UNIVERSAL REGISTRATION DOCUMENT 2025 INTERPARFUMS
INCLUDING THE ANNUAL FINANCIAL REPORT
- CONSOLIDATED MANAGEMENT REPORT - 63
- CORPORATE SOCIAL RESPONSIBILITY - 85
- CONSOLIDATED FINANCIAL STATEMENTS - 143
- CORPORATE GOVERNANCE - 177
- PARENT COMPANY FINANCIAL STATEMENTS - 209
- INFORMATION ABOUT THE COMPANY AND ITS SHARE CAPITAL - 235
- COMBINED GENERAL MEETING OF APRIL 24, 2026 - 241
- GROUP ORGANIZATION - 259
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
- OVERSIGHT BODIES, CERTIFICATIONS AND REPORTS - 261
The Universal Registration Document was filed on March 31, 2026 with the AMF in its capacity as competent authority under Regulation (EU) 2017/1129, without prior approval in accordance with Article 9 of that Regulation.
The Universal Registration Document may be used for the purposes of a public offering of securities or admission of securities to trading on a regulated market if it is supplemented by a short form prospectus and where appropriate by a summary and any amendments made to the Universal Registration Document. These documents constitute a prospectus which is approved by the AMF in accordance with Regulation (EU) 2017/1129.
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
Historical financial information
In accordance with Article 19 of Regulation (EU) 2017/1129, the following information is incorporated by reference in this Universal Registration Document:
The consolidated financial statements to December 31, 2024 and the corresponding audit report included respectively in Part 3 and Part 9 of the Universal Registration Document number D.25-0155 filed with the Autorité des Marchés Financiers (AMF) on March 26, 2025 (https://media.interparfums-finance. fr/en/pdf/annual-reports/Interparfums-AR2024.pdf)
The consolidated financial statements to December 31, 2023 and the corresponding audit report included respectively in Part 3 and Part 11 of the Universal Registration Document number D.24-0152 filed with the Autorité des Marchés Financiers (AMF) on March 22, 2024 (https://www.interparfums-finance.fr/en/pdf/annual-reports/Interparfums-AR2023.pdf)
This document is available free of charge at the Company's registered office, as well as in electronic format on the website of the Autorité des Marchés Financiers
(AMF) (www.amf-france.org) and of the Company (https://www.interparfums-finance.fr/en/home/).
This Universal Registration Document including the annual financial report is a reproduction of the official version of the Universal Registration Document including the annual financial report which was drawn up in XHTML format and is available on the issuer's website.
1 - CONSOLIDATED MANAGEMENT REPORT
- BUSINESS AND STRATEGY OF THE GROUP - 64
- CONSOLIDATED FINANCIAL DATA - 69
- RISK FACTORS - 70
- INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES - 79
- CORPORATE SOCIAL RESPONSIBILITY - 81
- DIVIDENDS - 81
- STRUCTURE OF THE GROUP - 83
- MARKET SHARE - 84
- POST-CLOSING EVENTS - 84
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
- 2026 OUTLOOK - 84
- BUSINESS AND STRATEGY OF THE GROUP
- DESCRIPTION OF THE BUSINESS
The main mission of the group made up of Interparfums SA and its subsidiaries ("Interparfums" or the "Group") is to develop prestigious fragrance lines.
The Group manages the whole of the fragrance cycle, from creation to distribution in France and abroad. It coordinates the various stages, from marketing, production of components and packaging of products, to the choice of promotional tools and communications media, for own brands acquired and brands under license agreements concluded with large haute couture, ready-to-wear, jewelry and accessories brands. Under the license agreement system, a brand grants the Interparfums Group a license to use its name in return for payment of an annual royalty indexed to sales (see list of licenses in Note 6.2 and own brands in Note 6.3 of the notes to the consolidated financial statements in Part 3 of the Universal Registration Document).
The Group has chosen to entrust all of the production processes to industrial partners who offer optimum expertise in their respective fields: manufacture of fragrance juices, glass packaging, caps and other forms of packaging.
The Group markets its products throughout the world (see Note 5.2 of the notes to the consolidated financial statements in Part 3 of the Universal Registration Document). Distribution is carried out by wholly-owned or joint-venture distribution subsidiaries, independent companies, subsidiaries of large groups specialized in cosmetics and duty free operators.
Promotion and advertising of products are carried out by the Group's marketing departments.
Interparfums owns the Rochas brand for the whole of the fashion accessories line, an iconic universe that supplements its fragrance portfolio. The fashion business is based on a hybrid model: one part is operated under license, enabling specialized partners to produce and distribute certain categories of products, while another part is still operated directly by Interparfums. Within this framework, the company receives royalties from sales by its licensees, a long-standing model that offers visibility and control of investments. For businesses that are not licensed, Interparfums supervises artistic creation, production and marketing via dedicated industrial partners and distributors, ensuring the coherence and development of the Rochas heritage.
- STRATEGY
Interparfums confirms its position as a major player in the global Selective Perfumery market, by creating and developing fragrance lines over the long term for prestigious brands.
This strategy is built on a portfolio of luxury brands, under exclusive license or owned by the company, in the world
of fashion, leather goods, haute couture, high jewelry and accessories.
The brands are chosen based on their reputation and global environment, as well as on specific and identifiable codes, a rich history and international recognition.
Each brand is developed in a selective distribution network, year after year, to establish it in the medium and long term thanks to regular launches that make it possible to create a varied product offering.
-
- Development strategy
Thanks to close and reinforced collaboration over the years between the Group's marketing teams and the brands, each product is designed in line with the universe, ambitions and collections of each brand, in order to offer a unique fragrance, true to our shared values. The special relationship developed with the brands, based on a deep understanding of their identity, makes Interparfums a unique partner in the industry.
This approach, defined with the Executive Committee and fully integrated by the talented people in charge of these topics, enables the Group to identify and regularly seize new opportunities.
-
- Marketing strategy
The Group develops concepts that "tell a story", suited to the image and positioning of each brand and each line.
With a complete range of marketing tools suited to each line, the Group develops targeted advertising resources for each line and country, from traditional media plans to communication via social networks.
-
- Industrial strategy
Product design, which takes between 12 and 18 months, is carried out by the Group's marketing and development departments in partnership with the licensors.
The Group has over forty years' industrial expertise, based on long-term collaboration with all of its partners (glass packaging, carton packaging, fragrance juice, filling/ packaging etc.) as well as on control of the creation and production processes.
The relationships of trust developed over several years with its industrial partners, as well as the high level of expertise of the partners, enable us to work together to put in place innovative industrial processes to optimize performance.
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
The industrial strategy is also based on a diversified network of production partners, offering several sites able to produce the same product. This organization reinforces control of risks linked to the failure of subcontractors, and makes it possible to continuously optimize the workload plans. In addition, special attention is given to the Business Continuity Plan, to ensure the robustness and resilience of the supply chain.
-
- Distribution strategy
The Group has a responsive logistics force thanks to very short order preparation lead times, with a dedicated 36,000 m² logistics warehouse in France, and warehouses in the United States, Korea and Singapore.
The Group's products are distributed in more than 100 countries by over 25,000 doors for the main brands, thanks to a number of long-standing partners (subsidiaries, agents, distributors). The Group is suppor ted by high-performance partners who comply with the quality charters of each of the brands.
Regular visits to the distributors by a team of export managers for countries outside France, and a team of sales representatives within France, are organized throughout the year to present the new products, marketing plans and point-of-sale advertising and promotional campaigns. They enable the Group to ensure that its partners have full knowledge of its products and fully support the history and universe of the brands and products.
Every two or three years, Interparfums organizes a three-day seminar to bring together all its distributors from around the world. The most recent seminar, held in spring 2024, was an opportunity to present all of the Group's projects for 2025, meet with all distributors, and involve them closely in the Group's development. It was also a unique opportunity for distributors to share warm, welcoming and inspiring moments with the Interparfums teams with whom they work closely on a daily basis.
-
- Organizational strategy
The Group aims to maintain a family spirit and a flexible organization, with functional hierarchical relationships that enable short processes and rapid decision-making. With specialized and experienced teams, the Group strives to maintain a high level of expertise in all fields (marketing, production, distribution, finance, law, IT, human resources, CSR etc.).
The Group's employees are real driving forces for value creation, and are central to Interparfums' strategy. This is based on strong ethical values, motivation and fulfillment at work, and spreading the Interparfums spirit, formalized in 2022 in the Responsible Employer Charter. Moreover, the management places the utmost importance on ensuring that everyone understands and supports the Group's strategic orientations. Engagement surveys are conducted regularly to ensure the compliance of the teams and assess the coherence between internal practices and the principles underlying the Interparfums culture.
-
- Corporate Social Responsibility (CSR) strategy
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
The Interparfums Group applies an overall approach that takes into account its corporate social and environmental responsibility and transparency, that involves assessing its risks, in particular its physical risks as regards transition due to climate change.
In order to control its sustainability risks and opportunities, the Group has identified priority issues in key ESG areas in compliance with the CSRD. A structured CSR policy is deployed by all departments and employees, based on an action plan, indicators and targets that ensure operational management of extra-financial performance.
For many years, the Group has chosen to include major corporate and social measures in its development, based in particular on an attractive social policy and strong relations with its partners.
As regards the environment, the Group does not have its own industrial facilities, as it originally chose to support its industrial partners by requiring high quality products and the use of Good Manufacturing Practice and innovation. In recent years, in view of the issues involved in climate change, conservation of biodiversity and the circular economy, Interparfums aims to become an active contributor in environmental matters.
The Group is convinced that the permanence of its economic model involves taking sustainable development issues into account, and on the initiative of the General Management it chose to structure its approach at the start of 2021 by setting up a dedicated governance body, the CSR Executive Committee, made up of the CSR, Supply Chain & Operations, Human Resources, Legal, Finance and Communications departments, whose role is to formalize and direct the Group's CSR strategy defined according to the following policy:
consolidate its status as a responsible employer by formalizing and sharing a Responsible Employer Charter and bolstering the employee training plan and measuring their level of satisfaction;
reduce its environmental footprint and involve suppliers in the process, in particular by introducing "Optimized Ecodesign Specifications", including reducing packaging and introducing recycled and recyclable materials for all of the products developed;
measure its carbon footprint using the GHG protocol methodology (Scopes 1, 2, and 3) to launch a low-carbon pathway compatible with the Paris Agreements and validated by the SBTi (Science Based Targets initiative) in August 2025;
strengthen its sustainable development approach by formalizing and disseminating a business ethics Charter aimed at operational stakeholders mapping its risks of corruption.
The CSR Executive Committee meets once a month on average, and more often if the issues require it to. It worked on all of the topics listed above in 2025. In addition, it approved the materiality matrix presented in Part 2 of the Universal Registration Document and updated the risk factor matrix in Part 1 of the Universal Registration Document. It monitored closely changes in the regulations linked to the EU Omnibus Directive and supported Interparfums' decision to continue to issue voluntary reports based on the ESRS. Its members monitor Interparfums' ESG performance, presented regularly to the Board's CSR Committee and then to the Board of Directors. They also validate the ESG standards adopted by Interparfums and the initiatives required in order to improve Interparfums' ESG performance assessed by extra-financial rating agencies.
-
- Development strategy
- HIGHLIGHTS OF 2025
January-
Launch of Jimmy Choo Man Extreme
Synonymous with adventure and freedom, this new Eau de Parfum was designed for daring men who create their destiny through new and thrilling experiences.
-
Launch of Coach for Men Eau de Parfum
Coach unveils the bold new fragrance for men, inspired by all the unique facets that define their personalities.
-
Launch of Rochas Audace
The Rochas Audace woman: Uses her inner fire to fuel her ambitions. Dares to defy convention and live life on her terms. Fully embraces her identity and never gives up her place. Transforms her determination into strength, and her femininity into an expression of freedom.
February -
Launch of Moonlight Cherry, part of the Collection Extraordinaire by Van Cleef & Arpels The cherry lies at the heart of a new creation full of
contrasts. Van Cleef & Arpels unveils Moonlight Cherry, an Eau de Parfum as mysterious as it is captivating.
March -
Launch of Star Oud, part of the Montblanc collection
Star Oud embodies the Montblanc heritage. This fragrance captures the very essence of Montblanc, its elegance and dedication to luxury, perfectly rounding out the collection launched in 2024.
-
Conducting the"Employee engagement" survey The second Group-wide survey f inished with a participation rate of 82.5% and a recommendation rate of 91.4%. The results showed progress on the previous
year across all topics.
-
Further improvement in the MSCI rating
Once again, MSCI's recognition of Interparfums' performance improved. The company achieved an A rating, thus illustrating its steady progress in the area of ESG.
-
Extension of the Coach license agreement
Coach and Interparfums decided to renew their partnership for an additional five years, thereby extending the license until June 30, 2031.
-
Acquisition of the Annick Goutal brand
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
On March 18, Interparfums announced the acquisition of the Goutal brand. The company will begin to develop the brand in 2026. The acquisition of the Annick Goutal brand is in line with our strategy of broadening the product offering to include Haute Parfumerie.
April -
Launch of Lacoste L.12.12 Silver Grey
A classic scent, the fougère accord is to men's fragrance what the Lacoste polo shirt is to the sporty, urban wardrobe.
-
Launch of Lacoste L.12.12 Silver Rose
All the power of attraction of a fruity-woody floral - a must in women's fragrance - revisited in this new Lacoste-branded fragrance.
May -
Launch of Montblanc Explorer Extreme
A tribute to the spectacular landscapes of the most isolated regions, Montblanc Explorer Extreme captures the exhilarating thrill of exploring new horizons with unprecedented intensity.
-
Dividend
Interparfums SA paid a dividend of €1.15 per share (+10%), which represents 67% of 2024 consolidated net income.
June -
Launch of Coach Gold
A new fragrance with a bold gold design joins the Coach Woman signature line, an invitation to let each woman's unique personality shine through.
-
Launch of Lacoste Original Parfum
The Lacoste Original franchise ushers in a new chapter with Lacoste Original Parfum, a more intense, more sensual olfactory composition, supported by an even more assertive design.
-
New bonus share issue
Interparfums SA completed its 26th bonus share issue on the basis of one new share for every 10 shares held.
July -
Signing of a license agreement with Maison Longchamp
Longchamp and Interparfums SA signed a fragrance license agreement that runs until December 31, 2036. A first launch is scheduled for 2027.
-
Improvement in the Sustainalytics ESG rating
Sustainalytics assigned the Group a rating of 18.6, an improvement of 6.3 points, with risk down from Medium to Low. Interparfums now ranks 7th out of 101 companies in the household products sector.
-
Launch of I Want Choo With Love
The I Want Choo fragrance line welcomes a new, bright and ultra-feminine fragrance: I Want Choo With Love, whose irresistible sillage spreads joy on every note.
-
Improvement in the Ecovadis rating
For its second assessment, Interparfums was awarded the Ecovadis Gold Medal, putting in the top 5% of companies rated out of 150,000 companies assessed by this leading organization worldwide.
August -
Launch of Lacoste Original Femme
The new Lacoste Original Eau de Parfum for women expresses a chic, carefree and spontaneous femininity. An expert blend of elegance and energy, echoing the brand's finest heritage.
-
Climate Roadmap
Interparfums SA's greenhouse gas emission reduction targets were approved by the Science Based Targets initiative (SBTi).
-
Creation of the subsidiary Interparfums Korea
Interpar fums SA set up Interpar fums Korea, a wholly-owned subsidiary in South Korea.
September -
Solférino Paris:
Olfactory Excellence in the Heart of Paris
The new hallmark of luxury perfumery f inds its inspiration at the heart of an iconic location: the private mansion at 10, rue de Solférino. This neighborhood steeped in history is the birthplace of a company that embodies contemporary elegance and French know-how.
-
Opening of the first Solférino Paris store
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
Solférino Paris Maison de Haute Parfumerie store opened at 310, rue Saint-Honoré in Paris.
December - Improvement in the CDP Climate Change score In its second response to the CDP questionnaire Interparfums scored B on the Climate Change questionnaire.
-
Improvement in the EthiFinance ESG Ratings score
In the 2025 campaign, Interparfums achieved a rating of 87/100 (platinum level), up by 8 points on the previous year, putting it in 8th place nationally (out of 203 companies), in 1st place at sector level (out of 45 companies) and in 4th place for companies with sales of over €500 million (out of 141 companies).
-
Interparfums honored again in Time Magazine's ranking of the World's Best Companies -Sustainable Growth
In the second edition of this ranking, which recognizes the 500 most exemplary companies in terms of economic growth and environmental commitment from 2022 to 2024, Interparfums rose from 44th place worldwide in 2024 to 12th place worldwide in 2025 and climbed to first place nationally among the 18 French companies selected.
- Simplification of the Group
Statutory merger between Interparfums Suisse and Interparfums SA via a cross-border merger subject to preferential treatment, including transfer of the Lanvin brand to Interparfums SA.
Merger of Interparfums Holding with InterparfumsSA subject to preferential treatment, approved by the Extraordinary General Meeting on December 17, 2025.
Change in the Group's business in 2025Thanks to a slightly better end of year than anticipated, 2025 sales amounted to almost €900m at current exchange rates, i.e. growth of over 4% at constant exchange rates compared with 2024. This increase reflects the strength of the main licenses, Jimmy Choo, Coach and Montblanc, which remain the driving forces of the portfolio. The integration of Lacoste since 2024 reinforces this trend, in line with the Group's strategy aimed at developing a balanced and competitive portfolio on a long-term basis.
1.4 - SALES BY TRADEMARK
(in € millions and as % of sales)
2021
2022
2023
2024
2025
Jimmy Choo
131.0
181.6
209.9
224.3
227.9
23.4%
25.7%
26.3%
25.5%
25.3%
Coach
115.6
153.8
187.4
182.0
200.0
20.6%
21.8%
23.5%
20.7%
22.2%
Montblanc
142.3
184.0
205.6
203.4
193.2
25.4%
26.0%
25.7%
23.1%
21.5%
Lacoste
-
-
-
78.7
95.4
(since 2024)
-%
-%
-%
8.9%
10.6%
Rochas
35.3
37.7
41.0
41.9
41.0
6.3%
5.3%
5.1%
4.8%
4.6%
Lanvin
52.4
50.3
48.3
45.5
41.0
9.3%
7.1%
6.0%
5.2%
4.6%
Karl Lagerfeld
16.9
21.0
25.5
26.9
27.1
3.0%
3.0%
3.2%
3.1%
3.0%
Van Cleef & Arpels
18.3
22.4
24.5
25.2
25.0
3.3%
3.2%
3.1%
2.9%
2.8%
Kate Spade
13.6
19.3
22.1
20.1
18.6
2.4%
2.7%
2.8%
2.3%
2.1%
Boucheron
15.4
17.7
17.4
16.9
17.1
2.7%
2.5%
2.2%
1.9%
1.9%
Moncler
4.9
14.0
12.0
12.2
8.2
(3 months of business in 2021)
0.9%
2.0%
1.5%
1.4%
0.9%
Solférino Paris
-
-
-
-
1.6
(since September 2025)
-%
-%
-%
-%
0.2%
Main trademarks
545.7
701.8
793.7
877.0
896.2
Other trademarks
15.1
4.8
4.7
3.5
3.2
Total sales
560.8
706.6
798.5
880.5
899.4
The outstanding success of the I Want Choo women's franchise, which has continued from quarter to quarter since its launch in 2021, especially in the United States, combined with the solid performance of the Jimmy Choo Man men's franchise, kept Jimmy Choo fragrances on a strong trajectory with growth of almost 2%.
With sales that have now reached €200m, up by almost 10%, Coach fragrances continued to grow thanks to the strength of virtually all the Coach women's and men's historical lines, boosted by two new launches in the first half of 2025.
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
The success of the new line Montblanc Explorer Extreme in the second half of 2025 and the strength of the historical line Montblanc Legend contributed to a good final quarter, making it possible to offset the fall in sales of certain extensions released in 2022 and 2024.
In their second year of operation, Lacoste fragrances confirmed the positive trend with sales of €95m, up by 21%, showing performance fully in line with the brand's redeployment plan introduced in 2024.
Sales of Rochas fragrances remained robust, driven by the launch of the Rochas Audace and Eau de Rochas Néroli Azur lines.
Although the Éclat d'Arpège line continued to perform well, Lanvin fragrances were down due to the lack of a launch and an unfavorable geopolitical context in certain countries where the brand is present. New initiatives are expected in 2026 and 2027.
Sales of Boucheron fragrances amounted to €17m, stable compared with the previous year. Boucheron and Interparfums SA have agreed to extend their partnership to the main existing lines until December 31, 2027.
1.5 - SALES BY GEOGRAPHIC ZONE
(in € millions)
2024
2025
Africa
6.1
6.8
Asia
125.2
115.0
Eastern Europe
76.1
79.1
France
55.5
57.9
Middle East
55.2
52.2
North America
332.2
347.1
South America
74.9
78.7
Western Europe
155.4
162.7
Sales
880.5
899.4
In the United States, where the fragrance market remains buoyant, Interparfums achieved very strong performance in 2025 with over 9% growth in local sales. It captured new market shares thanks to the Coach (+13%) and Jimmy Choo (+11%) fragrances, in particular with an outstanding increase in the I Want Choo line, up by 27% in 2025.
South America had a good year driven by the expansion of distribution of Lacoste fragrances and the increase in Coach fragrances.
While some markets remained robust, in particular China, which showed very strong growth (+27%) and Japan (+10%), distribution disruptions in two major markets - Korea and India - had sporadic impacts on Asia, where sales dipped 8%.
Although some markets still have momentum, the geopolitical situation continues to limit activity in Eastern Europe, which nevertheless showed a rise of 4%.
After a sharp increase in sales (+25%) in 2024, Western Europe continued to rise (+5%) in 2025, particularly in the United Kingdom and Spain.
In France, in a declining market in terms of both volume and value, Interparfums had a very good year with strong performance in stores resulting in high restocking levels in the second half of the year.
As to be expected, the Middle East continued to suffer from the effects of the conflicts in the region and a reduction in the number of outlets in many markets.
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
-
Launch of Jimmy Choo Man Extreme
- CONSOLIDATED FINANCIAL DATA
2.1 - P&L KEY FIGURES
(in € millions)
2022
2023
2024
2025
Sales
706.6
798.5
880.5
899.4
% outside France
94.4%
94.6%
93.7%
93.6%
Current operating income
138.3
160.4
178.3
175.2
% of sales
19.6%
20.1%
20.2%
19.5%
Operating profit
131.8
165.6
178.0
175.2
% of sales
18.7%
20.7%
20.2%
19.5%
Net income attributable to owners of the parent
99.5
118.7
129.9
126.6
% of sales
14.1%
14.9%
14.7%
14.1%
Although the 2025 gross margin fell by nearly a point compared to fiscal year 2024, this was attributed entirely to the introduction of tariffs in the United States, given that the currency hedges set up at the beginning of the year helped limit the currency effect on the gross margin.
In 2025, Interparfums continued to focus its investments on the steady development of its brands, with nearly
€192 million - more than 21% of its sales revenue - spent on marketing and advertising. Against this backdrop, 2025 operating income, which includes a total of €7.6 million in
tariffs, was down only slightly thanks to overall cost control. Excluding tariffs, restated operating income rose nearly 3% to €182.8 million, bringing the restated operating margin to 20.3%, stable compared to 2024.
Just as net financial income/expense was mainly impacted by the cost of currency hedges and financial debt, net income followed the same trend. Excluding tariffs, restated net income was €132.3 million, 2% higher than in 2024, bringing the net margin to 14.7%, also stable compared to 2024.
2.2 - BALANCE SHEET KEY FIGURES
(in € millions)
2024
2025
Inventory
229.7
197.2
Cash and current financial assets
190.6
204.5
Equity attributable to owners of the parent
697.0
730.0
Borrowings and financial liabilities
133.4
141.2
The return to shorter procurement times over the past several quarters led to a significant reduction in inventories, which were at more normal levels at December 31, 2025, thereby contributing to a positive change in operating cash
flow. The Group's financial situation is still very strong with cash net of loans and borrowings of €63m and equity of €730m, i.e. almost 70% of the balance sheet total at December 31, 2025.
- RISK FACTORS
In accordance with Article 16 of European regulation 2017/1129, the Group has limited its presentation to risks that are specifically related to itself, either by the nature of its business or by the specific nature of some of its operations.
The Group's generic risks are therefore excluded from this classification.
In 2025 the Group updated its risk mapping with the help of an external firm which, based on the existing processes and documentation, resulted in about fifteen interviews with the Directors in charge of each of the risk categories identified.
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
The Group has therefore mapped the risks, organizing them according to their importance and probability of occurrence. They are shown schematically below to illustrate the issues
at stake, but this does not replace the explanations that follow. Several risks associated with social, environmental, and corporate issues have been specifically identified and integrated into the risk matrix. These issues are also taken into account in the description and management of the other risks.
After taking into account the measures put in place by the Group to manage these risks, the mapping process categorized them into four types: business-related risks, industrial risks, financial risks, and legal and IT risks.
The risk categories presented below are not presented in order of importance. On the other hand, within each category, the risk factors are presented in descending order of importance, as determined by the Group at the date of publication of the Universal Registration Document.
Risks related to the war in Ukraine
For very many years, the company's products have been sold on the Russian, Belorussian, and Ukrainian markets via an independent agent with a chain of stores. The Interparfums Group has no industrial or commercial facilities and no employees in any of these three countries.
In 2025, sales in Russia, Belarus, and Ukraine accounted for 3.41% of the Group's sales. At the end of fiscal year 2025, outstanding receivables for these customers (€7.4m) corresponded to receivables maturing on December 31, with no significant risks identified.
As it has had commercial relations with its local partner for over thirty years, the Group has chosen to maintain a minimum level of business in this zone. This continuity is accompanied by specific agreements governing debt collection, thereby ensuring very limited risk exposure. All of these operations are carried out in strict compliance with the sanctions adopted by the European Union, in particular those specified in Council Regulation (EU) 2022/428 of March 15, 2022.
Risk linked to the change in US tariffs
The Group remains exposed to changes in the US trade policy, and in particular to possible changes in tariffs liable to affect the import costs borne by its subsidiary in the United States. Although the impact observed in 2025 remained limited, the regulatory framework remains uncertain and may change significantly. The Group is continuously monitoring these developments closely, to anticipate any substantial changes in the tariff situation and if necessary assess the potential implications for its business.
High
- SUMMARY OF THE MAIN RISKS IDENTIFIED
- Risks associated with human resources
- Erosion of biodiversity
- Effects of climate change
Sensitivity of shareholders' equity
Termination of a major license
Trademark protection/ trademark ownership/ intellectual property
Image and reputation
Product quality and safety
Changes in foreign exchange rate
Procurement and Production
Risks associated with the health, political and economic environments
IT - cybersecurity
Risk level
Low
Medium
Low
Medium
High
Probability of occurrence
- BUSINESS RISKS
-
- Risks associated with the termination of a major license
Risk description Risk assessment and management
In the perfume and cosmetics industry, the licensing system consists of a ready-to-wear, jewelry, or accessories brand granting a right to use its name to a licensee (Interparfums) in return for payment of a royalty indexed to sales. The risk is that the contract will not be renewed when it expires.
Numerous factors tend to limit or even eliminate this risk:
long-term contracts (ten years or more);
the option for early renewal;
diversified brand portfolio;
specific characteristics of the Company (sophisticated marketing, distribution network, organization etc.);
limited number of potential licensees with a similar profile;
continuous search for new licenses and opportunities to acquire class 3 trademarks to limit the proportion of existing brands in the portfolio.
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Moreover, Interparfums owns the Lanvin trademark for class 3 (fragrances) the Rochas trademark for class 3 (fragrances) and class 25 (fashion), and the Off-White® trademark for class 3 (fragrances and cosmetics), thereby reducing the potential impact of the risk of non-renewal of license agreements. With the same aim, in March 2025 Interparfums acquired the Annick Goutal brand names and trademark registrations for class 3 fragrances and cosmetics. This strategy also helps reduce the potential impact of the risk of non-renewal of license agreements. The Solférino® trademark, launched by Interparfums in 2025, also helps to reduce this risk.
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- Risks associated with human resources
Risk description Risk assessment and management
As in any business, losing a key employee represents a risk for Interparfums. It is crucial to maintain business continuity and ensure organizational resilience in the face of such losses.
The Group manages this risk through its recruitment and talent management policy, with customized training and development programs.
Employees' wishes and requests are identified during their development interviews. We have mapped our business lines to anticipate recruitment needs.
To ensure full preparedness for a potential transition, the Executive Committee was expanded in 2025 based on its members' professional and interpersonal skills.
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- Risks associated with the health, political and economic environment
Risk description Risk assessment and management
With operations in over 100 countries, the Group regularly assesses its exposure to country risks.
The Group generates a significant proportion of its sales outside France, including 5.8% in the Middle East, 8.8% in South America, and less than 3% in Russia, in which country geopolitical instability is monitored by the teams responsible for collecting receivables.
As a general rule, the Group constantly monitors all the markets in which it operates, particularly the US market.
In view of the Group's policy on debt collection and monitoring of trade receivables, the quality of receivables, and the financial strength of its distributors, the Group has not set aside any provisions in the financial statements for the year ended December 31, 2025, in respect of countries considered to be at risk.
In addition, to reduce the risks of insolvency and in the face of growing geopolitical instability, the Group has taken out insurance with Euler Hermes and Coface on a significant proportion of its export trade receivables.
The Group specifies that it complies with the sanctions against Russia adopted by the European Union, in particular the export rules defined by Council Regulation (EU) 2022/428 of March 15, 2022.
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The Group closely monitors developments in geopolitical situations that may affect its markets. In this connection, the war that started in the Middle East at the end of February 2026, after the closing date, should not have a significant impact on the Group, which in particular does not have any assets, workforce or operating activities directly in the area concerned.
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- Risks associated with the Group's image and reputation
Risk description Risk assessment and management
The Group's reputation plays an important role in its relationship with licensees and other major stakeholders (customers, suppliers, employees, and job applicants).
Damage to the Group's image and reputation, whether based on proven facts or not, regardless of its nature or origin, whether internal or external (social media, the press), and whether in good or bad faith, would have adverse impacts on the Group's image and, ultimately, on its sales, licensee relationships, business, and development.
The Group upholds strong values and maintains close relationships with its licensors, external stakeholders (customers and suppliers), and employees.
Regarding the latter, the Group's strong reputation results in a significant number of external applications when it posts job vacancies.
Interparfums' high-quality products, selection of suppliers and industrial facilities, choice of a selective distribution network, and collaborative employee management all reduce the risks of negative information about the Group circulating. The creation of a whistleblowing hotline, open to internal and external stakeholders alike, allows anyone to express their concerns within the regulatory framework. In addition, a regular engagement survey ensures that employees' voices are heard.
Furthermore, the support of partners by disseminating the Responsible Purchasing policy and signing the Business Ethics Charter, and the support of employees by implementing the Responsible Employer Charter introduced by the Group greatly reduce the probability of occurrence of this risk and limit the negative impact in the event of a proven risk. The Group has also adopted the Middlenext Anti-Corruption Code of Conduct. In addition, the Group has mapped its corruption risks and raised awareness of the issue among all employees.
The deployment in 2025 of a supplier traceability platform according to the risks linked to their business also helps to reduce this risk.
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- Risks associated with licensees' image and reputation
Risk description Risk assessment and management
Interparfums' reputation is also characterized by the image of its brands, which are part of the Group's intellectual capital. Major damage to the image and reputation of a licensor would have a negative impact on Interparfums' image and could undermine its ability to continue its activities and development.
The Group ensures that its licensees have a code of business ethics or a code of good conduct.
The Group is also in close contact with its principals, which means that any risk situations can be managed jointly.
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Finally, the Group's licensees are major players in the world of jewelry, ready-to-wear, and accessories and are subject to regulatory and legal constraints in terms of duty of care, which Interparfums shares as a link in their value chain.
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- Risks associated with the termination of a major license
- INDUSTRIAL RISKS
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- Supply and production risk
Risk description Risk assessment and management
Interparfums' Production Department is responsible for supplying raw materials to partner factories. The production risk lies in the possibility that industrial partners may be unable to manufacture the products to be marketed on time.
Given the existing risks in terms of climate change and erosion of biodiversity, the Group specifies that none of the areas where its packaging plants are located, mainly in France and Europe, are subject to identified environmental risks.
To reduce this risk, the Group is working with manufacturers to put in place production plans at a very early stage, and is increasing the number of molds, tools, and production sites it uses.
By regularly reviewing and monitoring production schedules with component suppliers and selecting a wide range of suppliers, the Group is able to reduce the risk of supply chain disruptions.
The Group is constantly on the lookout for new suppliers and ensures that it has other procurement sources to prevent dependency.
The company also relies on the CSR assessments of its suppliers carried out by the Ecovadis platform (IQ+, Vitals, and Ratings). Their performance levels are closely monitored by the Supply Chain & Operations Department, and corrective action plans are proposed where necessary. The deployment in 2025 of a supplier traceability platform according to the risks linked to their business also helps to reduce this risk. This platform includes modules for assessing suppliers in terms of the risks of water stress, modern slavery and deforestation which supplement the existing analyses.
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Using the Thinkhazard tool, the Group has analyzed the exposure of its packaging partners' sites to the risks of coastal flooding, water scarcity, and extreme heat. The level of risk is classified as low to medium. Furthermore, none of these strategic sites for the company is located in a Natura 2000 zone or under the responsibility of the Fédération des Conservatoires d'Espaces Naturels.
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- Risks associated with product quality and safety
Risk description Risk assessment and management
The safety of the consumers who use the Group's products is fundamental to the manufacturing process. Non-compliance with legislation or regulations throughout the manufacturing process could lead to the destruction or recall of the offending products.
In accordance with its Product Health and Safety policy and its product development policy, the Group systematically strictly complies with the regulations and laws of the countries in which it operates. It should be noted that the product formulas remain the same regardless of the country in which they are sold. This consistency not only guarantees their quality and safety, but also the Group's commitment to transparency and regulatory compliance on a worldwide scale. The regulatory team within the Supply Chain & Production Department is responsible for checking the formulations of our products. The quality team constantly monitors subcontractors throughout the production chain for defects and non-compliance. Cosmetovigilance is carried out by the regulatory team.
A regulatory monitoring procedure, with the help of the professional association of cosmetics manufacturers, allows Interparfums to ensure strict compliance with regulations, particularly with regard to monitoring molecules present in formulas when bans occur, for example. The Group is capable of excluding such molecules from its products within a short timeframe compared to the fragrance development cycle.
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- Erosion of biodiversity
Risk description Risk assessment and management
The Group uses ingredients of natural origin in the composition of its fragrances, and as such, takes full account of their sustainability in a context of global warming and decreasing access to these resources.
The Group works closely on these issues with its perfume suppliers, who are major players in the perfume sector. They have confirmed their ability to maintain continuity of supply thanks to their varietal selections and their agricultural management, particularly in terms of water supply and use.
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Moreover the Group is part of a steering committee established by its trade association, on adapting plant sectors to climate change.
-
- Supply and production risk
- FINANCIAL RISKS
-
- Risks of sensitivity of shareholder equity and net income
Risk description Risk assessment and management
A significant proportion of the Group's assets consists of intangible assets representing upfront license fees or the purchase cost of its brands, whose value is heavily dependent on future operating performance.
Valuing intangible assets also requires the Group to make objective, complex judgments regarding matters that are by their nature uncertain.
In the event of a change in the underlying hypotheses on which the valuation is based, a reduction in shareholder equity through profit or loss would be recorded.
However, the three main brands in the portfolio, which account for 69% of sales, either had no upfront license fee or one with a negligible book value after amortization at December 31, 2025.
The risk of depreciation therefore only exists for the other brands, including own brands. However, the Group's business model is resilient, allowing variable costs to be adjusted to maintain the net margin in the event production costs rise or sales fall. This limits the likelihood of having to record a significant impairment loss across our fragrance brands. In connection with its impairment tests, the Group has taken into account specific assumptions reflecting the macroeconomic and geopolitical risks linked to the war in Ukraine and potential exposure to the tariff measures applied to the United States. These factors are liable to affect market conditions and profitability prospects, and were included to ensure a prudent and realistic assessment of the recoverable amounts of the assets.
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- Foreign exchange risk
Risk description Risk assessment and management
A significant portion of Group sales occurs in foreign currencies, primarily in US dollars (51.4% of sales) and, to a lesser extent, in pounds sterling (4.4% of sales). This therefore creates a foreign exchange rate fluctuation risk.
The Group's foreign exchange risk management policy aims to hedge trade receivables for the fiscal year in US dollars and, if necessary, pounds sterling. To do this, the company uses forward foreign exchange contracts, in accordance with procedures prohibiting speculative transactions.
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- Financial risks associated with the effects of climate change
Risk description Risk assessment and management
As a result of its business sector and the diversity of its suppliers' and customers' geographical locations, Interparfums does not foresee any risks arising from physical changes associated with climate change that could have significant financial impacts on the Group in the medium term.
However, regulatory developments are occurring in this field, both nationally and in Europe, which could require the Group to adapt some of its procedures.
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- Risks of sensitivity of shareholder equity and net income
- LEGAL AND IT RISKS
-
- Intellectual property
The Group is conscious of its greenhouse gas impact, in particular from its purchases of goods and its logistics system, and strives to limit its carbon footprint.
As a result, the Group has decided to address all impacts stemming from its value chain and introduce a low-carbon pathway that incorporates its main suppliers' action plans. Moreover, in 2025 the Science Based Targets initiative (SBTi) validated Interparfums' targets for reducing greenhouse gas emissions. This step demonstrates that the targets are compatible with achieving the objectives of the Paris Agreement approved at COP21 in December 2015, to limit global warming to +1.5 degrees.
Details of the targets and greenhouse gas emissions measurements (Scopes 1, 2, and 3), are provided in Part 2 of the Universal Registration Document.
The Group therefore intends to comply with upcoming regulations, particularly those relating to carbon neutrality. It follows the recommendations of the TCFD (Task Force on Climate-Related Financial Disclosures) and reports to the CDP to share its climate-related data with all its stakeholders.
Risk description Risk assessment and management
Interparfums' brands are strategic intangible assets for the Group and are protected in the countries in which they are marketed.
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Marketing a product whose trademark is already used by other companies or not renewing protection for important trademarks in the portfolio could lead to disputes and requests for the destruction of the stock concerned.
Conducting prior art searches and monitoring registrations and renewals over the life of the trademark are priorities for the Group and are the subject of specific oversight by a dedicated team within the Legal Department.
This team, equipped with high-performance tools, manages and defends these intellectual property rights worldwide.
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- IT - cybersecurity
Risk description Risk assessment and management
In an environment of digital transformation and constantly evolving technologies, the Group's business relies on increasingly dematerialized and digital processes.
System malfunction, downtime, or data loss could have a significant impact on the Group's business.
The IT Department has introduced strict rules on infrastructure, application, and access rights security.
It has also put in place equipment and tools to protect and update security against intrusions, cyberattacks, and system obsolescence. It carries out regular intrusion tests. In 2025, InterparfumsSA also organized a series of training sessions for all employees on preventing the risk of cyberattacks. All new employees receive cybersecurity training.
In addition, the Group has introduced an IT Charter setting out the rights and duties of employees who use the information system to ensure that it is used in a secure environment and in accordance with internal control procedures. A dedicated personal data protection Charter includes all of the best practices in the field and the Group's approach is based on training its employees on the topic.
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Finally, an artificial intelligence Charter has been introduced to control the use of that technology within the company. The Charter specifies the best practice and obligations of users as regards AI. Specific training sessions are organized for employees to introduce them to the ethical and technical aspects of AI.
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- Intellectual property
- INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES
- RISK MANAGEMENT SYSTEM
The Group has put in place risk management measures based on the AMF reference framework from 2007, updated in July 2010.
The aim of risk management is to:
protect the value, assets and reputation of the Group and of its brand licenses;
secure the Group's decision-making and processes to favor the achievement of objectives, by analyzing potential threats and opportunities;
mobilize and motivate the Group's employees based on a common view of the main risks.
The system is based on a process that comprises three stages:
identification of risks;
annual risk analysis to examine potential consequences;
treatment of the risk in order to define the most suitable action plan for the Group, by deciding between the opportunities and the cost of risk treatment measures.
Responsibility for risk management is defined at all hierarchical levels in the Group. Furthermore, the limited number of decision-making levels, and the contribution of operational staff to strategic thinking, facilitate risk identification and treatment.
The assessment is carried out each year based on identifying sensitive assets, analyzing potential existing or emerging risks, by type of task assigned to each department concerned and meetings with the operational departments concerned.
The Board of Directors is informed of the risk mapping components and the related corrective action plans.
- INTERNAL CONTROL SYSTEM
Internal control was deployed by the Group based on the COSO 2013 international framework and in accordance with the provisions of Article 404 of the Sarbanes-Oxley Act, which the US parent company is subject to due to its listing on the NASDAQ. It mainly aims to achieve the following objectives:
compliance with the laws and regulations in force;
efficiency and optimization of operations;
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reliability of financial information.
The system is based on five components:
audit environment, i.e. all of the standards, processes and structures that provide the basis for implementing internal control in any company;
risk assessment;
auditing activities;
dissemination of relevant information;
an internal control management and assessment system.
Internal control cannot provide an absolute guarantee that the Group's objectives will be met. The probability of achieving them is subject to the limits inherent in all control systems, linked in particular to the uncertainties of the outside world, exercising judgment, problems that may arise due to human error or a simple mistake, or the need to study the cost-benefit ratio before conducting the audits.
The internal control system is implemented by a team of managers and Directors under the authority of the General Management, which reports to the Board of Directors.
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- Organization of the Company
The Company's organization is based on two divisions:
operational division comprising the Export and France Sales departments, the Marketing Department and the Production and Development Department;
functional division comprising the Finance, Human Resources, IT, Legal and Corporate Communications departments.
The Group's three operational foreign subsidiaries apply the Group's internal Rules of Procedure on drawing up and processing accounting and financial information.
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- Internal control system tools
These are based on documentary tools and measures to raise the awareness of the managing bodies and employees of the principles of internal control and risk management implemented within the Group. For instance, the Group has introduced the following tools in particular:
Rules of Procedure
These describe the professional behavior to be adopted, in particular compliance with the law and regulations, preventing conflicts of interests and financial transparency, in order to avoid fraud.
IT Charter
This defines the rights and duties of employees who use the information system, to ensure that it is used in a secure environment and in accordance with internal control procedures.
AI Charter
This defines the rights, responsibilities and best practice of employees when using artificial intelligence tools. Its objective is to regulate the use of these technologies to ensure secure and ethical use, in compliance with the Group's internal control policies. It also ensures that it protects data, prevents risks linked to AI and guarantees responsible and controlled use of these tools by all users.
Whistleblowing procedure and reception of internal reports
Interparfums provides an internal reporting platform for its employees and all its stakeholders. This secure platform ensures the confidentiality and security of exchanges, and enables anyone to report any situation that appears to breach the Group's ethics.
Deployment of the platform was accompanied by an announcement indicating the procedure for filing a report and giving details of the data confidentiality policy in accordance with the General Data Protection Regulation (GDPR).
More generally, a Data Protection Officer (DPO) is responsible for all GDPR-related measures.
In the event of a whistleblowing report, an Ethics Committee made up of the General Counsel, the Human Resources Director, the Corporate & Compliance Manager and the DPO is responsible for handling it, conducting investigations and, if necessary, calling in a specialist outside firm.
Insider list
In accordance with Article 18 of Regulation (EU) No 596/2014 on market abuse (market abuse regulation), employees who have access to inside information and all of the Directors are included on the company's insider lists. They therefore undertake to respect the limits imposed by Article 8 of that Regulation on disclosing inside information and directly or indirectly buying and/or selling the Company's securities. A list has also been drawn up of people outside the company who have access to inside information in connection with their professional relations with the transmitter.
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- Key actors in internal control management
Deployment of the internal control system has been defined at all levels of the Company. The system is managed by the following actors: the Board of Directors, General Management, Executive Committee, Finance Department and in particular the Internal Control Department which reports to the Finance Department.
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- Internal control procedures
Internal control procedures are aimed at securing the various processes implemented to achieve the objectives set by the Group.
The procedures are based on the main priorities identified as areas of risk: key operating, accounting and financial
processes, i.e. sales/customer cycles, purchases/suppliers, inventory management, cash, fixed assets, tax, payroll expenses, drawing up financial information and information systems management.
The relevance and adequacy of the procedures are regularly reassessed, and new procedures are introduced to regulate the deployment of new tools used to produce accounting and financial information.
The internal control reference system is based to a large extent on the SAP ERP system. This working base makes it possible to automate a large number of audits, thereby increasing their efficiency.
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- Processes deployed to draw up
accounting and financial information
- Accounting documents
The internal control process for accounting documents is implemented via systems based on planned organization of year-end closing, close collaboration between the various managers of the functional and operational departments, analysis of the relevance of the information reported, and detailed examination of the accounts by the General Management in order to approve them before final closure.
Coordination meetings are held with the departments concerned to ensure the exhaustiveness of the information transmitted in order to draw up the accounts.
- Year-end closing and drawing up of the consolidated financial statements
Year-end closing procedures are based on instructions and a timetable issued by the Finance Department defining the specific tasks of each participant in the process. The timetable is sent to all of the Group's subsidiaries to ensure compliance with the time limits for drawing up the consolidated financial statements.
The consolidated half-year and annual financial statements are prepared in accordance with the IFRS.
Forecasts in the consolidated financial statements prepared by the consolidation department are analyzed by the management audit department and then approved by the Finance Department. In addition, the Group's main entities are audited by an external firm at least once a year.
- Financial disclosure
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The financial disclosure process is subject to a specific schedule for communications to the financial markets and the market authorities. This schedule makes it possible to ensure disclosure in accordance with the requirements of the laws and regulations in force as regards the nature of the information transmitted and the time limits imposed, and with the principle that all shareholders receive the same information. The Legal Department and the Finance Department ensure that the disclosure complies with the time limits imposed and the laws and regulations.
- SUPERVISION OF THE INTERNAL CONTROL SYSTEM
Internal control tests are carried out annually in accordance with Article 404 of the Sarbanes-Oxley Act.
These effectiveness tests are carried out at the Group's two main entities: Interparfums SA and its US subsidiary Interparfums Luxury Brands Inc. The cover achieved is considered satisfactory by the Finance Department and the Group's Management.
If the process and the associated audits are not formalized or are inadequately formalized, a remedial action plan for internal control weaknesses is implemented and monitored for each manager concerned.
The results are submitted both to the Finance Department and to the General Management, who report them to the Board of Directors.
The ex ternal auditor s of the parent company Interparfums Inc. based in the United States conduct an audit of the internal control assessment of the Interparfums Inc. group, in accordance with Article 404 of the Sarbanes-Oxley Act, including the subsidiaries Interparfums SA and Interparfums Luxury Brands.
- CORPORATE SOCIAL RESPONSIBILITY
The Group's corporate, social and environmental commitments are presented in Part 2 of the Universal Registration Document.
- DIVIDENDS
The dividend distribution policy introduced in 1998 makes it possible to ensure that shareholders are rewarded, while at the same time giving them a stake in the Group's growth.
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In April 2025, for fiscal year 2024, the Company paid a dividend of €1.15 per share, representing 67% of the previous year's earnings (€1.15 for the previous year).
In 2026, the Board of Directors will propose a dividend of €1.05 per share to the General Meeting, for the fiscal year ended on December 31, 2025.
Variation in the dividend for:
2021
2022
2023
2024
Paid in:
2022
2023
2024
2025
Historical Dividend per Share
€0.94
€1.05
€1.15
€1.15
Dividend adjusted for bonus share issues
€0.64
€0.79
€0.95
€1.05
Annual variation in the adjusted dividend
n/a
+23%
+20%
+11%
- INTERPARFUMS SA SHARE BUYBACK PROGRAM
In accordance with Articles 241-1 et seq. of the General Regulations of the AMF, this paragraph provides a description of the share buyback program which will be subject to the authorization of the General Meeting on April 24, 2026.
- OBJECTIVES OF THE NEW SHARE BUYBACK PROGRAM
In its thirteenth resolution, the General Meeting on April 24, 2026 is asked to renew the authorization granted to the Board of Directors to implement the share buyback program in order achieve the following objectives:
market making in the secondary market or ensuring the liquidity of the Interparfums share by an investment services provider through a liquidity agreement complying with market practice allowed by regulations, it being specified that the number of shares taken into account to calculate the above-mentioned limit corresponds to the number of shares acquired, after deducting the number of shares resold;
retaining shares purchased and exchanging them subsequently or as payment in connection with possible mergers, demergers, contributions or external growth operations;
ensuring sufficient shares are available for stock option and/or bonus share plans (or equivalent plans) for the benefit of employees and/or corporate officers of the Group, including Economic Interest Groups and affiliated companies, as well as all share grants in connection with a company or group employee savings plan (or equivalent plan), employee profit-sharing schemes and/ or all other forms of share grants to employees and/or corporate officers of the Group, including Economic Interest Groups and affiliated companies;
ensuring that sufficient shares are available to cover requirements for securities granting entitlement to shares of the company in accordance with applicable regulations;
canceling shares, as applicable, acquired in accordance with the authorization granted or to be granted by the Extraordinary General Meeting;
in general, implementing any market practices that are allowed by the AMF, and more generally carrying out any other operations in compliance with the applicable regulations.
- MAXIMUM SHARE OF THE CAPITAL - MAXIMUM PURCHASE PRICE
Extract from the thirteenth resolution submitted for approval by the General Meeting on April 24, 2026:
After reading the report of the Board of Directors, the General Meeting authorizes the Board of Directors to purchase shares in the Company, on one or more occasions, at the times that it shall determine, for a period of eighteen months pursuant to Articles L.22-10-62 et seq. and L.225-210 et seq. of the French Commercial Code, within the limit of a maximum number of shares that cannot represent more than 2.5% of the number of shares comprising the share capital on the date of this Meeting, where appropriate adjusted to take into account any capital increases or reductions that may take place during the program period.
The maximum purchase price is set at €50 per share. In the event of a capital operation, in particular a stock split or reverse stock split, or a grant of bonus shares to shareholders, the aforesaid amount will be adjusted in the same proportions (multiplier equal to the ratio between the number of shares comprising the capital before the operation and the number of shares after the operation).
The maximum amount of the operation is set at
€104,743,850.
- DURATION OF THE SHARE BUYBACK PROGRAM
In accordance with the thirteenth resolution submitted to the General Meeting on April 24, 2026, the share buyback program may be implemented for a period of 18 months from the date of the aforesaid Meeting, i.e. at the latest on October 23, 2027.
- ASSESSMENT OF THE PREVIOUS SHARE BUYBACK PROGRAM
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The operations in 2025 relating to the share buyback program are described in Note 3.10.3 "Own shares" of the notes to the consolidated financial statements.
- STRUCTURE OF THE GROUP
The shareholder structure of Interparfums Inc. had the following breakdown at December 31, 2025:
Philippe Benacin Jean Madar
Public
44% 56%
Interparfums Inc.(Nasdaq - New York)
Public
72% 28%
Interparfums SA(Euronext - Paris)
100%
Interparfums Asia Pacific Pte Ltd
100%
Interparfums Korea
100%
Interparfums Luxury Brands Inc.
51%
Parfums Rochas Spain Sl
25%
Divabox SAS
(Singapore) (South Korea) (United States) (Spain) (France)
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The percentages of voting rights are shown in detail in Chapter 2.3 "Breakdown of the capital and voting rights" of Part 6 "Information on the Company and its capital".
- MARKET SHARE
- MARKET SHARES
In France, for the selective distribution of Prestige fragrances, Interparfums has a market share of around 4%. The Group has a market share of between 2% and 5% in certain foreign countries such as the United States, United Kingdom, Mexico and China. The global market for selective fragrances is worth around US$40 billion (internal source).
- COMPETITION
Interparfums is present in a sector dominated by about ten major long-standing players in the fragrance and cosmetics market that have perfumery departments with sales of several billion euros. There are about ten medium-sized players like Interparfums also present in this segment, with sales of between €100 million and €1-2 billion.
The main groups in the sector are L'Oréal, Coty, Shiseido and Euroitalia mainly for brands under license, and LVMH (Christian Dior, Guerlain, Givenchy, Kenzo, Bulgari), Estée Lauder, Chanel and Puig mainly for own brands.
Whereas Interparfums has also built up a portfolio of brands in the luxury world, the approach is totally different. The business model is based on methodical long-term development, not focused on quantities and advertising, but rather on creation and the development of consumer loyalty.
- POST-CLOSING EVENTS
On February 2, 2026, Boucheron and Interparfums SA agreed to extend their partnership to the main existing lines until December 31, 2027.
- 2026 OUTLOOK
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A program of launches will be introduced in 2026 with about fifteen extensions of current fragrance lines. Initial projects will also be developed for brands acquired or signed last year: Annick Goutal, Off-White™ and Longchamp, for launches scheduled in 2027, and new franchises will be prepared for historical brands for launches in 2027 and 2028.
2 - CORPORATE SOCIAL RESPONSIBILITY
- OVERVIEW OF INTERPARFUMS, ITS GOVERNANCE AND STRATEGY - 86
- INTERESTS AND VIEWPOINTS
OF EXTERNAL STAKEHOLDERS - 96
- ENVIRONMENT - 101
- SOCIAL - 119
- GOVERNANCE - 131
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- TABLE OF ESG INDICATORS - 138
- OVERVIEW OF INTERPARFUMS, ITS GOVERNANCE AND STRATEGY
Since its very beginnings, the Group has sought to create value for all its stakeholders. Interparfums' success is built on offering consumers around the world high-quality products that reflect the identities of its many licenses. Formalizing a CSR approach was therefore a natural way of demonstrating the Group's non-financial performance and bringing it to life in a pragmatic way. This strategy is based on a double materiality matrix and is supported by objectives, in line with best practices in the sector with the aim of achieving CSRD (1) compliance.
- ACTIVITIES AND BUSINESS MODEL
-
- Description of products, services, markets and customers
Interparfums' raison d'être is to create and develop long-term fragrance lines for prestigious brands. This strategy is built on a portfolio of high-quality brands of international renown in the world of leather goods, fashion, haute couture, high-end jewelry and accessories, all of which have a rich history. Interparfums employs 378 people. See the "Own workforce (ESRS S1)" section. The Group does not have any production sites around the world, instead relying on a network of trusted partners. See the "Interests and viewpoints of external stakeholders" section. In September 2025, Interparfums opened a store in Paris at 310 rue Saint-Honoré where it sells its own Solférino Paris brand.
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- Trends in the fragrance sector
Every day, the Interparfums teams master new trends, with some already having an impact on its activities. However, the difficulty lies in distinguishing between underlying trends and incremental variations linked to the sector's natural development, all within a global vision. These trends give Interparfums a better understanding not only of the potential risks involved but also, and above all, the many opportunities that present themselves. They cover multiple dimensions, including economic, social, technological, legal and environmental. Understanding and preparing for these trends means Interparfums can anticipate its end customers' needs, its licensors' expectations, and any potential limitations its partners face.
Growing expectations in terms of sustainable development and traceability
Nowadays, sustainability is a strategic pillar of the fragrance sector. Consumers, like brands, demand greater transparency on the origin of raw materials, their growing conditions and their environmental and social impact.
The use of traceable natural ingredients from responsible sources or green chemistry is becoming widespread. At the same time, the trend in packaging is towards reusable, recyclable or lightweight formats that incorporate eco-design from the development phase. Sustainability is no longer limited to the product itself, but is part of an authentic brand narrative that showcases the soil, know-how and olfactory story.
Immersive, multisensory perfumery
In 2025, perfume became a global experience. No longer confined to the skin, it is part of a vast sensory universe that combines sight, touch, sound and at times even taste.
Perfume sprays, room and body sprays, hybrid textures and phygital experiences (in store or online) illustrate this trend. Brands are developing immersive olfactory rituals that transform perfume into a vector of emotion, well-being and escape.
The rise of custom creations and personalization
The quest for uniqueness has reached a new level. Consumers long for fragrances that reflect their personality, mood or lifestyle.
Custom fragrance experiences are on the rise, both in-store and via advanced digital tools. Layering is also an accessible means of personalization that allows everyone to create their olfactory signature by combining several fragrances.
Ever more innovative and bold olfactory notes
Perfumers are exploring new sensory realms by taking inspiration from nature. Marine, salty, mineral and metallic notes are becoming more popular, as are unexpected plant notes, including vegetables, leaves, roots and aromatic herbs.
These creations reflect a desire to break with traditional rules by offering more conceptual, textured and contemporary compositions.
Gender-neutral, inclusive fragrances
The fragrance sector definitely broke down gender barriers in 2025. Fragrances aspire to be universal, hybrid and modular, combining woody, floral, musky or fruity notes without any gender assignment.
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This inclusive approach lets each person embrace a fragrance based on their identity, emotions and desires, reinforcing the personal and expressive dimension of the fragrance ritual.
(1) Corporate Sustainability Reporting Directive. Omnibus Directive I adopted on December 16, 2025 by the European Parliament raised the threshold for companies to be subject to CSRD to 1,000 employees. InterparfumsSA is therefore no longer subject to this Directive.
An increasingly strict regulatory framework
Constant changes to regulations, particularly in terms of hazardous profiles and allergens, require brands to be more vigilant. Many fragrances must be reformulated to remain compliant while still maintaining their original olfactory identity. This represents a real technical and creative challenge.
Disclosure requirements, such as regulatory information, recycling instructions, formula transparency and environmental impact, are also increasing. Packaging, boxes and digital media are being redesigned to satisfy these growing requirements.
Increasing polarization between accessibility and ultra-exclusivity
In 2025, there was significant polarization between two extremes in the fragrance market: on the one hand, the growing number of fakes, which respond to an increased demand for accessibility, buoyed by laid-back consumers who prefer the olfactory experience to the brand's status-based value; on the other, the affirmation of Haute Parfumerie, which has a radically opposite approach based on scarcity, artisanal excellence, uncompromising creativity and value
placed on exceptional raw materials. This dichotomy reflects a profound change in usage: perfume is no longer just an indicator of luxury, but becomes either an object of pragmatic and interchangeable consumption or an exceptional, emotional and quasi-patrimonial olfactory work. Yet consumers can have both tendencies simultaneously when making their choices.
-
- Description of the business model and the value chain
Interparfums' business model is built on relationship with external stakeholders, licensors, business partners (suppliers and subcontractors), distributors and the financial community in its broadest sense. Every employee has a role relating to one of these stakeholders.
Interparfums uses inputs from a global network of partner suppliers and packages its fragrances through partners located in France. These stakeholders and their inputs are carefully chosen using a rigorous quality process and in strict compliance with regulations. In addition, Interparfums actively contributes to industry coalitions for projects designed to improve its product offering.
and packaging
marketing
and post use
Head office: Products created in line with brands' and consumers' expectations with a responsible vision
Logistics and warehouses located as close as possible to our purchasing
regions
Head office: Marketing, Commerce & Customer Experience
Distribution to our own shops
Activities within our operations
Design
Resources Manufacturing
Distribution and
Customer use
Activities within the value chain
Natural raw materials sourced and processed by
Bottles and cardboard packaging chosen with
Products manufactured and packaged by a carefully
Finished products transported and distributed
Distribution to our retail and
e-commerce
Recycling & reuse
our perfumer
the environment selected network
around the
partners
partners
in mind
of partners based on Good Manufacturing Practices
world
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-
- Our assets
Human:
378 employees across the globe;
A wide range of skills;
Experienced teams;
An agile organization;
A responsible employer Charter.
Immaterial:
A portfolio of 15 iconic brands;
Expertise in creating, developing and distributing prestigious fragrances and cosmetics;
An entrepreneurial culture.
Industrial & commercial:
Around 100 industrial partners;
88% sourcing in Western Europe;
Strong and engaged relationships with industrial partners;
An international distribution network.
Social:
Long-standing partnerships with all stakeholders;
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Commitments to sponsorship.
Environmental:
Environmental footprint taken into account from the product design stage;
A 36,000 sqm warehouse certified HQE Excellent close to the factories;
Two warehouses close to consumer locations (North America and Asia);
An "Optimized eco-design" Charter.
Governance:
A well-established ethical approach supported by a "Business ethics" Charter;
Adoption of the Middlenext Corporate Governance Code and Anti-Corruption Code of Conduct;
A CSR Executive Committee and a CSR Committee at the Board of Directors level.
Financial:
A very strong balance sheet with net cash of €63m;
A company listed on Euronext compartment A, controlled by the founders.
-
- Description of products, services, markets and customers
- DIALOG WITH STAKEHOLDERS
Within the Interparfums ecosystem, it is important to identify the CSR issues and expectations of all stakeholders across the value chain. This approach helps build robust, long-lasting relationships across all stakeholder groups.
-
- Stakeholder mapping
Licensors
Synergy
Mutual involvement
Sharing common values
Suppliers and subcontractors
Responsible purchasing policy
Product traceability and security
Long-term relationships based
on trust
Industrial synergies
Employees
Sense of belonging
Maintaining skills
Equal opportunities
Social dialog
Working conditions
Shareholders, Financial Community, and AMF
Regular, fully transparent relations built on trust
Civil Society
Environmental footprint
Local economy
School relations
Sponsorship
Distributors
Satisfaction
Relationships built on trust
Long-term relationships
Consumers
Health & safety
Packaging recycling
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Brand awareness
-
- Stakeholder engagement
The table below shows the main groups of stakeholders with which Interparfums has relationships. The overall aim of Interparfums' engagement process is to forge bonds, achieve its goals and sustainable development commitments
and gather external viewpoints. Interparfums includes the outcomes of this ongoing dialog in its CSR strategy. The examples given in this table are not exhaustive.
Stakeholder Dialog and engagement method Results and value creation
Contribution to the Sustainable Development Goals
Employees A competitive pay policy that aligns employee incentives with the company's results
Performance share plans every 2-3 years
Employee engagement survey every 2 years
Formal social dialog in France and locally at the Group level
Annual reviews
Future employees Recruitment interviews
End-of-internship reviews
Licensors Constant dialog with the
management team
€4.36m paid to employees in profit-sharing for 2025
A recommendation rate of 91.4% at the Group level
A Social and Economic Committee in France
Reviews conducted for 100% of employees
A score of 3.5/5 in the Humpact ranking for the past 3 years
Renewal of the Coach and Van Cleef & Arpels license
agreements, signing of a license agreement with Longchamp
Suppliers and subcontractors
Ongoing dialog with the Supply Chain & Operations Department and marketing teams and supplier engagement on ESG issues
78% of relationships date back more than 10 years
€242m in industrial purchases in Europe in 2025
An average Ecovadis score of 73.8/100 among industrial suppliers
Implementation of a traceability platform
Distributors Constant dialog with the Export
and France Departments and subsidiaries (IPLB and IPAP)
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Consumers Regulatory Affairs Department and Legal Department
Seminar held every 2-3 years (the last one was in 2024)
0.085 claims per million products sold in 2025
Stakeholder Dialog and engagement method Results and value creation
Contribution to the Sustainable Development Goals
Shareholders, investors, financial community and AMF
Regular meetings with the Finance and Sustainable Development Department
Responses to questionnaires from extra-financial rating agencies
Individual Shareholders Advisory Committee
Over 33,400 individual shareholders
Creation of a Head of Investor and Analyst Relations position
Improvement in MSCI, Sustainalytics, EthiFinance & CDP ratings
2 meetings per year of the Individual Shareholders Advisory Committee
2 letters written to shareholders each year
Civil society A sponsorship and philanthropy
policy
€346,552 of spending allocated to sponsorship and donations in 2025
-
- Stakeholder mapping
- DOUBLE MATERIALITY MATRIX
The double materiality matrix has become an essential tool in companies' sustainable development strategies, helping to build an approach that reflects an integrated vision of the risks and opportunities related to ESG issues. Against a backdrop in which companies' stakeholders are expressing growing expectations in terms of transparency and sustainability, this analysis is proving particularly relevant.
Interparfums published its first sustainable development report in September 2023, including a single materiality matrix identifying the main ESG issues. The double materiality analysis project was introduced within the company over the course of 2024. The project was presented to the CSR Executive Committee, which includes the Supply Chain & Operations, Human Resources, Finance, Legal and Communications Departments, then to the CSR Committee chaired by Caroline Renoux (see the Governance section). These steps introduced the concept and laid the foundations for the direction the approach would take.
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The presentation was followed by a period of work on building the matrix itself. This process included several phases for reflecting on relevant issues, formalizing risks and opportunities, and determining their final scoring by the CSR Executive Committee. Once this scoring was complete, it was approved by the Executive Committee, the CSR Committee and the Board of Directors, ensuring that the material issues to be addressed were relevant to and appropriate for Interparfums. This exercise will be repeated periodically to ensure that the Group remains aligned with its issues and the double materiality analysis will be included on the CSR Committee's agenda annually for approval.
S4 - Consumers and end users
G1 - Business conductS1 - Own workforce -Training and skills development
E4 - Biodiversity and ecosystems
S1 - Own workforce -Working conditions
S2 - Workers in the value chain
E1 - Climate change
S1 - Own workforce -Equal opportunities
E5 - Circular economy G1 - Business conduct -Cybersecurity and intellectual property
Non-material topics
E3 - Water and marine resources
E2 - Pollution
S3 - Affected communities
E1 - Climate change - Energy
G1 - Business conduct -Political influence and lobbyingImpact materiality
G1 - Business conduct - Animal welfareFinancial materiality
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Value chainOwn operations
Upstream
Own operations
Downstream
IRO
Manufacturing
Distribution
Use and post-
Timeframe of
ESRS
Themes
category
Design
Resources and packaging
and marketing
customer use
material IROs
E1
Climate change
Climate change mitigation
Climate change adaptation
Energy
E2
Pollution
Substances of concern and very high concern
Substances of concern and very high concern
E3
Water and marine resources
Use of water resources
E4
Biodiversity and ecosystems
Biodiversity
loss
Soil
degradation
Dependence on ecosystem services
Eco-design
Regenerative agriculture
E5
Circular economy
Resource inflows
Waste
Resource
outflows
Eco-design
S1
Own workforce
Working conditions
Working conditions
Equal opportunities
Equal opportunities
Skills development
Skills development
S2
Workers in the
value chain
Working conditions, equal treatment & ethics
S3
Affected
communities
Rights of affected communities
S4 Consumers and end-users
Consumer safety
Transparency,
traceability, and
availability of
information
G1
Governance
Business conduct and ethics
Cybersecurity and intellectual property
Political influence and lobbying
Community engagement and philanthropy
Animal welfare
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Negative impact.
Short term (1 to 3 years).Opportunity.
Medium term (3 to 5 years).Risk.
Long term (over 5 years).- CSR STRATEGY
Issues related to corporate social responsibility (CSR) play a growing role in the lives of businesses and their employees, both professionally and personally. Therefore, for Interparfums, formulating a CSR strategy to tackle these issues emerged as an evident and necessary course of action.
To support this approach, the management team established a CSR Executive Committee in early 2021, consisting of all internal stakeholders, namely the Finance Department, the Human Resources Department for social aspects, the Legal Department for governance and business ethics, and the Supply Chain & Operations Department for the environment. It also includes the Communications and Shareholder Relations Departments. The committee is chaired by Muriel Buiatti, Chief Sustainability Officer. It met six times in 2025 and is responsible for managing Interparfums' CSR strategy with the following objectives:
consolidate its status as a responsible employer, in particular by formalizing a "Responsible Employer Charter" and bolstering the employee training plan;
reduce its environmental footprint and involve suppliers in the process by implementing an optimized set of eco-design specifications, including measures to reduce packaging and introduce recycled and recyclable materials into all products developed;
measure its carbon footprint using the GHG protocol methodology (Scopes 1, 2 and 3) to commit to a low-carbon pathway that is consistent with the Paris Agreement of December 12, 2015 ultimately validated by the SBTi (Science Based Targets initiative);
strengthen its sustainable development approach by rolling out a business ethics Charter that is binding on operational stakeholders.
In terms of the environment, this means:
using more materials that have lower environmental
impacts throughout their life cycles;
reducing the weight and size of glass, cardboard and plastic packaging and replacing certain materials with recycled or bio-based products;
making our products more recyclable, subject to correct sorting by users and the availability of appropriate recycling systems in the countries in question.
It is an exhaustive, pragmatic CSR strategy built on the recognized and commonly used framework of the UN Sustainable Development Goals (SDGs). Our climate reporting follows the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The strategy and action plans were submitted to the Chairman and CEO and to the Board of Directors for approval.
A CSR Committee was also created in 2024 within the Board, and is chaired by Caroline Renoux (see her background in the CSR Governance section) in her capacity as a new independent Director. The committee met twice in 2025. It has contributed to make CSR a major and central issue within the Board of Directors, with a particular focus on the decarbonization, biodiversity preservation and supply chain resilience. The committee also pays close attention to social issues both at Interparfums and in the upstream value chain. Its members receive regular training on issues covered by the ESRS and, in 2024, they took part in two training sessions, one on the double materiality matrix and the other on biodiversity. They also attended a Climate Fresk workshop.
- CSR OBJECTIVES
In line with our Corporate Social Responsibility strategy, the table below shows the main objectives set by the Group and compares them with the UN Sustainable Development Goals (SDGs) and the ESRS.
ESRS SDG Our 2030 objectives Our progress in 2025
Offer products and packaging that take account of environmental and social issuesESRS E4, E5 ESRS S2, S3, S4
Work with partners with
an Ecovadis CSR performance score of > 75/100
2025 target achieved: Average supplier score assessed by Ecovadis: 73.8/100
ESRS E5 Use 88% recyclable packaging 85% of our packaging is recyclable
Circulate the eco-design Charter to all industrial suppliers
ESRS S2 Send visibility requests via the Transparency-One platform to Tier one suppliers representing 50% of total purchases(1)
100% since 2022
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40.2% (launch of the platform in Q1 2025)
Visibility requests are requests to share information for each supplier. This may pertain to the composition of the various raw materials used, as well as the precise location of the site or a geographic area.
ESRS SDG Our 2030 objectives Our progress in 2025
Get on a low-carbon pathway
ESRS E1 Achieve an absolute reduction of 42%(1) in scopes 1(2) and 2 greenhouse gas emissions compared to
2021 (validated by the SBTi)
Reduce the physical intensity of scope 3 greenhouse gas emissions by 51.6% compared to 2021 (validated by the SBTi(3))
Emissions reduced by 3.86% between 2021 and 2025
Physical intensity
(kgCO2/L of fragrance) reduced by 22% between 2021 and 2025
Continue contribution (carbon sequestration) and biodiversity restoration projects
50% of total industrial purchases from suppliers with a validated low-carbon pathway
Attract, support and develop talented people
ESRS S1 Carry out an engagement
survey every two years with a participation rate of > 85%
Initial Agoterra project launched in 2023 with a target of sequestration of 960 tCO2eq by 2027
A second Agoterra project aimed at quantifying co-benefits in terms of biodiversity launched at the end of 2025
38% of suppliers disclosing to CDP covering 68% of 2025 total purchases
21% of suppliers disclosing to SBTi covering 36% of 2025 total purchases
Participation rate of 82.5% in 2025
Train 70% of employees annually 2025 target achieved: 91%
of employees trained
Deliver an average of 10 training hours per employee
Number of training hours per employee = 8.47
Give employees CSR training 71% of employees trained
Raise employee awareness of disabilities
Annual talk from a charity/committed public figure and participation in DuoDay
Act ethically and demonstrate complianceESRS G1 Roll out the business ethics Charter to all stakeholders
73% of partners have signed the business ethics Charter (industrial suppliers) on Provigis, covering 94% of 2025 purchasing totals
Raise awareness among all employees 92% of Group employees received
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anti-corruption training
Reference year: 2021.
Scope 1 covers direct energy-related greenhouse gas emissions, in this case gas consumption for heating and fuel for company vehicles. Scope 2 covers indirect energy-related greenhouse gas emissions, i.e. those relating to electricity and the heating network to which the new head office on rue de Solférino is connected. Scope 3 refers to indirect emissions in an organization's supply chain, i.e. those that are indirectly related to its business, both upstream and downstream.
The scope 3 physical intensity reduction target validated by the SBTi covers the categories of purchased goods and services, upstream transportation and distribution and end-of-life treatment of sold products).
- INTERESTS AND VIEWPOINTS OF EXTERNAL STAKEHOLDERS
In carrying out and developing its activities, Interparfums has identified the following issues:
maintain strong relationships with its licensors through synergy, mutual commitment and sharing common values;
upstream of its value chain, develop long-term partnerships with its suppliers and subcontractors thanks
to close collaboration and extensive information-sharing, in particular on their CSR approach, their carbon footprint and their climate pathway;
downstream of its value chain, develop lasting, trust-based relationships with its distributor customers;
maintain trust with the f inancial community and shareholders.
- BUILDING TRUSTING RELATIONSHIPS WITH ALL EXTERNAL STAKEHOLDERS
-
- Impacts, risks and opportunities (IROs)
Sub-topic IROs identified
Upstream
Value chain
Own
operations Downstream
Importance
of IROs
Supplier relationships
Brand relationships
Distributor relationships
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Relationships with shareholders and the financial community
Interdependence between Interparfums and its suppliers in light of the business model
Suggesting shared commitments that meet brands' expectations upon signing the licensing agreement and throughout its term
Sales success depends not only on products but also
on distribution networks
Diversifying the investor base
by targeting ESG-oriented investors
Since signing its first contract in 1988, Interparfums has developed a large portfolio of luxury brands under license. The management team is responsible for initiating contact with Luxury Houses before developing and maintaining close relationships with licensors. Through close collaboration between the Group's marketing departments and the brands, which has strengthened over the years, products are developed based on each brand's desires and collections, to offer a unique fragrance that represents shared values.
The small scale of Interparfums' teams and our dedicated permanent contacts mean we develop perfect knowledge of each customer's unique world and maintain that knowledge over the years, offering brands quality products that support their brand identity.
Interparfums has developed long-standing relationships with its distributors in each of the countries and regions in which the Group operates. In France, the United States, Singapore and more recently South Korea, 141 employees
put their expertise to use to distribute our fragrances in over 100 countries.
Every two or three years, Interparfums organizes a three-day seminar to bring together all its distributors from around the world. The most recent seminar, held in the spring of 2024, was an opportunity to present all the Group's projects for 2025, meet with all distributors and involve them closely in the Group's development. It was also a unique opportunity for distributors to share warm, welcoming and inspiring moments with the Interparfums teams with whom they work closely on a daily basis. The next seminar is currently being planned.
We have many opportunities to explain Interparfums' ESG strategy, performance and risk management to all stakeholders within the financial community. This dialog helps us understand and take account of expectations, particularly those of investors, and maintain their trust.
-
- Policy: Forging lasting industrial partnerships
The supplier specifications, supplier portal, Responsible Purchasing Charter and business ethics Charter form the basis of the Group's commitments to working closely and constructively with suppliers and partners. The Responsible Purchasing Charter, which was formally agreed in late 2024 and is available at https://www.interparfums-finance.fr/en/ esg-commitments/charters-policies/, sets out Interparfums' expectations, including in terms of CSR, to include suppliers in a shared approach to progress.
Responsibility for implementing and monitoring these policies lies with the Vice President of Supply Chain & Operations, whose teams are in charge of such matters.
-
- Actions
Sharing information with industrial partners
Most of the subcontractors' factories and the warehouse for storing finished products are located in Haute Normandie (France). As a result, Interparfums' direct and indirect business operations help drive local economic development.
Geographic origin of purchases by the Supply Chain & Operations Department in 2025
2023
2024
2025
France
54%
63%
61%
Europe (excluding France)
31%
28%
28%
Asia
11%
4%
11%
America
4%
5%
-%
Types of suppliers by company size (scope of suppliers assessed by Ecovadis)
30% Large
36% Medium
29% Small
6% Very small
Coordinating a Quality Management System based on trust
The Group maintains very long-term relationships built on quality and trust with the majority of its suppliers, subcontractors and other service providers. They are essential partners for the Group, ensuring the supply of raw materials, packaging and promotional products. Due to quality and performance requirements, selecting production partners and managing relationships with them represents a key issue for the Group.
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Beyond collaborating with them on cost, quality, and innovation, the Group is committed to building a long-term, responsible partnership that addresses social and environmental challenges. The Group has developed specifications for purchasing, logistics and Good Manufacturing Practices (GMP) standards for its subcontractors.
In addition, it has drawn up a business ethics Charter that is binding on its partners to ensure they comply with the ethical, moral and legal rules that the Group is committed to following. This ethics Charter was shared with them in the second half of 2023, via a tracking platform and an e-signature mechanism. This allows the rollout to be measured and partners may be asked to implement improvement plans. At the end of 2025, 73% of suppliers, representing 94% of the amount of direct purchases, had signed the business ethics Charter. They receive automatic reminders from the tracking platform.
The Group's framework for its actions in partnership with its suppliers and subcontractors includes commitments to optimize performance and to achieve clear, transparent communication facilitated by use of this supplier portal. It provides an opportunity to identify the needs of the Group and its suppliers and to decide on the appropriate measures to ensure that these needs are met. The Group supports its suppliers in their efforts to improve services if their contributions do not meet expectations.
Through the specifications and the portal, the Group and its suppliers commit to achieving a common objective, which includes:
innovating through improved service quality and added value;
increasing product robustness, minimizing defects and reducing the need for after-sales support;
researching and developing new techniques to create new products or improve existing ones.
Since 2013, all our packagers have implemented the ISO 22716 international standard on Good Manufacturing Practices, which sets out guidelines for the production, control, packaging, storage and shipment of cosmetic products. By describing the factory's activities, it serves as the practical evolution of the Quality Assurance concept.
Against this regulatory backdrop, the Quality department has begun regularly auditing of all packaging plants in accordance with the ISO 22716 standard. The purpose of these audits is to ensure that packagers maintain a high level of traceability and quality in their activities. All plant activities have been reviewed, including the processes for receiving raw materials and packaging items, manufacturing, packaging and quality control. These reports have shown that the Group's subcontractors comply with ISO 22716 Good Manufacturing Practices and in particular the traceability required for all fragrance production.
-
- Results of our suppliers' CSR performance
As part of its CSR strategy, Interparfums has teamed up with Ecovadis to assess the CSR performance of its supply chain and suppliers. Ecovadis operates a global platform for assessing and sharing CSR performance using an assessment method based on international CSR standards.
In 2025, 132 suppliers were assessed or in the process of being assessed, representing 89% of the amount of Interparfums' purchases. As part of a continuous improvement approach, Interparfums' objective is to monitor and encourage the CSR performance of its suppliers in four major areas: Environment, Social and Human Rights, Ethics and Responsible Purchasing.
In 2025, we expanded supplier assessments based on the following approach:
using the IQ Plus module to access a more customized risk classification based on country, business sector or purchasing data. The risk analysis covers various topics such as the environment, social and human rights;
ethics and responsible purchasing. This module makes the approach more robust for the entire supply base;
sending simple, free questionnaires to suppliers that present country- or sector-based risks as identified in the previous step;
rolling out the Ecovadis Ratings module, as is currently taking place for industrial suppliers.
This step-by-step process is fur ther improving the proportion of suppliers committed to Interparfums' Responsible Purchasing approach and expanding it to include new types of suppliers (communications and marketing agencies, etc.).
PERFORMANCE BOX
performance score (average of the overall score)
Work with partners with an EcoVadis CSR
2025 results
73.8/100
2030 goal
75/100 (updated target)
Interparfums reached its 2025 target for the average Ecovadis score of industrial partners ahead of schedule, by the end of 2024. The new target for 2030 set in 2024 -72/100 - was ambitious in light of the increasingly stringent scoring criteria and the emergence of other sub-topics such as those relating to paying living wages. However, this objective has already been achieved, reflected Interparfums and its partners' shared willingness to maintain a high level of CSR performance. A new target was therefore set at 75/100.
Breakdown of the results of the Ecovadis assessments
Average score
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Average
Average
Average Social
Average
Responsible
Ecovadis
Environment
and Human
Business
Purchasing
Number of suppliers assessed score
score
Rights score
ethics score
score
132 73.8/100
75.8/100
74.5/100
68.1/100
71.1/100
Average
Comparison between the CSR performance of Interparfums' suppliers and that of all the companies assessed by Ecovadis
70%
60%
50%
40%
30%
20%
10%
0%
0-24 25-44 55-64 65-84 85-100
Score range of companies assessed by EcoVadis (/100)
Score range of Interparfums suppliers (/100)
The scores achieved by Interparfums' partners reveal excellent performance across all areas covered by Ecovadis assessments. They are significantly above the average performance of suppliers assessed by Ecovadis worldwide.
Breakdown of purchases (as a % of total purchases in 2025) based on suppliers' Ecovadis score (out of 100)
100
75
50
25
0
0-24 25-44 45-64 65-84 85-100
Breakdown of purchases by suppliers'EcoVadis score
It is important to note that since late 2025, 88.7% of Interparfums's total purchases from Ecovadis-assessed suppliers are from those with a score of ≥ 56/100, the limit for obtaining the bronze medal, illustrating the relevance of
its supplier selection approach. This demonstrates that all industrial suppliers are committed to CSR, either proactively or following discussions with them.
Interparfums suppliers' progress in their Ecovadis scores (between two assessments)
Increase
Increase
Increase
Increase
in average
Increase
in average
in average
in average
Social
in average
Responsible
% of suppliers reassessed Ecovadis score
Environment
and Human
Business
Purchasing
during the period (overall score)
score
Rights score
Ethics score
score
99% +3.2 points
+2.6 points
+3.3 points
+3.8 points
+3.0 points
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Across all areas assessed by Ecovadis, Interparfums' partners have demonstrated clear progress in their scores, reflecting their efforts to properly tackle all aspects.
A closer look at Interparfums' top ten suppliers
The Group's top ten suppliers accounted for 37% of purchases in 2025. It therefore seemed pertinent to focus specifically on their CSR performance. All of them responded to the CDP Climate Change questionnaire in 2025, but not all of them make their performance public. The Group will therefore question them specifically about all CSR-related issues and ask them to share their climate strategy goals. Five have committed to the SBTi initiative with a validated 1.5 °C pathway by 2030.
PERFORMANCE BOX
Total industrial purchases from suppliers
with a SBTi validated low-carbon pathway
2025 results 2030 goal
36% 50%
In addition, given the close links established with our logistics service provider at the Criquebeuf warehouse (France), we asked our partner about the number of lost-time accidents involving employees. Regrettably, there were three in 2025.
-
- Impacts, risks and opportunities (IROs)
- MAINTAINING TRUST WITH THE FINANCIAL COMMUNITY AND SHAREHOLDERS
Investor dialog is the responsibility of the newly created position of Head of Investor and Analyst Relations, assisted by the ESG team. Interparfums responds to multiple requests from investors, which are expected to increase with the announced coverage of the company by new brokers. As a reminder, since being added to the SBF 120 and CAC Mid 60 indexes, Interparfums' share has been covered by brokerage firms from France, Italy and the English-speaking world.
UNIVERSAL REGISTRATION DOCUMENT 2025
INTERPARFUMS
Interparfums' aim is to provide access to high-quality information, with full transparency, aligned with market practices and in accordance with ESG standards and frameworks (such as the TCFD). Since its listing on the Paris Stock Exchange, Interparfums has been transparent by regularly explaining its strategy, outlook and concerns and answering all its shareholders' questions to the best of its ability. It does so not only at its General meeting but also year-round, publishing a shareholder newsletter as well as various annual and half-yearly presentations of results. In early 2022, the Group set up an Individual Shareholders Advisory Committee to strengthen its communication and respond more effectively to the legitimate expectations of its shareholders. The committee, made up of 12 shareholders including two employees, has met twice a year since March 2023. At the end of 2025, in an ongoing effort to be more effective in its financial communication and discussions with its shareholders and to best anticipate their needs, the Company took steps to add new members to this committee. December 31, 2025 was the last day to submit applications, which are now being reviewed.
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Inter Parfums SA published this content on April 01, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 01, 2026 at 10:45 UTC.
