Company: IPAR
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001753926-25-000424
Chunk: 95

Company: INTERPARFUMS INC
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 95
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 2023, the Rochas teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers and distributors to have this new structure operational beginning in 2024. In the fourth quarter of 2024, we again took a $4.0 million impairment charge on the Rochas fashion trademark after management reviewed and agreed with an independent expert's conclusion that the valuation of the trademark was $7.2 million.

3    

Fragrance Products 

General

We are the owner of the Rochas brand, the Lanvin brand name and trademark for our class of trade, Off-White, subject to an existing license that expires on December 31, 2025, and the proprietary brand Solférino, a collection of niche fragrances under development for the past two years. In addition, we have built a portfolio of licensed prestige brands whereby we produce and distribute our prestige fragrance products under license agreements with brand owners. Under license agreements, we obtain the right to use the brand name, create new fragrances and packaging, determine positioning and distribution, and market and sell the licensed products, in exchange for the payment of royalties. Our rights under license agreements are also generally subject to certain minimum sales requirements and advertising expenditures as are customary in our industry.

As a percentage of net sales, product sales for the Company’s largest brands represented 76%, 73%, and 71% of sales in 2024, 2023, and 2022, respectively, with a split by brand as follows:

Year Ended December 31, 

2024

2023

2022 

Jimmy Choo

17%

17%

18% 

Montblanc

15%

17%

18% 

Coach

14%

15%

15% 

GUESS

12%

12%

12% 

Donna Karan/DKNY

7%

7%

3% 

Lacoste

6%

—%

—% 

Ferragamo

5%

5%

5%    

In 2024 and 2023, Macy's, our top retail customer, accounted for approximately 12% of net sales, respectively. No one customer represented 10% or more of net sales in 2022.

Our licenses expire on the following dates:

Brand Name
 
Expiration Date 

Abercrombie & Fitch
 
Extends until either party terminates on 3 years’ notice 

Anna Sui
 
December 31, 2026, plus one 5