cavalli Give Me Magic fragrance duo.

我們透過多個零售管道擴大了Serpentine在全球的銷售範圍，並在這些管道中持續取得成功。2025 年 Roberto Cavalli 也推出了 Gold Collection 系列、Paradiso 系列、Paradiso Rosa 系列、引人注目的三款香水 Marbleous 子系列以及男女皆宜的 Just Cavalli Give Me Magic 香水組合。

In 2026, we plan to keep this momentum going with additional extension that reflects and reinforce the brand's established allure. MCM fragrance sales rose 40% in the fourth quarter and 17% for the full year, driven by continued performance of a new six-scent MCM collection launched in early 2025. In 2026, we expect to debut new extension to expand the brand.

2026年，我們計劃保持這一勢頭，透過進一步拓展來體現和加強品牌已建立的吸引力。MCM香水第四季銷售額成長40%，全年成長17%，這主要得益於2025年初推出的全新六款MCM香水系列的持續成功。預計在 2026 年，我們將推出新的產品線來拓展品牌。

We are excited to be at Milan Design Week this April, where we will have an MCM-centric display, highlighting the newest fragrance that we launched in early 2026. Despite a challenging year where the brand declined 9%, and despite the launch of Fiamma, fragrance sales at Ferragamo held steady in the fourth quarter, supported by the third quarter launch of Sublime Leather.

我們很高興能參加今年四月的米蘭設計週，屆時我們將舉辦一場以MCM為主題的展覽，重點介紹我們於2026年初推出的最新香水。儘管該品牌在過去一年中經歷了 9% 的下滑，並且推出了 Fiamma 香水，但 Ferragamo 的香水銷售額在第四季度保持穩定，這得益於第三季度推出的 Sublime Leather 香水。

We remain confident in the brand's potential heading into 2026, where we plan to roll out new extensions across pillars. Sales from our European Based Operations increased by 9% in the fourth quarter, driven equally by a 4% rise in organic growth and a 4% positive effect of foreign exchange. Coach, Lacoste and Montblanc led the way in the fourth quarter. For the year, sales increased 7% on a reported basis and 4% organically. While channel performance was mixed among regions, sell-through has been strong thus far in 2026.

我們對品牌在 2026 年的發展潛力充滿信心，並計劃在各個支柱領域推出新的擴展產品。第四季度，我們歐洲業務的銷售額成長了 9%，這主要得益於 4% 的內生成長和 4% 的外匯正面影響。Coach、Lacoste 和 Montblanc 在第四節比賽中表現出色。本年度，以報告數據計算，銷售額增長了 7%，以有機增長計算，銷售額增長了 4%。儘管各地區的通路表現參差不齊，但 2026 年迄今的銷售情況一直很強勁。

Jimmy Choo, our largest brand, continued its momentum and delivered another year of sales growth. The success of the Jimmy Choo I Want Choo women's franchise has continued to strengthen since its launch in 2021. Particularly in the United States, the launch of I Want Choo With Love, combined with the strong performance of the Jimmy Choo Man franchise helped drive 6% growth of Jimmy Choo fragrance in 2025.

Jimmy Choo 作為我們最大的品牌，延續了成長勢頭，連續第二年實現了銷售成長。自 2021 年推出以來，Jimmy Choo I Want Choo 女裝系列的成功動能持續增強。尤其是在美國，I Want Choo With Love 的推出，加上 Jimmy Choo Man 系列的強勁表現，推動了 Jimmy Choo 香水在 2025 年成長 6%。

We have two new extensions in the works for 2026, and we'll be using the year to prepare for a new women's franchise in 2027. Coach fragrance sales increased 5% in the fourth quarter and 15% for the full year, reflecting strength across essentially all of the men's and women's line reinforcing its timeless, multi-generational appeal as a mainstay of casual elegance.

我們正在籌備 2026 年的兩項新擴建計劃，並將利用這一年時間為 2027 年的新女子特許經營權做準備。Coach香水第四季銷售額成長5%，全年成長15%，反映出其男女香水系列幾乎所有產品線的強勁表現，鞏固了其作為休閒優雅的中流砥柱，具有永恆的、跨世代的吸引力。

We benefited from the launches of Coach for Men and Coach Gold in the first half of the year. We have had a wonderful relationship with the Coach brand since 2016, and we are incredibly happy to extend our agreement for an additional five years through 2031. We expect to introduce new extensions for the men's and women's line in '26.

今年上半年，我們受惠於 Coach 男士系列和 Coach Gold 系列的推出。自 2016 年以來，我們與 Coach 品牌一直保持著良好的合作關係，我們非常高興能將合作協議延長五年至 2031 年。我們預計將於 2026 年推出男裝和女裝系列的新擴展產品。

And similar to Jimmy Choo, we will be using the year to prepare a new women's franchise in 2027. In much of the same way that we rejuvenated Roberto Cavalli, our success with the Lacoste brand was certainly a positive highlight in 2025. In just the second full year under our management, Lacoste fragrance sales grew 23% in the fourth quarter leading to 28% increase in the full year, reaching $108 million, exceeding our initial expectation of $100 million.

與 Jimmy Choo 類似，我們將利用這一年時間為 2027 年推出新的女裝系列做準備。就像我們重振了 Roberto Cavalli 一樣，我們在 Lacoste 品牌上的成功無疑是 2025 年的一大亮點。在我們管理的第二個完整年度，Lacoste 香水銷售額在第四季度增長了 23%，全年增長了 28%，達到 1.08 億美元，超過了我們最初預期的 1 億美元。

The Lacoste license took effect in January '24, and we immediately go to work, crafting and implementing strategy, and then curating and introducing a collection of fragrances for men and women that key into the timeless elegance of a brand. In 2025, we enriched the original line with a new men's fragrance called Original Parfum and the line's first women fragrance, Original Femme. We also introduced a new L.12.12. dual gender duo, Silver Rose and Silver Grey.

Lacoste 的授權於 2024 年 1 月生效，我們立即著手製定和實施策略，然後策劃並推出一系列男女香水，以體現品牌永恆的優雅。2025年，我們為原始產品線增添了一款名為Original Parfum的全新男士香水，以及該系列的首款女士香水Original Femme。我們還推出了新的 L.12.12. 雙性組合，銀玫瑰色和銀灰色。

In 2026, we will further expand the Lacoste fragrance lines with additional extension, leveraging the solid foundation we have built in our first two years overseeing the brand. Montblanc sales rose 22% in the fourth quarter, reflecting the success of Montblanc Explorer Extreme in the second half of 2025 and the strength of the original Montblanc Legend line. This strong fourth quarter performance in combination with favorable foreign exchange helped to offset the sales softness we experienced in the first part of 2025 resulting in full year 2025 sales that were broadly in line with '24. \

2026年，我們將進一步拓展Lacoste香水系列，並在此基礎上，利用我們接手品牌前兩年所建立的堅實基礎，推出更多新品。萬寶龍第四季銷售額成長了 22%，這反映了 2025 年下半年萬寶龍探險家極致系列的成功以及原版萬寶龍傳奇系列的強勁表現。第四季強勁的業績，加上有利的匯率，有助於抵消我們在 2025 年上半年遇到的銷售疲軟，使得 2025 年全年銷售額與 2024 年基本持平。\

We plan to launch two new little extension in '26 and are preparing for a big launch of a new men's franchise in 2027. The men's fragrance market remains underdeveloped in general, presenting a substantial opportunity for us to continue offering meaningful innovation and expand our reach across our entire portfolio for years to come.

我們計劃在 2026 年推出兩個新的小型擴展項目，並正在為 2027 年推出新的男士特許經營項目做準備。男士香水市場總體上仍處於欠發達狀態，這為我們提供了一個巨大的機會，讓我們能夠在未來幾年繼續提供有意義的創新，並擴大我們整個產品組合的覆蓋範圍。

We remain optimistic about the future potential of Solferino, our first ultra-luxury direct-to-consumer offering that includes a collection of 10 unique premium scents designed to cater to the growing niche high-end luxury market. Our flagship store in Paris and dedicated e-commerce platform are attracting encouraging levels of consumer traffic.

我們對 Solferino 的未來潛力仍然充滿信心，這是我們首個超豪華的直接面向消費者的產品系列，包含 10 種獨特的優質香水，旨在迎合不斷增長的高端奢侈品小眾市場。我們在巴黎的旗艦店和專屬電商平台吸引了令人鼓舞的客流量。

Solferino reached 40 doors worldwide by the end of 2025, and we are on track to expand this artisanal fragrance house to an additional 50 in the first half of 2026 with a long-term goal of up to 500 doors at the end of 2030. We are excited that Solferino has entered the US with the launch of Bloomingdale's online store and in seven store locations with additional store rollout to come this fall.

到 2025 年底，Solferino 在全球擁有 40 家門市，我們正按計畫在 2026 年上半年將這家手工香水店再擴展 50 家，長期目標是在 2030 年底達到 500 家門市。我們很高興 Solferino 已透過 Bloomingdale's 線上商店和七家實體店進入美國市場，並計劃於今年秋季開設更多門市。

We have always taken a strategic approach to portfolio expansion, adding brands that strengthen our global reach and long-term growth profile. This year, we advanced that strategy with new partnership that further enhance our competitive position.

我們一直採取策略性的方法拓展產品組合，增加能夠增強我們全球影響力和長期成長前景的品牌。今年，我們透過新的合作夥伴關係推進了這項策略，進一步增強了我們的競爭地位。

In January, we announced separate exclusive long-term worldwide fragrance license agreement with David Beckham and Nautica, along with a 15-year extension of our license agreement with GUESS that maintains the relationship through 2048. These distinctive brands reflects our approach to an increasingly global and diverse fragrance market, identify iconic category leaders and apply our proven operational expertise to build a sustainable franchise.

今年一月，我們宣布與大衛貝克漢和諾帝卡 (Nautica) 達成單獨的獨家長期全球香水授權協議，同時與 GUESS 續簽了 15 年的授權協議，將雙方的合作關係延續至 2048 年。這些獨特的品牌體現了我們對日益全球化和多元化的香水市場的策略，即識別標誌性的品類領導者，並運用我們成熟的營運經驗來打造可持續發展的特許經營權。

Our opportunity pipeline is expanding as our ability to elevate and in some cases, revive brands is becoming increasingly recognized in the market. I want to thank Authentic Brands Group, ABG, the company who co-owned and manage both the David Beckham and Nautica brands, we look forward to a continuing mutually beneficial relationship.

隨著市場對我們提升品牌（在某些情況下甚至是重振品牌）的能力日益認可，我們的商機管道也不斷擴大。我要感謝 Authentic Brands Group (ABG) 公司，該公司共同擁有並管理 David Beckham 和 Nautica 這兩個品牌，我們期待繼續保持互利共贏的關係。

While brick-and-mortar remains competitive, e-commerce is running strong, and we are benefiting from our expanded presence at Amazon and early foray into TikTok Shop among others. This platform significantly enhanced our global visibility, deliver rich consumer insights and enable us to introduce smaller-sized products that serves as an affordable entry point into prestige and luxury, supporting both recruitment and premiumization efforts.

儘管實體店仍然競爭激烈，但電子商務發展勢頭強勁，我們受益於在亞馬遜等平台擴大業務以及早期進軍TikTok Shop等。該平台顯著提升了我們的全球知名度，提供了豐富的消費者洞察，並使我們能夠推出小尺寸產品，作為進入高端和奢侈品領域的經濟實惠的切入點，從而支持招聘和高端化工作。

Amazon remains one of our largest and fastest-growing channel, generating rising consumer engagement and premiumization. We are very encouraged by our early success on TikTok Shop, most notably, select products within our Donna Karan, DKNY brands. We are continuing to explore ways to leverage the increasingly significant sales potential of this platform, which has firmly established itself as a top 10 beauty retailer in the US as well as the fastest growing.

亞馬遜仍然是我們規模最大、成長最快的管道之一，不斷提升消費者參與度和產品高端化程度。我們非常欣慰地看到我們在 TikTok Shop 上取得了初步成功，尤其是我們 Donna Karan 和 DKNY 品牌的部分產品取得了成功。我們正在繼續探索如何利用該平台日益顯著的銷售潛力，該平台已穩固確立了其在美國十大美容零售商以及增長最快的地位。

The travel retail market continued to perform well with sales growing by 6% in 2025 and representing today approximately 7% of our total net sales, consistent with prior years. Brands, including Cavalli, Lacoste and Coach performed well throughout the year. Our strong appeal among traveling consumers illustrated by the success of Cavalli Serpentine in Dubai is helping us secure additional shelf space and broaden our SKU footprint across duty-free locations.

旅遊零售市場持續表現良好，預計 2025 年銷售額將成長 6%，目前約占我們總淨銷售額的 7%，與往年持平。Cavalli、Lacoste 和 Coach 等品牌全年表現良好。Cavalli Serpentine 在杜拜的成功證明了我們對旅行消費者的強大吸引力，這有助於我們在免稅店獲得更多的貨架空間並擴大我們的 SKU 覆蓋範圍。

We anticipate steady growth in our travel retail business going forward. With respect to operational improvements, we've made some good progress against our stated goals in the areas of tariff mitigation, inventory management and operating efficiencies. For example, our transition to 100% third-party providers for packing, shipping, warehousing and order fulfillment should be completed by the end of March of this year.

我們預計未來旅遊零售業務將穩定成長。在營運改善方面，我們在關稅減免、庫存管理和營運效率方面，已朝著既定目標取得了一些良好進展。例如，我們向 100% 第三方供應商過渡到包裝、運輸、倉儲和訂單履行的工作應該在今年 3 月底完成。

We are also making progress in shifting our manufacturing closer to the point of sales with a focus on changes that provide a measurable impact. For example, as of December 31, 2025, we moved production for three GUESS lines, Italy, and have since diverted all components shipment from China to Europe instead of the US.

我們也在努力將生產轉移到更靠近銷售點的位置，並專注於能夠產生可衡量影響的變革。例如，截至 2025 年 12 月 31 日，我們已將三條 GUESS 生產線轉移到義大利，並且此後已將所有零件的運輸從中國轉移到歐洲，而不是美國。

This one change, which represented approximately 15% of our US manufacturing, produced tariff savings of $3.5 million. Retailers maintained a cautious stance on inventory levels throughout 2025, carefully managing their positions amid a dynamic demand environment. However, we began to see meaningful relief in Q4 2025 as ordering patterns, stabilized and inventories declined. Encouragingly, that momentum has carried into 2026 with healthy ordering patterns since the beginning of the year.

這項改變，約占我們美國製造業的 15%，帶來了 350 萬美元的關稅節省。2025 年全年，零售商對庫存水準保持謹慎態度，在動態的需求環境中謹慎管理庫存。然而，從 2025 年第四季開始，隨著訂單模式趨於穩定和庫存下降，我們開始看到明顯的緩解。令人鼓舞的是，這一勢頭延續到了 2026 年，自年初以來訂單模式一直保持良好。

The tariff situation has become increasingly dynamic given last week's Supreme Court ruling and the aftermath. While it is too early, way too early to determine the long-term future of tariffs, we continue to focus on controlling what we can control in our own operations and have seen encouraging results. At present, we estimate that tariff costs will remain a headwind in 2026.

鑑於上週最高法院的裁決及其後續影響，關稅情況變得日益複雜多變。雖然現在判斷關稅的長期未來還為時過早，但我們會繼續專注於控制我們自身營運中可以控制的因素，並且已經看到了令人鼓舞的結果。目前我們估計，關稅成本在 2026 年仍將是一個不利因素。

We will continue to implement strategies and cost savings to blunt this anticipated impact. These actions will be enhanced by the select pricing actions we took during the second half of 2025 that averaged approximately 2% across our brands, primarily focused on prestige and luxury and the US market. Our pricing adjustments remained more modest than the prestige fragrance industry average as of late 2025.

我們將繼續實施各項策略和成本節約措施，以減輕這種預期影響。這些舉措將得到我們在 2025 年下半年採取的精選定價措施的加強，這些措施平均使我們旗下所有品牌的價格上漲了約 2%，主要集中在高端和奢侈品以及美國市場。截至 2025 年底，我們的價格調整幅度仍比高檔香水產業的平均水準更為溫和。

We do not plan to implement any further pricing actions beyond what we initiated last year unless a significant change in the market occurs. Our creative innovation, the continued resilience of the fragrance market and the breadth of our brand portfolio position us to deliver long-term growth. We expect a continuing period of transition in 2026 leading to a more stable market conditions as we prepare for what we expect will be a more favorable operating environment in 2027 and beyond.

除非市場發生重大變化，否則我們不打算在去年開始實施的價格措施之外，再採取任何進一步的價格調整措施。我們的創新精神、香水市場的持續韌性以及我們廣泛的品牌組合，使我們能夠實現長期成長。我們預計 2026 年將持續一段過渡期，隨著我們為 2027 年及以後更有利的經營環境做好準備，市場狀況將更加穩定。

As such, we have maintained a quite conservative posture with respect to our guidance, but we will revisit it as the year evolves. Over our 30-plus year history, we have earned a global reputation for excellence and where there is opportunity, we will be there to capitalize on it. I'm also pleased to share that I will be speaking at the Women's Wear Daily's CEO Summit in Palm Beach this May, representing our company on an exciting industry stage.

因此，我們在指導方針方面一直保持相當保守的態度，但我們會隨著時間的推移重新審視這一方針。在過去的30多年裡，我們憑藉著卓越的品質贏得了全球聲譽，只要有機會，我們就會抓住它。我很高興地宣布，今年五月我將在棕櫚灘舉行的《女裝日報》CEO峰會上發言，代表我們公司在這個令人興奮的行業舞台上亮相。

With that, I will now turn it over to Michel Atwood for a review of our financial results. Michel?

接下來，我將把時間交給米歇爾·阿特伍德，讓他來審閱我們的財務表現。米歇爾？

Thank you, Jean, and good morning, everyone. I will begin by discussing the consolidated results before breaking them down into our two operating segments, European and United States Based Operations. As reported, we delivered net sales growth of 7% to $386 million during the fourth quarter, leading to a record $1.49 billion in sales for the full year in 2025. Foreign exchange movements positively impacted our top line, contributing 3% to growth in the fourth quarter and 2% for the full year.

謝謝你，珍妮，大家早安。我將首先討論合併後的業績，然後再將其細分為我們的兩個營運部門，即歐洲業務和美國業務。據報告，我們在第四季度實現了 7% 的淨銷售額成長，達到 3.86 億美元，預計 2025 年全年銷售額將創下 14.9 億美元的紀錄。外匯波動對我們的營收產生了積極影響，第四季度貢獻了 3% 的成長，全年貢獻了 2% 的成長。

However, as outlined in recent quarters, the stronger euro has also driven higher costs across the rest of our P&L as well as on our balance sheet. Organic sales, excluding FX and the completed phaseout of Dunhill and initial Solferino sales in late 2025 rose 3% in the fourth quarter and 2% for the full year, respectively. Gross margin contracted 20 basis points to 63.6% in 2025, and this was primarily driven by the higher costs due to tariffs.

然而，正如最近幾季所概述的那樣，歐元走強也推高了我們損益表其他部分以及資產負債表的成本。不包括外匯影響以及 Dunhill 品牌的完全停產和 Solferino 品牌在 2025 年底的初步銷售，有機銷售額在第四季度增長了 3%，全年增長了 2%。2025 年毛利率下降 20 個基點至 63.6%，主要是由於關稅導致成本上升所致。

Tariff resulted in about $12.8 million in higher costs in 2025 or 0.9% of sales. We have been able to partially mitigate these impacts through favorable segment and brand mix which each contributed to 20 basis points of margin expansion as well as pricing and leaving us with a gross margin erosion of only 0.3%, considering the situation and the tariffs.

關稅導致 2025 年成本增加約 1,280 萬美元，佔銷售額的 0.9%。我們透過有利的細分市場和品牌組合，部分緩解了這些影響，這兩項因素分別使利潤率提高了 20 個基點，加上定價策略，考慮到當前情況和關稅的影響，我們的毛利率僅下降了 0.3%。

We expect tariffs will continue to represent a significant headwind in 2026 as we annualize these tariffs for the full year. We continue to actively work on cost saving programs and tariff mitigation strategies to help limit these impacts. We estimate that these programs in combination with the full year impacts of the price increases we took in August 2025 will enable us to maintain our gross margins flat in 2026.

我們預計，隨著我們將關稅按年計算到全年，關稅將在 2026 年繼續構成重大不利因素。我們將繼續積極推進成本節約計畫和關稅緩解策略，以幫助限制這些影響。我們估計，這些計劃加上我們在 2025 年 8 月實施的價格上漲帶來的全年影響，將使我們能夠在 2026 年保持毛利率不變。

Moving to SG&A. SG&A expenses as a percentage of net sales were relatively flat in the fourth quarter at 54.3% compared to 53.4% in the prior-year period. For the full year, SG&A increased 80 basis points to 45.5% of net sales from 44.7% last year, and this was driven by higher A&P spending as well as an unfavorable segment mix.

移至銷售、一般及行政管理部門。第四季銷售、一般及行政費用佔淨銷售額的比例與去年同期相比基本持平，為 54.3%，而去年同期為 53.4%。全年來看，銷售、一般及行政費用佔淨銷售額的比例從去年的 44.7% 上升了 80 個基點至 45.5%，這主要是由於廣告和促銷支出增加以及不利的業務板塊組合所致。

A&P investments rose 10% and 5% for the fourth quarter and full year periods as we continue to invest ahead of our growth and in line with our expected sell-out trends. Royalty expenses, which are included in SG&A, averaged approximately 8% in 2025, in line with our five-year run rate.

由於我們持續進行投資以滿足成長需求並符合預期的出售趨勢，A&P 投資在第四季度和全年分別成長了 10% 和 5%。特許權使用費（包含在銷售、一般及行政費用中）在 2025 年平均約為 8%，與我們五年來的運行速度一致。

Overall, consolidated operating income and margin declined for both the quarter and the full year as compared to the prior-year periods, due primarily to the combination of lower gross margin and higher A&P. Fourth quarter operating income was $28 million for the quarter, resulting in an operating margin of 7.1% as compared to $36 million and 10% operating margin in the prior-year period.

整體而言，與去年同期相比，本季和全年的合併營業收入和利潤率均有所下降，這主要是由於毛利率下降和廣告及促銷費用上升所致。第四季營業收入為 2,800 萬美元，營業利潤率為 7.1%，而上年同期營業收入為 3,600 萬美元，營業利潤率為 10%。

Full year operating income declined by 2% to $270 million, resulting in an operating margin of 18.2% or 80 basis points decline from the prior year for the reasons laid out before, just above. Below the operating line, we reported a gain of $1 million in other income and expense compared to a loss of $6.4 million in 2024. The year-over-year change primarily reflects the following factors: first, we realized a onetime gain of $7.6 million related to a debt extinguishment during the fourth quarter.

全年營業收入下降 2% 至 2.7 億美元，導致營業利潤率為 18.2%，比前一年下降 80 個基點，原因如上所述。在營業收入和支出方面，我們報告稱，2024 年其他收入和支出為盈利 100 萬美元，而 2024 年則虧損 640 萬美元。與去年同期相比的變化主要反映了以下因素：首先，我們在第四季度實現了與債務清償相關的 760 萬美元一次性收益。

The second factor was a $1.2 million increase in interest income to $5.8 million during 2025 compared to $4.6 million in 2024 as our cash position improved. Third was a reduction in interest expenses on borrowings of $0.7 million. These gains were partially offset by a loss on foreign currency of $3.7 million compared to a gain of $500,000 in 2024.

第二個因素是，由於我們的現金狀況改善，2025 年利息收入從 2024 年的 460 萬美元增加到 580 萬美元，增加了 120 萬美元。第三，借款利息支出減少了 70 萬美元。這些收益部分被 2024 年 370 萬美元的外匯損失所抵消，而 2024 年則有 50 萬美元的收益。

The significant swings in the euro-dollar exchange rate throughout the year helped our top line but have led to larger-than-usual FX losses throughout our P&L. Our consolidated effective tax rate for the year was 23.3%, down 90 basis points from 24.2% in 2024 as we benefited from a onetime favorable net tax gain of $2 million in '25, following a positive outcome from prior-year tax assessments.

今年歐元兌美元匯率的大幅波動雖然對我們的營收有所幫助，但也導致我們的損益表出現了比平常更大的外匯損失。由於前一年的稅務評估結果良好，我們在 2025 年獲得了 200 萬美元的一次性淨稅收收益，因此我們本年度的綜合有效稅率為 23.3%，比 2024 年的 24.2% 下降了 90 個基點。

These factors, combined with our disciplined execution and cost management enabled us to deliver net income growth despite the challenging operating environment. Fourth quarter net income was $28 million or $0.88 per diluted share, a 16% increase from prior-year period.

這些因素，再加上我們嚴謹的執行和成本控制，使我們能夠在充滿挑戰的經營環境下實現淨利潤成長。第四季淨利為 2,800 萬美元，即每股攤薄收益 0.88 美元，比上年同期成長 16%。

For the year, net income reached a record $168 million with a diluted EPS reaching $5.24, also a 2% increase compared to 2024. Now moving to our other -- moving to our two business segments. I'll start with European Based Operations. We delivered solid net sales growth in both the fourth quarter and full year of 2025. Fourth quarter sales increased 9%, driven by 4% organic growth and 4% favorable FX impact.

該年度淨收入達到創紀錄的 1.68 億美元，稀釋後每股收益達到 5.24 美元，比 2024 年成長 2%。現在我們來看看我們的另一個業務部門—我們的兩個業務部門。我先從歐洲業務說起。我們在2025年第四季和全年均實現了穩健的淨銷售額成長。第四季銷售額成長9%，其中4%為內生成長，4%為有利的匯率影響。

For the full year, reported sales rose 7%, including a 4% organic growth and 2% favorable FX impact. Gross margin for the full year was 66.1% and as compared to 67% in 2024. The bulk of the 90 basis points erosion in gross margin was driven by tariffs, which represented $8.6 million in 2025.

全年報告銷售額成長 7%，其中 4% 為內生成長，2% 為有利的匯率影響。全年毛利率為 66.1%，而 2024 年的毛利率為 67%。毛利率下降 90 個基點的主要原因是關稅，預計到 2025 年將造成 860 萬美元的損失。

While SG&A expenses increased 7% to $474 million, SG&A as a percentage of net sales remained relatively flat at 46.7% compared to 46.3% in 2024. The increase in SG&A was primarily driven by a 9% rise in A&P expenses the totaled $219 million for the year, representing 22% of net sales compared to 21% last year.

雖然銷售、一般及行政費用成長了 7%，達到 4.74 億美元，但銷售、一般及行政費用佔淨銷售額的比例保持相對穩定，為 46.7%，而 2024 年為 46.3%。銷售、一般及行政費用的成長主要是因為廣告及促銷費用成長了 9%，全年總計 2.19 億美元，佔淨銷售額的 22%，而去年為 21%。

Overall, net income attributable to European operations rose 2% to $144 million, but as a percentage of sales declined 60 basis points to 14.2%. Now turning to our United States Based Operations. In the fourth quarter, we achieved a 4% net sales growth on a reported basis and 2% organic growth, aided by a 2% favorable FX impact.

整體而言，歸屬於歐洲業務的淨利潤成長了 2%，達到 1.44 億美元，但佔銷售額的百分比下降了 60 個基點，至 14.2%。現在讓我們來看看我們在美國的營運情況。第四季度，我們實現了按報告基準計算的 4% 淨銷售額增長和 2% 的有機增長，這得益於 2% 的有利匯率影響。

Excluding the phaseout of Dunhill fragrances that was completed in August 2024, full year '25, operating sales declined 3%. Gross margin expanded by 40 basis points to 58.3% for the full year, driven by favorable brand mix driven by the 2024 Dunhill discontinuation, channel mix and pricing actions, which more than offset the negative 0.9% impact of tariffs. SG&A expenses decreased 2% for the full year.

不包括 2024 年 8 月完成的 Dunhill 香水停產，2025 年全年營業銷售額下降了 3%。全年毛利率成長 40 個基點至 58.3%，這主要得益於 2024 年登喜路停產帶來的有利品牌組合、通路組合和定價策略，這些因素足以抵銷關稅帶來的 0.9% 的負面影響。全年銷售、管理及行政費用下降了2%。

However, SG&A as a percentage of net sales rose to 42% from 40.5%, and this was largely driven by our lower net sales with the discontinuation of Dunhill. Additionally, in 2025, we kept our A&P investments steady at 16% of net sales compared to 2024 and made the choice not to reduce other areas of SG&A in light of new licenses, which will be joining our portfolio in future years.

然而，銷售、一般及行政費用佔淨銷售額的比例從 40.5% 上升至 42%，主要是由於登喜路停產導致淨銷售額下降所致。此外，2025 年，我們將廣告和促銷投資保持在淨銷售額的 16% 不變，與 2024 年持平，並考慮到未來幾年將加入我們產品組合的新許可證，我們決定不削減銷售、一般及行政費用的其他方面。

Overall, the full year net income attributable to US-based operations was essentially flat at $69 million, representing a 14.3% of net sales compared to 13.3% in '24, so improving margins. At December 2025, our balance sheet remains strong, was $295 million in cash, cash equivalents and short-term investments and working capital of close to $700 million.

整體而言，歸屬於美國業務的全年淨利潤基本持平，為 6,900 萬美元，佔淨銷售額的 14.3%，而 2024 年為 13.3%，利潤率有所提高。截至 2025 年 12 月，我們的資產負債表依然穩健，現金、現金等價物及短期投資達 2.95 億美元，營運資金接近 7 億美元。

Accounts receivable was up 17% compared to 2024 on a reported basis. However, the balance is reasonable and based on 2025 record sales levels and higher FX impacts of the euro-dollar. While days sales outstanding was 73 days, up from 66 days in 2024, driven by changes in channel mix and FX, we are still seeing strong collection activity and do not anticipate any issues with collections of accounts receivable.

以報告資料計算，應收帳款比 2024 年成長了 17%。然而，這一平衡是合理的，基於 2025 年創紀錄的銷售水平和歐元兌美元匯率的更高影響。雖然應收帳款週轉天數為 73 天，高於 2024 年的 66 天，這是由於通路組合和外匯變化所致，但我們仍然看到強勁的收款活動，預計應收帳款的回收不會出現任何問題。

Despite FX headwinds, inventory levels were down 6% at year-end compared to 2024, and inventory days on hand decreased to 244 days compared to 259 days in 2024, marking our lowest level since 2022. These decreases are a direct result of our effort to manage down inventory levels. We have also preserved a favorable inventory profile with a higher mix of finished goods relative to components.

儘管受到外匯不利因素的影響，但截至年底，庫存水準與 2024 年相比下降了 6%，庫存週轉天數從 2024 年的 259 天減少到 244 天，創下 2022 年以來的最低水準。這些下降是我們努力降低庫存水準的直接結果。我們也保持了良好的庫存結構，成品相對於零件的比例較高。

These improvements position us well to continue to drive further inventory efficiencies, and we will continue to optimize our inventory levels going forward. By effectively managing our working capital in line with sales, full year operating cash flow increased to $215 million, up $27 million from prior-year period, and representing 103% net income compared to $188 million or 92% of net income in 2024.

這些改進使我們能夠更好地繼續提高庫存效率，我們將繼續優化未來的庫存水準。透過有效管理與銷售額相符的營運資本，全年營運現金流增加至 2.15 億美元，比去年同期增加 2,700 萬美元，淨收入佔 103%，而 2024 年的淨收入為 1.88 億美元，佔 92%。

We also took advantage of our stronger cash position and the lower stock price levels in the back half of '25 to continue to share -- our share repurchase program. In 2025, we purchased $14 million in shares, and we'll continue to evaluate additional share repurchases if the stock price remains below what we believe is the intrinsic value. In the same vein, we are pleased to be able to maintain our annual dividend of $3.20 per share.

我們也利用了2025年下半年更強勁的現金狀況和較低的股價水平，繼續實施我們的股票回購計畫。2025 年，我們購買了價值 1,400 萬美元的股票，如果股價繼續低於我們認為的內在價值，我們將繼續評估是否進行額外的股票回購。同樣，我們很高興能夠維持每股 3.20 美元的年度股息。

Now moving to guidance. As shared in our earnings release published yesterday evening, we are maintaining the outlook we provided in November. We expect sales to remain steady at approximately $1.48 billion and diluted earnings per share of $4.85. A decline from 2025 that is referenced above, included a onetime gain recognized in 2025, impacts from tariffs and significant investments we are making to develop our newest brands and support our broader portfolio for 2027.

現在進入指導環節。正如我們昨晚發布的獲利報告中所述，我們維持11月份給予的業績展望。我們預計銷售額將保持穩定，約 14.8 億美元，稀釋後每股收益為 4.85 美元。上文提到的 2025 年的下滑，包括 2025 年確認的一次性收益、關稅的影響以及我們為開發最新品牌和支持 2027 年更廣泛的產品組合而進行的大量投資。

We continue to anticipate a return to significantly stronger growth in 2027, driven by enhanced innovation across all of our key brands, including the development, distribution of our newest brands. While we are seeing moderating demand in some international markets, our core fundamentals remain solid. We continue to advance a strong innovation pipeline supported by a long-standing relationship with global distributors and retailers.

我們繼續預期，在包括最新品牌的開發和分銷在內的所有主要品牌的創新推動下，2027 年將恢復顯著強勁的成長。儘管我們看到一些國際市場的需求有所放緩，但我們的核心基本面依然穩固。我們持續推動強大的創新產品線，這得益於我們與全球經銷商和零售商建立的長期合作關係。

Combined with a stable and resilient consumer base, these trends reinforce our confidence in delivering consistent performance and long-term value. Before we begin the Q&A section of the call, I want to note that we are anticipating filing our Form 10-K early next week. All audit and reporting procedures are continuing to progress.

再加上穩定且富有韌性的消費者群體，這些趨勢增強了我們對持續提供卓越績效和長期價值的信心。在開始電話會議的問答環節之前，我想指出，我們預計下週初提交 10-K 表格。所有審計和報告程序都在持續進行中。

With that, I'll open up for questions.

接下來，我將接受提問。

(Operator Instructions)

（操作說明）

Sydney Wagner, Jefferies.

雪梨‧華格納，傑富瑞。

So in terms of revisiting your guidance later in the year, what are some specific metrics that you'll be looking for or do you need to see to give you confidence to update the guide? And then just curious, like is the category or your own pipeline or innovation uptake more of the swing factor in that?

那麼，在今年稍後重新審視您的指導方針時，您會關注哪些具體指標，或者需要看到哪些指標才能讓您有信心更新該指導方針？然後我很好奇，究竟是產品類別、自己的產品線還是創新應用，才是影響結果的關鍵因素？

And then my other question, just on promotions. Some peers have called out some pressure there. Can you share a little bit more about what you've seen?

我還有一個問題，是關於晉升的。一些同行指出，他們在這方面承受著一些壓力。能再詳細說說您所看到的嗎？

Michel, do you want to start on guidance?

米歇爾，你想開始學習指導嗎？

Yes. Sydney, look, I mean, we're just starting the year. We had a really strong Q4, but we're waiting to see really what happens. The environment remains very, very volatile. We are seeing a slowdown in market growth. The market growth in the fourth quarter for the markets that we're tracking was up 2%, and it's definitely starting to slow down. For the year, we're at about 3%.

是的。悉尼，你看，我的意思是，我們才剛開始新的一年。我們第四季業績非常強勁，但我們仍在觀望最終結果。環境依然非常非常不穩定。我們看到市場成長放緩。我們追蹤的市場第四季市場成長率為 2%，而且成長明顯開始放緩。今年至今，我們約佔 3%。

So definitely a slowdown in the market. The destocking situation was a lot better in the fourth quarter. We shipped better than expected, and we saw some restocking. At the same time, we believe that structurally, destocking will continue to be a factor as retailers and distributors normalize their inventory levels. It's just a normal part of the cycle.

所以市場確實放緩了。第四季的去庫存情況好轉了很多。我們的發貨情況比預期要好，而且我們看到了一些補貨。同時，我們認為，從結構上看，隨著零售商和分銷商逐步恢復庫存水平，去庫存仍將是一個重要因素。這只是正常週期的一部分。

And so we're waiting to really see how all of that kind of plays out. In terms of our innovation pipeline, I mean, we have a very, very strong innovation pipeline for 2027. But for 2026, our strategy is really more of a flankering strategy. So we're waiting to see also how that basically holds up and how that's basically being received in the market before we feel comfortable updating our guidance. I don't know, if you want to add anything.

所以，我們正在等待，看看這一切最終會如何發展。就我們的創新計劃而言，我的意思是，我們為 2027 年制定了非常非常強大的創新計劃。但對於 2026 年，我們的策略其實更像是一種側翼策略。所以我們也在觀望，看看這種情況能否持續下去，以及市場對此的反應如何，然後再決定是否更新我們的業績指引。我不知道你是否還有什麼要補充的。

Yes. Thank you, Sydney, for the question. Regarding the guidance, as you know, this company has always been conservative. And we spent a good amount of time reevaluating the guidance, and we have decided to keep it, not to change it because even though we had a quite good January and February, and I think we're going to -- we're anticipating a strong first quarter, the visibility is not great. So we are cautiously optimistic.

是的。謝謝悉尼的提問。關於指導方針，如您所知，本公司一向比較保守。我們花了很多時間重新評估了業績指引，並決定維持現狀，不做任何改變，因為儘管我們一月和二月的業績相當不錯，而且我認為我們預計第一季業績會很強勁，但前景並不明朗。所以我們持謹慎樂觀態度。

And instead of retouching the guidance many times, I prefer to wait a little bit more. So it's not a sign that things are not going well. It's just we continue in our approach of being prudent. So that's regarding the guidance. The promotion, Michel, do you want to answer on the promotion?

與其多次修改指導，我寧願再等等。所以這並不代表事情進展不順利。我們只是繼續秉持謹慎的態度。以上是關於指導意見的部分。關於晉升這件事，米歇爾，你想回答嗎？

Yes. I mean we've -- as you know, we -- pretty much the whole industry in the US took pricing related to tariffs. Those price increases largely went through. But we did see an uptick in promotions in the fourth quarter, a little bit more discounting than usual.

是的。我的意思是，正如你所知，美國幾乎整個產業都受到了關稅的影響。這些價格上漲基本上都實現了。但我們確實看到第四季促銷活動增加，折扣力道比平常更大一些。

I think this is normal. In this category, as you know, we don't typically do a lot of discounting. We typically offer the consumer value in the form of gift sets and GWPs. But I would say there was a little bit more of these friends and family discounts than we have seen normally in the fourth quarter.

我認為這很正常。如您所知，在這個類別中，我們通常不會進行太多折扣。我們通常以禮品套裝和贈品的形式為消費者提供價值。但我認為，今年第四季親友折扣比往年多。

But nothing out of the ordinary.

但一切如常。

Yes. Nothing significant, but maybe a slight uptick. but nothing significant and nothing of any large magnitude.

是的。沒什麼大的變化，可能略有上升，但沒什麼顯著的，也沒什麼大的幅度。

Aron Adamski, Goldman Sachs.

Aron Adamski，高盛集團。

I have two. First, on the portfolio. After signing of the two new brands that you recently announced, do you have any further capacity to secure additional licenses? And in that context, would you prefer to add brands more in the mass end of the fragrance industry or build up the prestige presence further?

我有兩個。首先，我們來看投資組合。繼您最近宣布簽約兩個新品牌之後，您是否還有能力獲得更多授權？在這種情況下，您傾向於在大眾香水市場增加更多品牌，還是進一步加強高端香水市場的佈局？

And then my second question is on the flanker pipeline that you have mentioned for this year. Can you please give us a sense of your expectations of which brands do you expect to gain market share in 2026? And conversely, which parts of the portfolio are you relatively more cautious about at this stage in the year?

我的第二個問題是關於您提到的今年的側翼管道項目。您能否大致預測一下您認為哪些品牌將在 2026 年獲得市場佔有率？反過來，在今年的這個階段，您對投資組合中的哪些部分相對比較謹慎？

Okay, Aron. Let me try on the first one. Do we have a capacity to take more after the signing of these two new brands, which are David Beckham and Nautica. Before I answer the question, let's take two minutes to analyze what we think we can do with these two brands. David Beckham is an icon. David Beckham has a huge name recognition.

好的，亞倫。我先試試第一個。在簽下大衛貝克漢和諾帝卡這兩個新品牌之後，我們是否還有能力接納更多品牌？在回答這個問題之前，讓我們花兩分鐘時間分析一下我們認為可以利用這兩個品牌做些什麼。大衛貝克漢是位偶像。大衛貝克漢擁有極高的知名度。

And we think that in this lifestyle world, we can do well. This is not the first transfer of license that we'll do from Coty. We've done it with GUESS, we've done it with Lacoste, we've done it with Cavalli, all went well. I think that these two new brands are a good addition to the portfolio.

我們認為，在這種生活方式的世界裡，我們也能做得很好。這並非我們第一次從科蒂公司進行授權轉讓。我們和 GUESS 合作過，和 Lacoste 合作過，和 Cavalli 合作過，一切都很順利。我認為這兩個新品牌是現有產品組合的良好補充。

Let's not forget that the portfolio of Interparfums is very diversified. We go from very high end, Van Cleef, Graff, Boucheron to a very lifestyle. So we think that this addition and what it brings to us and what we can bring to them is a great fit. So this being said, do we still have capacity after these two brands? And the answer is yes, absolutely. We have the structure, we have the human structure and also the process and the desire to grow the portfolio.

別忘了，Interparfums 的產品組合非常多元化。我們從非常高端的品牌，像是梵克雅寶、格拉夫、寶詩龍，一直到非常注重生活方式的品牌。所以我們認為，這次收購以及它帶給我們的價值和我們能為他們帶來的價值非常契合。那麼綜上所述，在推出這兩個品牌之後，我們是否還有產能？答案是肯定的，絕對是。我們擁有相應的架構、人員架構、流程以及發展業務組合的願望。

So we can take more. And we are working on more and without any guarantees that we will be able to make announcement. We are working on very important brands. So for us, the evolution of the portfolio is a natural thing to do. We will edit some smaller brands. We will add newer and more important brands. We have the capacity. We have the distribution also.

這樣我們就能承受更多。我們正在努力推動更多工作，但無法保證一定能發佈公告。我們正在與一些非常重要的品牌合作。所以對我們來說，投資組合的演變是一件很自然的事。我們將對一些小品牌進行編輯。我們將增加更多更新、更重要的品牌。我們有能力做到。我們也有分銷管道。

Let's not forget that we are present in 110 countries -- 120 countries through -- either directly or through our distributors. And there is an appetite for newness. So this is for the portfolio and the new brands. Michel, do you want to answer on the flankers?

別忘了，我們的業務遍及 110 個國家——透過我們的經銷商，業務遍及 120 個國家。人們渴望新鮮事物。這是針對產品組合和新品牌而言的。米歇爾，你想回答一下關於側翼的問題嗎？

Yes. Maybe I'll just -- maybe just build a little bit on what you said. I think coming back to our design and our structure, I mean, the fact that we operate with two segments gives us a lot more capacity to manage bigger -- to manage more brands. We also have our hub in Italy, which is run by US operations. So that gives us a third hub.

是的。或許我會——或許會在你剛才說的基礎上再補充一點。我認為，回到我們的設計和結構上來，我們以兩個部門運營，這使我們擁有更大的管理能力——管理更多的品牌。我們在義大利也設有中心，由美國營運部門營運。這樣我們就有了第三個樞紐。

And it gives us the opportunity also to put the right brands in the right places where they will get more -- where they will have access to people that will have more affinity with the brand. So for example, we will be managing the David Beckham brand out of Italy, whereas we'll be managing the Nautica brand out of the US and obviously, the Longchamp brand out of France. So again, that's part of this.

這也給了我們機會，將合適的品牌放在合適的地方，讓它們獲得更多——讓它們能夠接觸到對品牌更有好感的人群。例如，我們將管理義大利的 David Beckham 品牌，管理美國的 Nautica 品牌，當然還有法國的 Longchamp 品牌。所以，這也是其中的一部分。

Now I think the other thing is we believe there are many brands out there that are underserved and that could benefit from our expertise, as Jean pointed out. We spend a lot of time looking for new opportunities, and we will continue to do so.

現在我認為另一點是，我們相信有很多品牌的服務不足，可以從我們的專業知識中受益，正如 Jean 指出的那樣。我們花費大量時間尋找新的機會，並將繼續這樣做。

The timing, obviously, between the moment when we have conversations and we get brands can take time because, as you know, licenses have an expiration date. And if you look at what we've announced recently, even if we have announced the licenses, we don't get them immediately. So that's always a factor and that continues to play in that fact.

顯然，從我們進行對話到最終確定品牌之間需要時間，因為正如您所知，許可證是有有效期限的。如果你看看我們最近宣布的內容，即使我們已經宣布了許可證，我們也不會立即獲得它們。所以這始終是一個影響因素，並且會繼續影響這一事實。

Michel, you're breaking up.

米歇爾，你們要分手了。

Yes. Can you hear me?

是的。你聽得到我嗎？

Yes.

是的。

Yes. Okay. And then on the flankers, look, our flankers are really designed to hold share, not necessarily to build share, but they are necessary to drive healthy top and bottom line growth. When a flank -- when a line starts to basically get a little bit more worn out, that is when we go out and design basically new blockbusters.

是的。好的。至於側翼產品，你看，我們的側翼產品實際上是為了保持市場份額而設計的，不一定是為了擴大市場份額，但它們對於推動健康的營收和利潤增長是必要的。當一條線路－當一條線路開始變得有些疲軟的時候，我們就會出去設計一些全新的重磅產品。

And we have a significant pipeline of new blockbusters in 2027 across all of our key brands, whether it's Jimmy Choo, Coach, Montblanc, Lacoste, GUESS. So we have a significant amount on top of the new launches that will be coming. So really, for next year, what we believe is we still have brands like GUESS, Lacoste and Cavalli will outperform. And Montblanc, Jimmy Choo and Coach, I think, will be more moderate growth, but we'll continue to do well, we believe, with our existing flanker strategy. Jean?

2027 年，我們所有主要品牌，包括 Jimmy Choo、Coach、Montblanc、Lacoste 和 GUESS，都將推出大量重磅新品。所以除了即將推出的新產品之外，我們還有相當可觀的庫存。所以，我們預計明年像 GUESS、Lacoste 和 Cavalli 這樣的品牌仍然會表現出色。我認為，萬寶龍、Jimmy Choo 和 Coach 的成長速度會比較溫和，但我們相信，憑藉我們現有的側翼策略，我們將繼續取得良好的表現。珍妮？

Yes, I agree. We are really looking at 2027 as a very special year because the five biggest brands in the portfolio will have five very important launches for blockbuster. It's quite unusual for us. It happens once every, I don't know, every 10 years. So we are gearing up for that. But we'll have a reasonable growth in 2026 with our strategy of flankers.

是的，我同意。我們認為 2027 年是個非常特別的年份，因為旗下五大品牌將會推出五款非常重要的重磅產品。這對我們來說相當不尋常。這種情況大概每十年發生一次吧。所以我們正在為此做準備。但憑藉我們的側翼策略，我們將在 2026 年實現合理的成長。

Susan Anderson, Canaccord Genuity.

Susan Anderson，Canaccord Genuity。

I guess maybe just to follow up on the gross margin. I think you guys were originally expecting maybe a little bit less deleverage in the fourth quarter. Maybe if you could just talk about what happened there versus your expectations?

我想可能只是想跟進一下毛利率。我認為你們最初可能預期第四季去槓桿化程度會略低一些。或許你可以談談那裡實際發生的事情與你的預期有何不同？

And then also looking to this year, how should we think about the cadence of the gross margin? Should we expect it to be, I guess, down in the first half as we still have the tariff impacts and then potentially up in the back to get to that flat for the year?

此外，展望今年，我們該如何看待毛利率的波動節奏？我猜想，由於關稅的影響，上半年經濟可能會下降，然後下半年可能會回升，最終在全年保持穩定？

This is a perfect question for Michel. Michel, go ahead.

這個問題很適合問米歇爾。米歇爾，請講。

Thank you, Jean. Susan, yes, look, I mean, the gross margin in quarter four looks pretty -- erosion looks pretty scary. I think when you see the 300 bps. And it's a combination of a lot of puts and calls that all basically went in the opposite direction, right? So sometimes these things tend to neutralize themselves.

謝謝你，珍妮。蘇珊，是的，你看，我的意思是，第四季度的毛利率看起來相當——侵蝕看起來相當可怕。我覺得看到 300 bps 的時候。而且，這實際上是許多看跌期權和看漲期權的組合，而這些期權基本上都朝著相反的方向發展，對吧？所以有時候這些事情會自行互相抵銷。

But in this particular case, basically, they were all unfavorable. So really, if you really look at what happened, first of all, you have the tariff impact, which hit us fully. We -- there's always a ramp-up with a FIFO and as we buy inventory, it kind of makes its way through. It made its way fully into the fourth quarter, and that basically represented about 2 points for the quarter.

但就這個具體案例而言，基本上所有結果都是不利的。所以，如果你仔細看看發生了什麼，首先是關稅的影響，它對我們造成了全面打擊。我們－採用先進先出法（FIFO）總是會有一個逐步增加庫存的過程，隨著我們購買庫存，庫存會慢慢地被消化掉。它一直持續到第四節，而這基本上只為該節貢獻了大約 2 分。

The other thing that we talked about is foreign exchange. So foreign exchange helped us on the top line, but really hurt us significantly because a lot of the products that we sell are actually made in Europe. And so what the cost based in euros were -- while our sales were basically in USD.

我們也談到了外匯問題。所以外匯波動雖然提高了我們的營業額，但卻對我們造成了很大的傷害，因為我們銷售的許多產品其實都是在歐洲生產的。因此，以歐元計算的成本是多少呢？而我們的銷售額基本上是以美元計算的。

So that represented -- and just for perspective, the euro was at $1.07 last year and it was at $1.16 this year. So that represented about 50% of our sales are denominated in dollars. So that also had a significant impact. And the last piece is it's a little technical, but it's channel mix. As you know, some of our businesses with direct to retailers with higher gross margin, but also higher A&P, and some of our businesses with distributors with lower gross margins and lower A&P.

所以這代表——為了方便理解，去年歐元兌美元匯率為 1.07，今年為 1.16。因此，我們約有 50% 的銷售額以美元計價。所以這也產生了重大影響。最後一點有點技術性，是關於聲道混合的。如您所知，我們的一些業務直接面向零售商，毛利率較高，但廣告和促銷費用也較高；而我們的一些業務透過分銷商開展，毛利率和廣告和促銷費用都較低。

And in the fourth quarter, we had significantly more of our business was through the distributors rather than direct to retail. It was about 68% mix of business versus 63%. So it's a combination of all those factors. And it's true that it looks a little bit scary. But overall, going back to next year, we feel that we have good mitigation strategy in place that will enable us to kind of get to roughly a flat gross margin.

第四季度，我們的業務更多是透過分銷商而非直接零售管道實現的。商業類產品佔比約為 68%，而其他類產品佔比約為 63%。所以這是所有這些因素綜合作用的結果。確實，它看起來有點嚇人。但總的來說，展望明年，我們認為我們已經制定了良好的緩解策略，這將使我們能夠大致實現持平的毛利率。

And yes, we should see some hurts in the first and second quarter, and we should see improvements in the third and fourth quarter as we lap our tariff impacts in the back half of the year and our cost savings and cost savings and efficiency programs actually start to kick in.

是的，第一季和第二季我們應該會受到一些影響，隨著我們在下半年逐漸消除關稅的影響，以及我們的成本節約和效率提升計劃真正開始發揮作用，第三季度和第四季度應該會有所改善。

(Operator Instructions)

（操作說明）

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Just want to ask you, you've talked a lot about the top five today. Is there anything in your other brands that could be a breakout situation for you to get into the top five? Or you're not expecting that this year?

我想問一下，你今天談了很多關於前五名的事情。你的其他品牌中是否存在任何可能讓你脫穎而出，躋身前五名的因素？還是今年沒抱太大期望？

This year, breaking to top five, I don't think so. Michel?

今年打進前五？我覺得不太可能。米歇爾？

No. I mean, Hamed, look, I mean, I think our top -- our largest brands are really -- basically are really our engines of growth. And they're diverse, I mean, in the various categories, price points, gender, I think those are really where we're going to get the growth going forward.

不。哈米德，我的意思是，我認為我們最頂尖的品牌——我們最大的品牌——基本上就是我們真正的成長引擎。而且它們種類繁多，我的意思是，涵蓋各種類別、價格點、性別，我認為這些才是我們未來真正能夠成長的地方。

And I think effectively, the tail end of the portfolio will either be stable with brands like Lanvin and Rochas or will probably continue to decline. And then those will eventually bleed out and probably be opportunities for us to consider exits, as Jean talked about cleaning up our portfolio.

而且我認為，實際上，產品組合的尾端品牌要么會保持穩定（例如 Lanvin 和 Rochas），要么可能會繼續下滑。然後這些最終都會被淘汰，這可能會給我們退出的機會，就像 Jean 所說的清理我們的投資組合一樣。

I don't think that -- the top five are brands that are anywhere above or around the $200 million. The second tier is really below that. So there is quite a difference between the first tier and the second tier. But we will add with new license that we are taking. I think that Longchamp has a great potential.

我不這麼認為——排名前五的品牌都是價值在 2 億美元以上或左右的品牌。第二梯隊其實比第一梯隊還要差。所以第一層級和第二層級之間有相當大的差異。但我們將補充我們正在申請的新許可證。我認為Longchamp很有潛力。

We think that Nautica has a great potential. They come also. So let's not forget, if we take Lacoste, we took Lacoste, we doubled the sales in less than three years. We took Cavalli. We increased the sales 50% in two years. So we know how to -- what to do with new brands. And I think that there is a lot of potential for the new brand in the portfolio.

我們認為諾帝卡（Nautica）具有巨大的潛力。他們也來了。所以別忘了，以 Lacoste 為例，我們以 Lacoste 為例，在不到三年的時間裡，我們的銷售額翻了一番。我們帶了卡瓦利。兩年內，我們的銷售額成長了50%。所以我們知道該如何——如何處理新品牌。我認為這個新品牌在產品組合中具有很大的發展潛力。

Got it. And Michel, on the working capital end, there was a considerable amount of free cash flow generation in Q4. I think that's very seasonal. But is there potential for more here as you try to wind down some of the inventory? Or is that more just a function of how the industry is right now with the destocking?

知道了。而米歇爾方面，在營運資金方面，第四季產生了相當可觀的自由現金流。我認為這具有很強的季節性。但隨著你逐步清理庫存，這裡是否還有更大的發展潛力？或者這更多是行業目前去庫存狀況所致？

Yes. Well, look, I mean, one of the upsides of sales starting to normalize is you kind of -- you're not investing as much in working capital, right? So definitely, the sales normalization has helped us basically deliver working capital improvements, but we've also done a lot of good work in terms of managing down those inventories. And I think we're going to continue to see that, and we're going to continue to see strong operating cash flow productivity going forward.

是的。嗯，你看，我的意思是，銷售額開始恢復正常的好處之一是，你不需要在營運資金上投入那麼多資金，對吧？因此，銷售正常化無疑幫助我們實現了營運資金的改善，但我們在降低庫存方面也做了許多卓有成效的工作。我認為我們將繼續看到這種情況，未來我們將繼續看到強勁的經營現金流生產力。

Aron Adamski, Goldman Sachs.

Aron Adamski，高盛集團。

I wanted to quickly ask on the trends that you're seeing across your key regions, so by geography so far in 2026. Where are you seeing the strongest, whether it's your own -- the demand for your own brands or for the category as a whole so far in 2026? And conversely, in which geographies have you seen maybe a relatively slower start to the year than you expected?

我想快速詢問一下您在 2026 年至今各個主要地區（按地理位置劃分）觀察到的趨勢。您認為2026年至今，最強勁的需求來自哪裡？無論是您自己的品牌，還是整個品類的需求？反過來，在哪些地區，您發現年初的成長速度可能比預期的要慢？

So I'm going to try, but Michel follow this very carefully. What I see is the US is doing well. In a very quick, short word, the US is doing well. Southern Europe is doing fine. Northern Europe is more difficult. Eastern Europe is okay. This is for the US and Europe.

所以我會試試，但米歇爾要非常仔細地按照這個步驟來。我看到的是，美國發展得很好。簡而言之，美國發展良好。南歐一切安好。北歐地區的情況較為複雜。東歐還可以。這是針對美國和歐洲的。

Asia for us, China continues to be slow, nothing new. Australia is showing some strong signs of growth. We traveled a lot in the first two months of the year to make sure that the Christmas went well. What I see is, in general, the level of inventory in stores or at distributors is not high, which is a good sign. Sell-through was good. Nobody is holding too much. The level of reorders is quite strong. So we're not really worried. Michel, I'm sure you can add more --

對我們來說，亞洲，尤其是中國，發展仍然緩慢，這沒什麼新鮮的。澳洲正展現出強勁的成長動能。為了確保聖誕節順利度過，我們在今年前兩個月四處奔波。我看到的情況是，總體而言，商店或分銷商的庫存水準並不高，這是一個好兆頭。銷售情況良好。沒有人持有過多的物品。補貨量相當可觀。所以我們並不太擔心。米歇爾，我相信你還能補充更多。--

Yes. I would just build on that, Jean, say -- LatAm obviously continues to do very, very well. I think our brand portfolio is really resonating well with the consumers. And then in Asia, while we had a little bit slower sales, we fixed our distribution in India and Korea, and I think we'll expect to see some good bounce back in 2026 behind that intervention on top of what effectively you just said for Australia.

是的。Jean，我只想在此基礎上繼續說——顯然，拉丁美洲市場繼續發展得非常好。我認為我們的品牌組合與消費者產生了很好的共鳴。而在亞洲，雖然我們的銷售速度有所放緩，但我們改善了在印度和韓國的分銷管道，我認為，在剛才你提到的澳洲市場的基礎上，加上這些幹預措施，我們預計到 2026 年將會出現良好的反彈。

And there are no further questions at this time. So I'll hand the floor back to Michel Atwood for closing remarks.

目前沒有其他問題了。那麼，我將把發言權交還給米歇爾·阿特伍德，讓他做總結發言。

All right. Well, thank you again for joining our call today. Before I end the call, I'd like to express my sincere appreciation once again to our teams for their tremendous effort throughout 2025. Our achievements are a direct reflection of our people, their dedication, creativity and the unique contributions they bring every day and particularly the agility that we've had to deal with this year with all of the moving pieces that we all are aware of.

好的。再次感謝您今天參加我們的電話會議。在結束通話之前，我想再次向我們的團隊表達我由衷的感謝，感謝他們在 2025 年付出的巨大努力。我們的成就直接反映了我們的員工，他們的奉獻精神、創造力和每天做出的獨特貢獻，尤其是我們今年在應對所有變數時所展現出的敏捷性，這一點我們都很清楚。

If you have any additional questions, please contact Devin Sullivan from the Equity Group, our Investor Relations representative. And thank you, and have a great day.

如果您還有其他疑問，請聯絡股權投資團隊的投資者關係代表 Devin Sullivan。謝謝，祝您今天過得愉快。

Thank you. Thank you.

謝謝。謝謝。

Thank you. This concludes today's conference.

謝謝。今天的會議到此結束。