Interparfums Inc (IPAR) 2026 Q2 法說會逐字稿

(Operator Instructions)

(操作員指示)

Mr. Devin Sullivan.

Devin Sullivan 先生。

Thank you, Rob, and good morning, everyone. Joining us on the call today will be Chairman and Chief Executive Officer, Jean Madar and Chief Financial Officer, Michelle 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. Forward-looking statements speak only as of the date on which they are made and Interparfum undertakes no obligation to update the information discussed. Interparfum's consolidated results include two business segments, European-based operations through Interparfum SA, the company's 72-owned French subsidiary, and United States-based operations. It is now my pleasure to turn the call over to Jean Madar

謝謝你，Rob，各位早安。今天與我們一同參與電話會議的有董事長兼執行長 Jean Madar，以及財務長 Michelle Atwood。提醒各位，本次電話會議可能包含前瞻性陳述，涉及已知與未知的風險、不確定性及其他因素，可能導致實際結果與預期結果存在重大差異。相關因素可見於公司向美國證券交易委員會提交的文件。在「前瞻性陳述」與「風險因素」等標題之下。前瞻性陳述僅截至其作出之日有效，Interparfum 不承擔更新所討論資訊之任何義務。Interparfum 的合併業績包含兩個業務分部：透過 Interparfum SA（公司持股 72% 的法國子公司）進行的歐洲業務，以及以美國為基地的業務。現在我很高興把電話會議交給 Jean Madar

Thank you, Devine, and good morning, everyone, and thank you for joining us on today's call. We are pleased, very pleased with our performance at the midpoint of the year, which reflects the appeal of our global brand portfolio. And the strength of our underlying business and also the disciplined execution and also the continued dedication of our team. Despite the challenges that persist in our business and industry, this result gives me confidence in our ability to deliver on our full year objectives and. On the path towards creating long-term value for our shareholders. So we delivered 2% sales growth in both the second quarter and first half of 2026, supported by strong performance from several of our leading brands and a strong rebound in our United States-based operation. Of an admittedly weak comparison. Excluding the war-related headwinds in the Middle East, organic sales advanced 4% in the quarter and 1% year-to-date and we maintained a robust financial position while continuing to invest in product initiatives that position us well for the balance of the year and beyond. Consolidated sales growth in the first half of the year reflects strong brand execution and solid performance in select regions, partially offset by macro and regional headwinds. North America, our largest market, was up 5%. Propelled by a health category, a steady cadence of new extensions, established from coach, and marketing investments that are clearly paying off. Asia Pacific was highlighted up 14% as initiatives supporting Coach and Mont Blanc took hold, get extended its footprint inAustralia and New Zealand. And our new Korean affiliate got off to an excellent start after several years of uneven results in the region.

謝謝你，Devine，各位早安，也感謝各位參加今天的電話會議。我們對年中時點的表現感到滿意，非常滿意，這反映了我們全球品牌組合的吸引力。以及我們核心業務的實力，還有嚴謹的執行力，以及團隊持續的投入與奉獻。儘管我們的業務與產業仍面臨持續的挑戰，這樣的結果讓我對我們達成全年目標的能力充滿信心，並且。也讓我們更有把握走在為股東創造長期價值的道路上。因此，我們在 2026 年第二季與上半年皆實現 2% 的銷售成長，主要受惠於多個領先品牌的強勁表現，以及我們美國業務的強力反彈。當然，這是在一個相對偏弱的比較基期之上。若排除中東地區與戰爭相關的不利因素，本季有機銷售成長 4%，年初至今成長 1%；同時我們維持穩健的財務狀況，並持續投入產品計畫，使我們在今年剩餘期間及更長遠的未來都具備良好布局。上半年合併銷售成長反映了強勁的品牌執行力與部分地區的穩健表現，但也部分被總體與區域性逆風所抵銷。北美作為我們最大的市場，成長 5%。主要受健康品類帶動、穩定推出新品延伸、Coach 既有系列的基礎，以及顯然正在奏效的行銷投資所推動。亞太地區表現亮眼，成長 14%；支持 Coach 與 Mont Blanc 的各項措施開始發揮效果，並將版圖擴展至澳洲與紐西蘭。而我們新的韓國關係企業在該地區經歷數年表現不均後，也以極佳的開局起步。

We are also encouraged that consumers across Asia specifics are increasingly embracing the fragrance category and we are moving quickly to achieve that opportunity. In India, for example, we recently teamed up with a new Twitter to bring Coach, Fontblanc and Jimmy Choo, several of our other brands, back to one of the world's fastest-growing beauty markets. Also, South America rose by 15% behind the continued success of Coach for Women and Men and Fontblanc's legend line. Partially offsetting growth from this geography, a few regions declined in the first half. Eastern Europe hit 3% on softer consumer demand.

我們也感到振奮的是，亞洲各地的消費者正愈來愈多地擁抱香氛品類，而我們正迅速行動以把握這項機會。例如在印度，我們近期與一個新的 Twitter 合作夥伴攜手，將 Coach、Fontblanc、Jimmy Choo 以及我們其他幾個品牌帶回這個全球成長最快的美妝市場之一。此外，南美在 Coach 女香與男香的持續成功，以及 Fontblanc 的 Legend 系列帶動下，成長 15%。在部分抵銷上述地區成長的同時，有幾個地區在上半年出現下滑。東歐因消費需求轉弱而下降 3%。

Eastern Europe was down 7% with operational difficulties in certain markets, which weighted. Most heavily on Lanvin and the cost. And of course, with the list in Africa fell 24% as the war in the region continued to wait on our results. Even with these pressures, our diversified footprint allowed us to grow overall, which speaks to the resilience of our model. Looking at our brands, momentum in the first half was broad and several of our largest properties finished the second quarter with real strength. Coach grew 10% in the first half, driven by strong performance in the US, its primary market. Driven by continued demand across most existing lines and by the launch of new extensions in the Coached Women and Coached Men franchises earlier in 2026. Mont Blanc advanced 6% in the first half of 2026 due to favorable exchange rates and the ongoing success of a Mont Blanc Explorer Extreme line and the strength of a Legend franchise. With sales holding firm in the second quarter and the third franchise rising. In 2057, we see plenty of runway ahead of this brand. Next, Jimmy Choo was up 8% for the half year, capped by an impressive 23% jump in the second quarter. The brand's fragrances are winning over more and more customers, particularly in the U.S. Thanks to the enduring popularity of I Won't Shoe and a very successful debut for Jimmy Shoeman part form. Guess, largest US-based brand, rose 11% in the first half, including 1% in the second quarter. The iconic franchise, Kids Delivering, now bolstered by iconic blue for men. And the newest Amore extension, Amore Napoli, which was launched in the second quarter.

東歐下滑 7%，原因是部分市場的營運困難，造成拖累。對 Lanvin 與成本的影響最為明顯。當然，非洲名單中的業務下滑 24%，因該地區戰事持續對我們的業績造成壓力。即便面臨這些壓力，我們多元化的布局仍使整體得以成長，這也顯示我們模式的韌性。從品牌來看，上半年動能相當廣泛，我們幾個最大品牌在第二季以真正強勁的表現作收。Coach 上半年成長 10%，主要由其核心市場美國的強勁表現所帶動。這得益於多數既有系列的持續需求，以及 2026 年初在 Coach Women 與 Coach Men 產品線推出的新延伸系列。Mont Blanc 在 2026 年上半年成長 6%，受惠於有利的匯率，以及 Mont Blanc Explorer Extreme 系列的持續成功與 Legend 系列的強勢表現。第二季銷售維持穩健，第三個系列亦呈上升。在 2057 年，我們認為這個品牌仍有很大的成長空間。接著，Jimmy Choo 上半年成長 8%，其中第二季更大幅跳升 23%，表現亮眼。該品牌香氛正吸引愈來愈多顧客，尤其在美國；這得益於 I Won't Shoe 的長期人氣，以及 Jimmy Shoeman part form 的非常成功首發。Guess 作為我們在美國最大的品牌，上半年成長 11%，其中第二季成長 1%。其經典系列 Kids Delivering，如今又加入經典男香 Iconic Blue 的加持。以及最新的 Amore 延伸系列 Amore Napoli，已於第二季推出。

The brand of which keeps widening as well, today for instance, Yes stands among the TOP15 fragrance brands in Australia. Let's talk about Seragamo. Seragamo sales jumped by 41% in the second quarter, bringing sales growth to 17%. Growth was geographically broad, with the Serena and Seragamo lines performing very well, elevated by their latest launches introduced in late 2025. We rolled out a commercial innovation program across the brands franchise in May. Which further enhanced the brand's growth, including our newest extension, Fiama Assoluta, which has seen very positive feedback so far. During the second quarter, Chinese singer and actor, Carrie Wang, joined the Serragamo family as the brand's global friends ambassador. As mentioned earlier, Asia-Pacific is increasingly embracing fragrance, we are hopeful that Kari's affiliation with Sierra Gadot will further elevate the brand in this burgeoning market. Donatara, DKW climbed 12% in the first half, punctuated by a 28% increase in the second quarter, with healthy demand across categories and franchise and e-commerce, becoming an increasing engine for the brand's growth. But Cashmere's Deodorant remains a fixture on TikTok, PikShop and Amazon. Puerto Parelli grew 8% in the first half, fueled by this year's introduction across several franchises, among them the unisex scent Marvelous Citress and several other fragrances launched earlier this year. Serpentine continues to be a massive success for the brand globally. The war in the Middle East is certainly impacting this brand and Cavalry is our largest brand in the region. Notwithstanding the world's impact, our conviction and excitement, the trajectory of the brand remains strong. A few brands faced steeper comparisons, Zakos came in 16% below last year when a string of hit launches lifted first-half sales 44% and conditions in Eastern Europe added pressure. We introduced L1212 Blue for men during the second quarter and with major initiatives lined up for 2027 and 2028, we believe the brand's best performance lies ahead. Recognition keeps coming for our fragrance as well. From Oscar de la Renta took home the best eau de parfum at the Marie Claire Fragrance Awards 2026 and Agamo Signorina Romantica was honored as the best sexual gourmand fragrance at the Who What Wear Fragrance Awards 2026.

該品牌的影響力也持續擴大；例如今天，Yes 已躋身澳洲香氛品牌前 15 名。我們來談談 Seragamo。Seragamo 第二季銷售額躍升 41%，使銷售成長率達到 17%。成長在地理區域上相當廣泛，Serena 與 Seragamo 產品線表現非常亮眼，受惠於其於 2025 年底推出的最新上市新品帶動。我們於 5 月在各品牌授權體系中推出商業創新計畫。這進一步強化了品牌成長，包括我們最新的延伸系列 Fiama Assoluta，迄今獲得非常正面的回饋。第二季期間，中國歌手兼演員王嘉爾（Carrie Wang）加入 Serragamo 家族，擔任品牌全球好友大使。如先前所述，亞太地區正日益擁抱香氛；我們期望 Kari 與 Sierra Gadot 的連結能在這個快速成長的市場中進一步提升品牌聲量。Donatara、DKW 上半年成長 12%，其中第二季增幅達 28%；各品類、授權體系與電商需求健康，並日益成為推動品牌成長的引擎。而 Cashmere 的止汗劑仍是 TikTok、PikShop 與 Amazon 上的常青熱品。Puerto Parelli 上半年成長 8%，動能來自今年在多個授權系列的新品導入，其中包括中性香氛 Marvelous Citress，以及今年稍早推出的多款香水。Serpentine 仍在全球範圍內持續成為品牌的巨大成功。中東戰事確實正在影響該品牌，而 Cavalry 是我們在該地區最大的品牌。儘管受到全球局勢影響，我們對品牌的信心與期待不減，其發展軌跡依然強勁。部分品牌面臨更高的比較基期：Zakos 較去年下滑 16%，去年一連串暢銷新品帶動上半年銷售成長 44%，且東歐市場環境亦帶來壓力。我們在第二季推出男香 L1212 Blue；隨著 2027 與 2028 年的重大計畫陸續到位，我們相信品牌的最佳表現仍在前方。我們的香氛也持續獲得肯定。Oscar de la Renta 在 2026 年 Marie Claire 香氛大獎中奪得最佳淡香精，而 Agamo Signorina Romantica 則在 2026 年 Who What Wear 香氛大獎中獲選為最佳性感美食調香氛。

Honors like this celebrate the artistry of our team and partners and add to the desirability. Of our portfolio. Even as consumers remain increasingly selective about how they allocate their parts, the United States fragrance was once again the fastest-growing beauty cadeo in the first half, owing to its status as an affordable indulgence and daily form of self-expression. The market has normalized after several years of exceptional growth. The opportunity remains attractive for us is very clear, we share with brands that have personality, quality and global reach. Across our portfolio, we have many ways to speak to consumers and that diversity is one of our greatest strengths. Beyond the success and innovation from our core brands so far this year, we've also made significant strides in developing and expanding our newest portfolio brands. Ike is reporting momentum in high-end fragrance with existing having resumed distribution and reopening of Paris boutiques.We are also preparing the launch of new fragrances in 2027.

這類榮譽彰顯我們團隊與合作夥伴的藝術造詣，並提升產品吸引力。也進一步強化我們的產品組合。即使消費者在如何分配其支出上愈發審慎，美國香氛在上半年仍再次成為成長最快的美妝品類，因其具備「可負擔的小確幸」與日常自我表達形式的定位。在經歷數年異常高速成長後，市場已趨於常態化。對我們而言，機會依然非常明確：我們聚焦於具個性、品質與全球觸及能力的品牌。在我們的產品組合中，我們有許多方式與消費者溝通，而這種多元性是我們最重要的優勢之一。除了今年迄今核心品牌的成功與創新之外，我們也在開發與擴張最新的產品組合品牌方面取得顯著進展。Ike 在高端香氛領域展現動能，既有產品已恢復鋪貨並重開巴黎精品店；我們也正準備於 2027 年推出新香氛。

Lastly, newly created Holy Orange Tolferino extended to 100 total point of sales at the end of first half of this year and we plan to launch an 11th fragrance to the initial collection in the second-half of this year. And we are also preparing for the first launches of new fragrances for Longchamp and Off-White in 2027. Longchamp has the potential to become our next $100 million brand and Off-White represents another step for us into the high-end category. The top of that is the extraordinary rise of digital commerce, which has been a growth driver for us in the second quarter, highlighting Amazon and TikTok Shop. Amazon now sells more beauty online than anyone else in both the US and Europe, while TikTok Shop has become the fourth largest beauty e-commerce platform in the US. And is quickly expanding across Europe. We will stay ahead of the curve to identify evolving behaviors, continuously adapt how, where and when we engage, so we meet consumers not just where they are, but where they are leading. Consumers are also making. Layering scents, assembling fragrance wardrobes and turning to AR-powered recommendations to guide discovery. However, they choose to find us on social media, on the major marketplaces or in stores, we are meeting them with storytelling that carries across every channel and delivers an immersive consistent brand experience.

最後，新創立的 Holy Orange Tolferino 於今年上半年末已擴展至 100 個銷售據點，我們計畫在今年下半年於初始系列中推出第 11 款香氛。我們也正為 Longchamp 與 Off-White 於 2027 年的首波新香氛上市做準備。Longchamp 有潛力成為我們下一個年銷售額達 1 億美元的品牌，而 Off-White 則代表我們在高端品類布局上的又一步。此外，數位商務的非凡崛起亦是第二季的成長驅動力，尤其體現在 Amazon 與 TikTok Shop。Amazon 目前在美國與歐洲的線上美妝銷售量均居於首位，而 TikTok Shop 已成為美國第四大美妝電商平台。並正快速擴張至歐洲各地。我們將保持領先，辨識不斷演變的行為模式，並持續調整我們互動的方式、地點與時機，讓我們不僅在消費者所在之處與其相遇，更在他們引領前往之處與其相遇。消費者也正在進行。疊香、打造香氛衣櫥，並使用 AR 驅動的推薦來引導探索與發現。無論他們選擇在社群媒體、主要電商平台或實體店鋪找到我們，我們都以跨渠道一致的敘事與沉浸式、連貫的品牌體驗與其互動。

Ultimately, this business is about inspiring desire, offering consumers an entry point into the world of an iconic fashion house or celebrity and we work every day to keep the desire burning across each of our world. Travel retail remained a steady contributor once again accounting for 7% of total net sales in line with prior periods. New York is where the channel is strongest today with conditions softer elsewhere, including of course the Middle East and we see steady growth ahead of this business. I will touch on tariffs. Given the newest round implemented under Section 301, as a reminder, our manufacturing is based primely in Europe and the rates under this latest wave are largely in line with what we were already operating under, so we don't expect to see meaningful changes to our cost structure moving forward. This said, we are not standing still. We are increasingly working to position our distributors closer to the point of sale, which shortens supply lines and helps mitigate tariff impacts of keeping our brands close to the consumer. We are also working on cost saving initiatives to help.

歸根究柢，這門生意在於激發渴望，為消費者提供一個進入標誌性時尚品牌或名人世界的入口，而我們每天都在努力，讓這份渴望在我們各個市場持續燃燒。旅遊零售依然是穩定的貢獻來源，再次占總淨銷售額的7%，與先前期間一致。目前該通路在紐約最為強勁，而其他地區的環境較為疲弱，當然也包括中東；我們預期這項業務未來仍將穩健成長。我會談到關稅。鑑於依據《301條款》實施的最新一輪措施，提醒一下，我們的製造主要以歐洲為基地，而在這一波最新措施下的稅率大致與我們先前已在承受的水準相當，因此我們預期未來我們的成本結構不會出現顯著變化。話雖如此，我們不會停滯不前。我們正日益致力於將經銷商配置得更貼近銷售端，這能縮短供應鏈並有助於緩解關稅影響，讓我們的品牌更貼近消費者。我們也在推動節省成本的措施以提供協助。

Okay, please remain on the line.

好的，請保持在線上。