Interparfums: Revenue Down 7.3% in First Half 2026, Gross Margin Rate Up
Interparfums released its 2026 half-year results, marked by revenue of €414.3 million, down 7.3% year-on-year. At the same time, the gross margin rate rose to 67.3% of sales and the group announced an annual target of between €850 million and €870 million.
Coach and Jimmy Choo Advance, Lacoste and Lanvin Decline
In the first half of 2026, consolidated revenue stood at €414.3 million, compared with €446.9 million a year earlier, a decline of 7.3%. The group attributes this decline to an environment marked by geopolitical uncertainties, a slowdown in consumption across several markets, and a high comparison base in the first half of 2025. By brand, Coach grew by 3% to €109.7 million and Jimmy Choo by 1% to €104.9 million, driven by the American market. Montblanc declined by 1% to €91.4 million. Lacoste fell by 21% to €41.2 million, Rochas by 12% to €17.5 million, and Lanvin by 26% to €14.4 million. By region, North America declined by 2% to €160.6 million and Western Europe by 17% to €70.1 million. The American subsidiary Interparfums Luxury Brands posted growth of nearly 8% in local sales, largely offset by an unfavorable foreign exchange effect on the dollar (average parity of 1.17 in the first half of 2026 compared with 1.09 a year earlier).
Gross Margin Rate at 67.3%, Operating Result Down 15.9%
Gross profit stood at €278.8 million, down 4.8%. As a proportion of sales, it came to 67.3%, compared with 65.5% in the first half of 2025, an improvement that the group attributes to the increasing contribution of the American subsidiary, whose margin exceeds the group average. Operating result stood at €87.3 million, down 15.9%. The group attributes this change primarily to the impact of lower sales, as well as to commercial and marketing investments aimed at supporting brands and preparing for 2027 launches. Operating margin stands at 21.1% of sales, compared with 23.2% a year earlier. Net profit attributable to owners of the parent company reached €65.5 million, down 10.5%, or 15.8% of sales compared with 16.4% in the first half of 2025. Earnings per share came in at €0.78, compared with €0.96.
Annual Target Between €850 and €870 Million
For fiscal year 2026, the group anticipates revenue of between €850 million and €870 million, which would represent a decline of approximately 3% at constant exchange rates compared with 2025. This guidance takes into account the impact of the recent conflict in the Middle East and the persistent impact in Eastern Europe. As of 30 June 2026, cash and current financial assets amounted to €115.0 million, compared with €204.5 million six months earlier, a change that the group attributes notably to dividend payments and corporate income tax payments. Interparfums SA paid a dividend of €1.05 per share in May 2026 for fiscal year 2025. Equity attributable to owners of the parent company stands at €709.7 million, compared with €730.0 million at the end of 2025, and loans and financial liabilities at €118.2 million, after repayments of €23 million over the period.
