Company: IPAR
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001753926-25-000424
Chunk: 136

Company: INTERPARFUMS INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 136
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 or
initiatives. However, the European Union and France, the country where our 72%
owned subsidiary is organized and has its principal place of business, have
enacted both ESG (environmental, social and governance) and DEI initiatives,
regulations and requirements. Compliance with such anti-DEI-related policies,
legislation, initiatives, and scrutiny in the United States, while our French
operating subsidiary complies with European ESG and DEI requirements, could
result in our company facing additional compliance obligations, becoming the
subject of investigations or enforcement actions, or sustaining damage to our reputation.

We
have identified material weaknesses in our internal control over financial
reporting for the fiscal year ended December 31, 2024. If we are unable to
remediate these material weaknesses or if we identify additional material
weaknesses in the future or otherwise fail to maintain effective internal
control over financial reporting, we may not be able to accurately or timely
report financial information. 

27   

As
disclosed in Part II, Item 9A, “Controls and Procedures,” we have identified
material weaknesses in our internal controls over financial reporting related
to risk assessment, monitoring of controls, lack of documentation of evidence
of control operating effectiveness and information technology general
controls.  A material weakness is a deficiency or a combination of
deficiencies, in internal control over financial reporting such that there is a
reasonable possibility that a material misstatement of the registrant’s
financial statements will not be prevented or detected on a timely basis. As a
result of the material weakness, we concluded that our internal control over
financial reporting and related disclosure controls and procedures were not
effective as of December 31, 2024. We cannot be certain that the measures we
may take in the future will be sufficient to remediate the control deficiencies
that led to our material weaknesses in our internal control over financial
reporting or that they will prevent or avoid potential future material
weaknesses. The effectiveness of our internal control over financial reporting
is subject to various inherent limitations, including cost limitations,
judgments used in decision making, assumptions about the likelihood of future
events, the possibility of human error and the risk of fraud. If we are unable
to remediate our existing or any future material weaknesses in our internal
control over financial reporting, our ability to record, process or report
financial information accurately and to prepare financial statements in an
accurate and timely manner could be