INTERPARFUMS INC (IPAR) Business

Item 1. Business

Introduction

Founded in 1982, we operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances, and fragrance related products. Our worldwide headquarters and the office of our wholly owned United States subsidiary, Interparfums, USA LLC, are located at 551 Fifth Avenue, New York, New York 10176, and our telephone number is 212.983.2640. We also have wholly owned subsidiaries as follows:

Our consolidated majority owned subsidiary, Interparfums SA, maintains executive offices at 10 rue de Solférino, 75007 Paris, France. Our telephone number in Paris is 331.5377.0000. Interparfums SA also has wholly owned subsidiaries as follows:

Interparfums SA is also the majority owner of Parfums Rochas Spain, SL, a Spanish limited liability company, which specializes in the distribution of Rochas fragrances. In addition, Interparfums SA holds a 25% interest in Divabox SAS, a toiletries, cosmetics, and perfumes distributor in France.

Two Publicly Held Companies

Our common stock is listed on The Nasdaq Global Select Market under the trading symbol “IPAR,” and the common shares of our subsidiary, Interparfums SA, are traded on the Euronext exchange under the symbol “ITP.”

The Securities and Exchange Commission interactive data files, periodic reports, current reports on Form 8-K, beneficial ownership reports (Forms 3, 4 and 5) and amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 are available as soon as reasonably practicable after they have been electronically filed with or furnished to the SEC.

The following information is qualified in its entirety by and should be read together with the more detailed information and audited financial statements, including the related notes contained or incorporated by reference in this report.

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General Business Development

We operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances and fragrance related products. We manage our business in two segments, European based operations and United States based operations. Certain prestige fragrance products are produced and marketed by our European based operations through our 72% owned subsidiary in Paris, Interparfums SA, which is also a publicly traded company as 28% of Interparfums SA shares trade on the Euronext.

Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are either received and stored directly at our third party fillers or received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers, which manufacture the finished products for us and then deliver them to one of our distribution centers.

Our fragrance products focus on prestige brands, each with a devoted following. By focusing on markets where the brands are best known, we have had many successful product launches. We typically launch new fragrance families for our brands every few years ("blockbusters"), and more frequently introduce seasonal and limited edition fragrances ("flankers" or "line extensions").

The creation and marketing of each product family are intimately linked with the brand’s name, its past and present positioning, customer base and, more generally, the prevailing market atmosphere. Accordingly, we generally study the market for each proposed family of fragrance products for almost a full year before we introduce any new product into the market. This study is intended to define the general position of the fragrance family and more particularly its scent, bottle, packaging and appeal to the buyer. In our opinion, the unity of these four elements of the marketing mix makes for a successful product.

As with any business, many aspects of our operations are subject to influences outside our control. We believe we have a strong brand portfolio with global reach and potential. As part of our strategy, we plan to continue to make investments in fast-growing markets and channels to grow market share. We discuss in greater detail risk factors relating to our business in Item 1A of this Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and the reports that we file from time to time with the SEC.

European Based Operations

We produce and distribute our fragrance products primarily under license agreements with brand owners, and fragrance product sales through our European based operations represented approximately 68% of net sales for the year ended December 31, 2025. We have built a portfolio of prestige brands, which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Longchamp, Lanvin, Moncler, Montblanc, Off-White, Solférino and Van Cleef & Arpels, whose products are distributed in over 120 countries around the world. In addition, in March 2025 Interparfums SA
acquired all intellectual property rights relating to Goutal Paris held
by Amorepacific Europe. Amorepacific Europe continued to operate the
Goutal brand under an existing license agreement that expired on December
31, 2025, and Interparfums SA began commercial use of the fragrance brand
on January 1, 2026.

United States Based Operations

Prestige brand fragrance products are also produced and marketed through our United States based operations and represented approximately 32% of net sales for the year ended December 31, 2025. These fragrance products are sold under trademarks owned by us or pursuant to license or other agreements with the owners of brands, which include Abercrombie & Fitch, Anna Sui, Donna Karan/DKNY, Emanuel Ungaro, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, and Roberto Cavalli.

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Recent Developments

Nautica

In January 2026, we entered into a 20-year license
agreement for Nautica brand fragrances and fragrance related products, a
subsidiary of the Authentic Brands Group. This license will become effective on
the earlier of January 1, 2030 or the termination of the existing license agreement. Our rights under this license are subject to certain
minimum advertising expenditures and royalty payments as are customary in our
industry.

David Beckham

In January 2026, we entered into a 20-year
license agreement for David Beckham brand fragrances and fragrance related
products, a subsidiary of the Authentic Brands Group. This license will become
effective on the earlier of April 1, 2028 or the termination of the existing
license agreement. Our rights under this
license are subject to certain minimum advertising expenditures and royalty
payments as are customary in our industry.

GUESS

In 2018, GUESS?, Inc. and the Company signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the GUESS brand until December 31, 2033. In December 2025, the license agreement was renewed for an additional 15 years, extending the license through December 31, 2048.

Longchamp

In July 2025, we announced that our 72% owned
French subsidiary, Interparfums SA, signed an exclusive license agreement with
Longchamp, a Parisian Maison, through December 31, 2036. Interparfums SA will
be responsible for the creation, development, production and distribution of
fragrance lines in Longchamp-brand points of sale and selective distribution
channels. The first launch is expected in 2027. Our
rights under this license are subject to certain minimum advertising
expenditures and royalty payments as are customary in our industry.

Goutal

In March 2025, we announced that our 72% owned
French subsidiary, Interparfums SA, acquired all intellectual property rights
relating to Goutal Paris held by Amorepacific Europe. Amorepacific Europe
operated the Goutal brand under an existing license agreement that expired on
December 31, 2025, and Interparfums SA began commercial use of the
fragrance brand on January 1, 2026.

Coach

In 2015, Coach and Interparfums SA signed an exclusive worldwide license agreement for the creation, the manufacturing and the distribution of fragrances under the Coach brand until June 30, 2026. In March 2025, the license agreement was renewed for an additional 5-year term, extending the license through June 30, 2031.

Abercrombie & Fitch and Hollister

In March 2025, we expanded our Fierce distribution agreement, which now allows for a global distribution of the iconic Fierce fragrance line that either party may terminate on two year’s notice. Furthermore, our existing Abercrombie & Fitch and Hollister fragrance license agreement will expire on March 14, 2028. The goal of the updated Fierce distribution agreement is to drive, over time, more consistency between the products that are carried in the Abercrombie & Fitch stores and unaffiliated retailers.

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Solférino

2025 marked the creation of Interparfums SA’s
first proprietary brand Solférino, a collection of 10
niche fragrances developed by star perfumers and intended for the
collector’s fragrance market, and the opening of Interparfums SA’s first
boutique entirely dedicated to the brand at 310 Rue Saint-Honoré, a legendary
address for Parisian luxury, along with an e-commerce site at https://solferino-paris.com/en.
The launch of this new brand reflects the Company’s medium-term growth strategy
in the extremely buoyant high-end fragrance market. The fragrance brand
was also launched initially through an ultra-selective distribution channel

Off-White

In December 2024, Interparfums SA signed for all Off-White® brand names and registered trademarks for Class 3 fragrance and cosmetic products, subject to an existing license that expired on December 31, 2025, when Interparfums SA began commercial use of the fragrance brands. Founded in 2012 by the late designer Virgil Abloh, Off-White is known for its high-end streetwear influences and bold approach to youth luxury. When Virgil Abloh founded Off-White, he sought to establish a brand with a universal design language that was artistic, disruptive and a reflection of concepts explored in the realm of youth culture.

Van Cleef & Arpels

In 2006, Van Cleef & Arpels and Interparfums SA signed a 12-year worldwide license agreement to manufacture and distribute perfumes and related products under the Van Cleef & Arpels brand name, which was subsequently extended for a further six years until December 31, 2024. In December 2024, the license agreement was renewed for an additional 9-year term, through December 31, 2033.

Roberto Cavalli

We entered into an exclusive worldwide fragrance license for the Roberto Cavalli brand, for 6.5 years, effective July 6, 2023. Our Roberto Cavalli fragrance license is held and operated by our Italian subsidiary, Interparfums Italia, Srl, in keeping with the Company’s strategy to develop an Italian brand hub, and is managed out of Paris, France. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

Lacoste

In December 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted to Interparfums SA for the production and distribution of Lacoste brand perfumes and cosmetics. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry. The license became effective in January 2024 and will last for 15 years.

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Rochas Fashion

As a result of operational challenges faced by the Rochas Fashion business, we have recorded impairment charges totaling $9.2 million during 2021 and 2022 after management reviewed and agreed with an independent expert's conclusion that the fair value of the trademark was $11.2 million. In 2023, the Rochas teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers and distributors to have this new structure operational beginning in 2024. In the fourth quarter of 2024, we again took a $4.0 million impairment charge on the Rochas fashion trademark after management reviewed and agreed with an independent expert's conclusion that the fair value of the trademark was $7.2 million. There were no impairment charges taken in 2025 and 2023.

Fragrance Products

General

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

As a percentage of net sales, product sales for the Company’s largest brands represented 77%, 76%, and 73% of sales in 2025, 2024, and 2023, respectively, with a split by brand as follows:

In 2025 and 2024, Macy's, our top retail customer, accounted for approximately10% and 12% of net sales, respectively. No one customer represented 10% or more of net sales in 2023.

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Our licenses expire on the following dates:

In connection with the acquisition of the Lanvin brand names and trademarks for our class of trade, we granted the seller the right to repurchase the brand names and trademarks on July 1, 2027 for €70 million (approximately $82 million) in accordance with an amendment signed in 2021. In connection with such amendment, we also granted a license to the seller to develop and sell cosmetics other than fragrances.

Fragrance Portfolio

Abercrombie & Fitch— In 2014, we entered into a worldwide license to create, produce and distribute new fragrances and fragrance related products under the Abercrombie & Fitch brand name. We distribute these fragrances in specialty stores, department stores and duty free shops. Our initial men’s scent, First Instinct, was launched in 2016 followed by a women’s version in 2017. Since that time, we unveiled several new fragrances, most notably the Authentic and Away duos as well as brand extensions.

Abercrombie & Fitch Co. is a leading, global, omnichannel specialty retailer of apparel and accessories for men, women and kids. The iconic Abercrombie & Fitch brand was born in 1892 and aims to make every day feel as exceptional as the start of a long weekend.

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In 2023, we announced our agreement to distribute Abercrombie & Fitch’s number one men's fragrance, Fierce, in selected markets. The first phase of the agreement, which became effective on September 1, 2023, covers Fierce distribution in certain major markets, including Europe, Mexico and Australia. The second phase, which was activated in February 2024, covers distribution in additional markets in Western Europe and Latin America. Later in 2024, we began distributing Fierce Pride. In March 2025, we
expanded our Fierce distribution agreement to allow for a
global distribution of the iconic Fierce fragrance line
that either party may terminate on two year’s notice. Furthermore, our
existing Abercrombie & Fitch and Hollister fragrance license agreement
will expire on March 14, 2028. The goal of the updated Fierce distribution
agreement is to drive, over time, more consistency between the products that
are carried in the Abercrombie & Fitch stores and unaffiliated retailers. In 2025, we introduced a new fragrance duo, 100% Passion, and the Fierce Reserve extension.

Anna Sui— In 2011, we entered into an exclusive worldwide fragrance license to create, produce and distribute fragrances and fragrance related products under the Anna Sui brand. The Anna Sui brand is mostly popular in Asia. Over the past decade, we have worked in partnership with Anna Sui and her creative team to build upon the brand’s customer appeal and develop and market a family of fragrances including Fantasia, Sui Dreams, Sky, and Sundae. In 2024, we introduced a new flanker within the Fantasia fragrance family and launched Wild Wonder, a new four-scent fragrance collection. In 2025, we introduced Sundae Neon Twist, the newest scent within the Sundae fragrance family.

Boucheron— In 2010, we entered into an exclusive 15-year worldwide license agreement for the creation, development and distribution of fragrances and fragrance related products under the Boucheron brand, which was extended until December 31, 2027 for its main lines. For over a century, since becoming the first jeweler to open a boutique on Place Vendôme in 1893, Boucheron has embodied very high-end creation, luxury and French know-how. The mysterious and seductive collection of Boucheron fragrances unquestionably continues this prestigious line of creations.

Boucheron’s legacy scents, Femme and Homme, and the legendary Jaipur perfume form the foundation of brand sales. Our team has enriched the portfolio with Quatre for men and women, a new men’s fragrance, Singulier, along with several special editions, a growing collection of unique scents aptly named, La Collection, and Serpent Bohème. Boucheron operates through several boutiques worldwide as well as an e-commerce site.

Coach— In 2015, we entered into an exclusive 11-year worldwide license to create, produce and distribute men’s and women’s fragrances and fragrance related products under the Coach brand name. We distribute these fragrances globally to department stores, specialty stores and duty free shops, as well as in Coach retail stores.

Founded in 1941, Coach is the ultimate American leather goods brand and has always been renowned for its quality craftsmanship. Now the luxury brand that best embodies New York’s casual elegance, Coach also offers collections of ready-to-wear, lifestyle accessories and fragrances. Its contemporary approach to luxury combines authenticity and innovation, exported worldwide thanks to its thoroughly American non-conformist vision.

In 2016, we launched our first Coach fragrance, a women’s
signature scent, and in 2017, a men’s scent, both of which became and remain
top selling prestige fragrances, leading the brand to become the second largest
in our portfolio. Subsequent extensions have magnified the Coach fragrance
enterprise as have entirely new collections, including Coach Dreams
which debuted in early 2020, and its sister scents, Dreams Sunset and Dreams Moonlight, as well as Coach Wild Rose and Coach Open Road. In 2025 we further enriched the men’s
and women’s lines with two new fragrances: Coach Eau De Parfum for men which featured NBA superstar Jayson Tatum as the new face of
Coach fragrances, and Coach Gold for women which starred actress Storm Reid
as brand ambassador. We have plans to launch new extensions in 2026. Coach is
part of the Tapestry house of brands.

David Beckham - In January 2026 we entered into an
exclusive, 20-year worldwide license agreement with David Beckham for the
creation, development, production, and distribution of fragrances under the
David Beckham brand. This
agreement further strengthens our relationship with Authentic Brands Group
(“Authentic”), the company who co-owns and manages the David Beckham
brand. Together, we will blend Beckham’s entrepreneurial influence with our
fragrance expertise to inspire a richer world of style and self-expression
through scent. Guided by our dedication
to quality, innovation, and craftsmanship, we will strengthen the global
presence of Beckham’s existing fragrance lines and plan to unveil a new
signature fragrance by the end of 2029.

Donna Karan/DKNY— In September 2021, we entered into a long-term global licensing agreement for the creation, development and distribution of fragrances and fragrance related products under the Donna Karan and DKNY brands, which took effect on July 1, 2022.

The Donna Karan and DKNY brands, which draw from the energy and attitude of New York City, are powerhouses in fashion and fragrance. These global lifestyle brands have been excellent additions to our portfolio. With this agreement, we have gained several well-established and valuable fragrance franchises.

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The most notable fragrances for the fashion house duo include
Donna Karan Cashmere Mist and DKNY Be Delicious. Upon joining our
portfolio in July 2022, these brands now rank among our largest. We have since expanded
the fragrance lineup with the 2024 launches of the Donna Karan Cashmere Collection and debut of DKNY 24/7, our first blockbuster
fragrance with the fashion house. In 2025 we released several new fragrances
across the Donna Karan and DKNY lines including: Donna Karan Cashmere & Vanilla
Essence,
DKNY Be Delicious Ice Pop collection, and DKNY 24/7 Rush and 24/7 Electric. Several new captivating extensions and
collections are slated for 2026. Donna
Karan and DKNY are part of the G-III house of brands.

Emanuel Ungaro— In October 2021, we entered into a 10-year exclusive global licensing agreement with Emanuel Ungaro for the creation, development and distribution of fragrances and fragrance related products, under the Emanuel Ungaro brand. Founded in 1965 in Paris, the house of Emanuel Ungaro is an icon of French refinement and haute couture. Its unique style is expressed through unquestioning sensuality, purity of silhouette, flamboyant prints, and exquisite attention to detail. Season after season, Emanuel Ungaro dared to be different, combining unexpected yet sensual clashes of bright colors and prints with beautiful draping.

Emanuel Ungaro fragrances uphold the same values of
audacity and elegance. The brand is best known
internationally, and such presence will remain our sales focus as we continue
to produce and distribute the brand’s legacy scents, notably Diva that we strengthened with the introduction
of Diva Rouge in 2023. In 2025, we launched Cosmic Moon, the first extension from the Cosmic pillar that we
first introduced in 2024. We are planning to further enrich the brand with
additional scents in 2026.

Ferragamo— In October 2021, we closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide 10-year license was granted for the production and distribution of Ferragamo brand perfumes, with a 5-year optional term if certain conditions are met.

Salvatore Ferragamo S.p.A. is the parent company of the Salvatore Ferragamo Group, one of the world’s leaders in the luxury industry and whose origins date back to 1927.  Named after its founder, the brand still represents and lives by the original values of Salvatore Ferragamo. The uniqueness and exclusivity of its creations, along with the perfect blend of style, creativity and innovation enriched by the quality and superior craftsmanship of the ‘Made in Italy’ tradition, have always been the hallmarks of the Salvatore Ferragamo’s products notably shoes, leather goods, apparel, silk products and other accessories for men and women.

Established
scents in the Ferragamo portfolio include Ferragamo, a collection of
fragrances for men, Signoria, a collection of fragrances for women, the Amo series and the Uomo series, which  have
been further enhanced through the introduction of new fragrances.
In 2025 we released our first blockbuster fragrance with the
fashion house, Fiamma, and an extension for the Ferragamo family, Sublime Leather. Several
new extensions are in the works for 2026.

Goutal —
In March 2025, we acquired all intellectual property rights relating to Goutal
Paris held by Amorepacific Europe.

Annick Goutal is a French haute parfumerie
house founded on poetry, emotion, and craftsmanship. Inspired by nature,
memories, and personal stories, the brand creates refined, expressive
fragrances using high-quality raw materials and artisanal know-how. Guided by
authenticity, elegance, and creativity, Annick Goutal perfumes favor sincerity
over trends, celebrating individuality and timeless beauty. Each creation
reflects a delicate balance between artistic freedom and French perfumery
tradition, offering intimate, evocative scents with enduring emotional
resonance.
The brand works exclusively with high-quality raw materials, combining natural
ingredients into creative olfactory combinations.

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We plan to use 2026 to relaunch the existing Goutal Paris fragrance lines
which include resumption of distribution, shops, and to develop and prepare new
launches in 2027.

Graff— In 2018, we entered into an exclusive, 8-year worldwide license agreement with London-based Graff for the creation, development and distribution of fragrances under the Graff brand. The agreement has three 3-year automatic renewal options, potentially extending the license until December 31, 2035.

Since Laurence Graff OBE founded the company in 1960, Graff has been dedicated to sourcing and crafting diamonds and gemstones of untold beauty and rarity and transforming them into spectacular pieces of jewelry that move the heart and stir the soul. Throughout its rich history, Graff has become the world leader in diamonds of rarity, magnitude and distinction. Each jewelry creation is designed and manufactured in Graff’s London atelier, where master craftsmen employ techniques to emphasize the beauty of each individual stone. The company remains a family business, overseen by Francois Graff, Chief Executive Officer.

For Graff, a six-scent collection for women, Lesedi La Rona, debuted exclusively at Harrods, has now extended to only the most exclusive, limited, ultra-high end retail outlets. New members of the collection have been regularly added since the Lesedi La Rona launch.

GUESS— In 2018, we entered into an exclusive, 15-year worldwide license agreement with GUESS?, Inc. for the creation, development and distribution of fragrances under the GUESS brand, which we recently extended until December 31, 2048.

Established in 1981, GUESS began as a jeans company and has since successfully grown into a global lifestyle brand. GUESS?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other related consumer products. GUESS products are distributed through branded GUESS stores as well as better department and specialty stores around the world.

We began selling GUESS legacy scents in 2018, and by 2019, the GUESS brand quickly became the largest within our United States based operations and fourth largest overall, with legacy fragrances dominating the sales mix.

Since joining our portfolio, we have introduced several new blockbuster scents, including Bella Vita, and Uomo, and Iconic, and have built on the Seductive pillar. In 2025 we launched several new extensions across the brand’s fragrance families including Seductive Dream, La Mia Bella Vita, and most notably Iconic for men, further building upon the successful women’s Iconic fragrance. In 2026, we plan to launch several new innovative extensions

Hollister— In 2014, we entered into a worldwide license to create, produce and distribute new fragrances and fragrance related products under the Hollister brand name. We distribute these fragrances in specialty stores, department stores and duty free shops.

The quintessential apparel brand of the global teen consumer, Hollister's clothes are made for capturing moments, creating memories, and being unapologetically you.

In 2016, we launched our first men’s and women’s fragrance duo, Wave, which led to several extensions, as did subsequent fragrance families Festival, Canyon Escape, and Feelin’ Good In accordance with our agreement with Abercrombie & Fitch Co., the existing Hollister fragrance license agreement will expire on March 14, 2028.

Jimmy Choo— In 2009, we entered into an exclusive 12-year worldwide license agreement for the creation, development and distribution of fragrances and fragrance related products under the Jimmy Choo brand, and in 2017, we extended the license agreement which now runs through December 31, 2031.

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Jimmy Choo encompasses a complete luxury accessories brand. Women’s shoes remain the core of the product offering, alongside handbags, small leather goods, scarves, eyewear, belts, fragrances and men’s shoes. Jimmy Choo has a global store network encompassing more than 200 stores and is present in the most prestigious department and specialty stores worldwide. Jimmy Choo is part of the Capri Holdings luxury fashion group.

Jimmy Choo has grown to become our largest brand with new pillars and extensions debuting regularly, both for men and women. Established fragrance collections, including Jimmy Choo, Jimmy Choo Man, and Jimmy Choo I Want Choo continue to see international success. In 2025 we further elevated both men’s and women’s lines with two new extensions: Jimmy Choo Man Extreme and Jimmy Choo I Want Choo With Love. In 2026 we are set to roll out new extensions to advance the ongoing growth of the brand.

Karl Lagerfeld— In 2012, we entered into a 20-year worldwide license agreement with Karl Lagerfeld B.V., the internationally renowned haute couture fashion house, to create, produce and distribute fragrances under the Karl Lagerfeld brand.

Under the creative direction of the late Karl Lagerfeld, one of the world’s most influential and iconic designers, the Lagerfeld Portfolio represents a modern approach to distribution, an innovative digital strategy and a global 360 degree vision that reflect the designer’s own style and soul. Karl Lagerfeld created the first fragrance that bears his name in 1978, and that legacy has expanded to include several growing multi-scent collections, Les Parfums Matières, and more recently, Karl Cities, a new collection featuring entries for New York, Paris, Hamburg, Tokyo and Vienna was unveiled.

Since joining our portfolio, we have expanded the legacy fragrance families with new extensions, and have also launched the blockbuster fragrance Rouge as well as Ikonik, with its bottle design inspired by the late Karl Lagerfeld himself. In 2025 we launched two separate dual gender duos: Karl Lagerfeld Jeans Urban Pink and Urban Blue, and the two newest scents within the  Les Parfums Matières family, Bois De Santal and Fleur d’Iris. In 2026 we plan to launch two new fragrance duos for existing fragrance lines.

Kate Spade— In 2019, we entered into an exclusive, 11-year worldwide license agreement with Kate Spade to create, produce and distribute new perfumes and fragrance related products under the Kate Spade brand which we distribute globally to department and specialty stores and duty free shops, as well as in Kate Spade retail stores.

Since its launch in 1993 with a collection of six essential handbags, Kate Spade has always stood for optimistic femininity. Today, the brand is a global life and style house with handbags, ready-to-wear, jewelry, footwear, gifts, home décor and more. Polished ease, thoughtful details and a modern, sophisticated use of color—Kate Spade’s founding principles define a unique style synonymous with joy. Under the vision of its creative director, the brand continues to celebrate confident women with a youthful spirit. Kate Spade is part of the Tapestry house of brands.

Our first original scent, Kate Spade New York, debuted in January 2021. We have continued to enrich the collection with extensions, including Kate Spade Sparkle, Kate Spade Cherie, as well as two new fragrances in 2025 − Chérie Je T’aime and Kate Spade New York Pop.

Lacoste – In December 2022, we closed a transaction agreement with Lacoste, whereby a 15-year exclusive and worldwide license was granted for the production and distribution of Lacoste brand perfumes and cosmetics.

At the juncture of sport and fashion, Lacoste frees us up, creates movement in our lives, and liberates our self-expression. In every collection, in every line, Lacoste’s timeless elegance is captured through a combination of the creative and the classic. Since its beginnings, the crocodile’s aura has grown more powerful with every generation who has worn it, becoming a rallying sign beyond style. Passed from country to country, from one generation to the next, from one friend to another, Lacoste pieces become imbued with an emotional connection that raises them to the status of icons.

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The Lacoste license took effect in January 2024, and we developed go-forward strategies, curated the collection, and produced entirely new fresh goods during the year. In 2024, we recreated Lacoste Original, the brand’s first men’s line and introduced the L.12.12 fragrance line. In 2025, we enriched the Original line with a new men’s fragrance, Original Parfum, and the line’s first women’s fragrance, Original Femme. We also launched a new L.12.12 dual gender duo, Silver Rose and Silver Grey. In 2026, we will further expand the Lacoste fragrance lines with additional extensions, leveraging the strong foundation we’ve built in our first two years overseeing the brand. Sales of Lacoste fragrances exceeded our internal estimates and passed the $100 million in 2025.

Lanvin— In 2007, we acquired the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3, our class of trade. A synonym of luxury and elegance, the Lanvin fashion house, founded in 1889 by Jeanne Lanvin, expanded into fragrances in the 1920s.

Lanvin fragrances occupy an important position in the selective distribution market in France, Eastern Europe and Asia, and we have several lines currently in distribution, including Éclat d’Arpège, Lanvin L’Homme, Jeanne Lanvin, Modern Princess, A Girl in Capri, and Les Fleurs de Lanvin. Two new initiatives are planned in late 2026 and early 2028.

Longchamp—In July 2025, we signed an exclusive license agreement with Longchamp, through December 31, 2036. Interparfums SA will be responsible for the creation, development, production and distribution of fragrance lines in Longchamp-brand points of sale and selective distribution channels. Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary in our industry.

Longchamp is a French luxury brand founded in 1948, renowned for its craftsmanship, authenticity, and modern creativity. Family-owned, the Maison blends heritage savoir‑faire with innovation, offering leather goods, accessories, and ready‑to‑wear designed for active, elegant lifestyles. Longchamp values sustainability, durability, and timeless design. Its distribution combines a strong global retail network of boutiques, a selective wholesale presence, and a robust e‑commerce platform, ensuring both exclusivity and accessibility worldwide.

MCM— In 2019, we entered into an exclusive, 10-year worldwide license agreement with German luxury fashion house MCM for the creation, development and distribution of fragrances and fragrance related products under the MCM brand. The agreement has a 4-year automatic renewal option, potentially extending the license until December 31, 2034.

MCM is a luxury lifestyle goods and fashion house founded in 1976 with an attitude defined by the cultural Zeitgeist and its German heritage with a focus on functional innovation, including the use of cutting-edge techniques. Today, through its association with music, art, travel and technology, MCM embodies the bold, rebellious and aspirational. Always with an eye on the disruptive, the driving force behind MCM centers on revolutionizing classic design with futuristic materials. MCM’s millennial and Gen Z audience is genderless, ageless, empowered and unconstrained by rules and boundaries.

Following through on our plan to develop extraordinary fragrances that capture the creative spirit of MCM, our first new fragrance, MCM, was released in 2021. In 2023, we debuted our first ever men’s scent, MCM Onyx, inspired by the brands beloved bags and later enriched the fragrance line with MCM Crush, MCM Diamonds, and the limited addition MCM fragrance encrusted with Swarovski crystals. In 2025 we launched a brand new six-scent collection, MCM Collection, inspired by the brands iconic animals. In 2026, we’ll debut new extensions designed to energize and expand the brand.

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Moncler— In June 2020, we entered into an exclusive, 5-year worldwide license agreement with a potential 5-year extension with Moncler for the creation, development, and distribution of fragrances under the Moncler brand.

Moncler was founded at Monestier-de-Clermont, Grenoble, France, in 1952 and is currently headquartered in Italy. Over the years, the brand has combined style with constant technological research assisted by experts in activities linked to the world of the mountain. The Moncler outerwear collections marry the extreme demands of nature with those of city life.

Our first fragrance for the Moncler brand had a revolutionary LED design, and the flask-shaped bottles of Moncler Pour Femme and Moncler Pour Homme forged a powerful bond with the House Moncler’s alpine roots and pioneering spirit. Following the launches of the Les Sommets Moncler and Home collections in 2023, we introduced a new Les Sommets extension in 2024 and continued to roll out the Moncler Sunrise duo.

Montblanc—In 2010, we entered into an exclusive license agreement to create, develop, and distribute fragrances and fragrance related products under the Montblanc brand. In 2015, we extended the agreement to December 31, 2025 and in 2023, we extended the agreement for a second time through December 31, 2030.

Montblanc has achieved a world-renowned position in the luxury-based operations and has become a purveyor of exclusive products, which reflect today’s exacting demands for timeless design, tradition and master craftsmanship. Through its leadership positions in writing instruments, watches and leather goods, promising growth outlook in women’s jewelry, international retail footprint through its network of more than 600 boutiques, high standards of product design and quality, Montblanc has grown to be our third largest fragrance brand.

In 2011, we launched our first new Montblanc fragrance, Legend, which quickly became our best-selling men’s line and has given rise to a plethora of extensions including Legend Night, Legend Spirit, Legend Red, and most recently the 2024 launch of Legend Blue. In 2014, we launched our second men’s line, Emblem and like its predecessor, Emblem gave rise to brand extensions. In 2019, we unveiled Montblanc Explorer, which has added numerous flankers including Ultra Blue and Platinum. In 2020, we introduced the women’s line, Signature. In 2024 we introduced the four-scent Montblanc Collection, and award winning singer and songwriter, John Legend, became the new ambassador of the Legend fragrance franchise. In 2025 we launched new men’s and women’s fragrances including the Montblanc Explorer extension, Explorer Extreme, the Montblanc Collection extension, Star Oud, and Signature extension, Elixir. In 2026, we plan to introduce new extensions that reflect and reinforce the brand’s established vibrancy.

Nautica—

In January 2026, we entered into an exclusive,
20-year worldwide license agreement with global lifestyle brand Nautica for the creation, development, production,
and distribution of fragrances under the Nautica brand name. Nautica is
world-renowned for bringing the inspiration of the sea to everyday style.  We are thrilled to collaborate with this
global lifestyle brand to enrich their existing portfolio and develop new
fragrances that channel the maritime spirit in a modern and accessible manner.
We estimate that total annual sales of the Nautica fragrance portfolio will
exceed $70 million in the first years under our management. Interparfums will
assume full global responsibility for Nautica fragrances effective January 1,
2030.

Off-White— In December 2024, Interparfums SA signed for all Off-White brand names and registered trademarks for Class 3 fragrance and cosmetic products, subject to an existing license that expired on December 31, 2025. Founded in 2012 by the late designer Virgil Abloh, Off-White is known for its high-end streetwear influences and bold approach to youth luxury. When Virgil Abloh founded Off-White, he sought to establish a brand with a universal design language that was artistic, disruptive and a reflection of concepts explored in the realm of youth culture. Off-White blends the worlds of streetwear and luxury in a spirit of talent and inventiveness.

This is a tremendous opportunity for us considering the brand’s unique positioning, not to mention Virgil Abloh’s impressive creative legacy. This brand will help us explore new openings for fragrances in the luxury sector. We plan to use 2026 for the initial development of the brand's fragrances and currently expect the first launch to be in 2027.

Oscar de la Renta— In 2013, we entered into an exclusive worldwide license to create, produce and distribute fragrances and fragrance related products under the Oscar de la Renta brand. In 2019, the agreement was extended through December 31, 2031, with an additional five-year option potentially extending the agreement through December 31, 2036.

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Oscar de la Renta is one of the world’s leading luxury goods firms. The New York-based company was established in 1965, and encompasses a full line of women’s accessories, bridal, children’s wear, fragrance, beauty and home goods, in addition to its internationally renowned signature women’s ready-to-wear collection. Oscar de la Renta products are sold globally in fine department and specialty stores, www.oscardelarenta.com and through wholesale channels.

After taking over distribution of the brand’s legacy fragrances in 2014, we introduced Extraordinary the following year. Oscar de la Renta Bella Blanca debuted in 2018, followed by Bella Rosa, Bella Essence, Bella Bouquet, and Bella Night. In 2021, we debuted an entirely new fragrance pillar, Alibi, Alibi Eau Sensuelle, and more recently the Alibi Pop three-scent collection. We launched an extension to the Bella franchise, Bella Soleil, in 2025. We plan to roll out new extensions in 2026.

Roberto Cavalli— In July 2023, we closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for the production and distribution of Roberto Cavalli brand perfumes and fragrance related products. The license became effective in July 2023 and will last for 6.5 years.

Roberto Cavalli scents are sophisticated, luxurious, and flamboyant, while Just Cavalli fragrances are designed to appeal to contemporary, urban customers that are young or young at heart. In addition to the two core lines, the house launched the Roberto Cavalli Gold Collection, an ultra-premium fragrance collection, in 2014. Cavalli fragrances are distributed globally, with a concentration in Europe, the Middle East and the United States. Additionally, we partnered with one of the top luxury retailers and distributors in the Middle East, a key market, to further expand the brand.

We began shipping new freshly produced goods in February 2024.  In 2025, we introduced an exciting and diverse lineup of fragrances as well as hair and body mists. Launches in 2025 featured the Gold Collection extension, Tobaccomore, Paradiso extension, Paradiso Rosa, the striking three‑scent Marbleous sub-collection, the dual gender Just Cavalli Give Me Magic fragrance duo, and, at the forefront, the blockbuster debut of Roberto Cavalli Serpentine. In 2026, we plan to introduce new extensions that reflect and reinforce the brand’s established allure, supporting continued momentum.

Rochas— In 2015, we acquired the Rochas brand from The Procter & Gamble Company. Founded by Marcel Rochas in 1925, the brand began as a fashion house and expanded into perfumery in the 1950s under Hélène Rochas’ direction.

With Rochas, nature is synonymous with French-style gardens, eternal springs, freshness, and innocence. Never dry, these gardens are constantly irrigated by the water of dreams and lit by the sun of the imagination. Rochas’ birds and flowers are regularly revisited in the ready-to-wear creations and perfumes. They are part of the natural lifeblood of Rochas, a constant presence thronging with a multitude of colors and a very Parisian spirit.

Our first new fragrance for Rochas, Mademoiselle Rochas, had a successful launch in 2017 in its traditional markets of France and Spain. Over the next few years, we debuted extensions for legacy scents Eau de Rochas and Mademoiselle Rochas, plus others, and in 2018 we launched our first new men’s line, Rochas Moustache. Byzance and L’Homme Rochas debuted in early 2020 and Rochas Girl in 2021. We have added more extensions across these pillars in recent years including Eau de Rochas Citron Soleil, Rochas Girl Life, Eau de Rochas Orange Horizon, and Mademoiselle Rochas in Paris. In 2025, we launched the blockbuster fragrance, Rochas Audace, and added an extension to the Eau de Rochas line, Néroli Azur. New extensions across several of the brand’s lines are scheduled for release in 2026.

Solférino— 2025 marked the creation of the Interparfums SA’s first proprietary brand Solférino®, a collection of 10 niche fragrances developed by star perfumers and intended for the collector’s fragrance market, to be launched initially through an ultra-selective distribution channel. Our first boutique entirely dedicated to the brand opened to the public in September 2025, along with an e-commerce site. The launch of this new brand reflects the Company’s medium-term growth strategy in the extremely buoyant high-end fragrance market. With the Solférino collection, a proprietary brand under development for the past two years, we will boast a rich and unique universe perfectly suited to the high-end fragrance market. This represents a first strategic step in the implementation of a new focus on a market that has exhibited sustained growth for several years. In 2026, we plan to add an 11th fragrance to the collection and will ramp up international distribution of the brand.

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Van Cleef & Arpels— Our initial 12-year license agreement with Van Cleef & Arpels was signed in 2006. In 2018, we renewed our license agreement for an additional six years with Van Cleef & Arpels for the creation, development, and distribution of fragrance products through December 2024. In 2024, the license was renewed for a second time for an additional nine years through December 31, 2033.

Since its founding in 1896, Van Cleef & Arpels has often turned to nature as an inexhaustible source of inspiration. Enthralled by the constant metamorphoses of flora and fauna, the Maison creates pieces that echo the blooming of flowers and the lushness of gardens. Over the decades, the excellence and creativity of the High Jewelry Maison established its reputation across the world.

VanCleef & Arpels fragrances in current distribution include: First and Collection Extraordinaire. Sales of the Collection Extraordinaire line have experienced continued growth since its debut. We continue to introduce new additions to the Van Cleef & Arpels Collection Extraordinaire assortment annually, including Oud Blanc, Rêve de Matiere, and Patchouli Blanc and Precious Incense, and the latest scent launched in 2025, Moonlight Cherry. Van Cleef & Arpels is a French luxury jewelry company owned by Richemont Holdings Limited.

Business Strategy

Focus on prestige beauty brands. Prestige beauty brands are expected to contribute significantly to our growth. We focus on developing and launching quality fragrances utilizing internationally renowned brand names. By identifying and concentrating on the most receptive market based operations and territories where our brands are known, and executing highly targeted launches that capture the essence of the brand, we have had a history of successful launches. Certain fashion designers and other licensors choose us as a partner because our Company’s size enables us to work more closely with them in the product development process as well as our successful track record.

Grow portfolio brands through new product development and marketing. We grow through the creation of fragrance family extensions within the existing brands in our portfolio, and regularly create a new family of fragrances for each brand in our portfolio. In addition, we frequently introduce seasonal and limited edition fragrances as well. Our use of artificial intelligence (“AI”) has enabled us to develop new products and marketing more rapidly. With new introductions, we leverage our ability and experience to gauge trends in the market and further leverage the brand name into different product families to maximize sales and profit potential. We have successfully introduced new fragrance families (sub-brands or flankers) within our brand franchises. Further, we promote the performance of our prestige fragrance operations through knowledge of the market, detailed analysis of the image and potential of each brand name, and a highly professional approach to international distribution channels.

Continue to add new brands to our portfolio, through new licenses or acquisitions. Prestige brands are the core of our business, and we intend to add new prestige beauty brands to our portfolio. For over 40 years, we have built our portfolio of well-known prestige brands through acquisitions and new license agreements. We intend to further build on our success in prestige fragrances and pursue new licenses and acquire new brands to strengthen our position in the prestige beauty market. During 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license was granted to Interparfums SA for the production and distribution of Lacoste brand perfumes and cosmetics effective January 1, 2024. During 2023, we closed a transaction agreement with Roberto Cavalli, whereby an exclusive and worldwide license was granted for the production and distribution of Roberto Cavalli brand perfumes and fragrance related products. This license became effective in July 2023. In December 2024, Interparfums SA purchased all Off-White brand names and registered trademarks for Class 3 fragrance and cosmetic products, subject to an existing license that expired on December 31, 2025, when Interparfums SA began commercial use of the fragrance brands. In March 2025 our 72% owned French subsidiary, Interparfums SA, acquired the Goutal fragrance brand, and in July 2025 Interparfums SA signed an exclusive license agreement with Longchamp, a Parisian Maison, through December 31, 2036. In early 2026 we signed two license agreements for Nautica and David Beckham. As of December 31, 2025, we had cash, cash equivalents and short-term investments of approximately $295.2 million, which we believe should assist us in entering new brand licenses or outright acquisitions. We identify prestige brands that can be developed and marketed into full and varied product families and, with our technical knowledge and practical experience gained over time, take licensed brand names through all phases of concept, development, manufacturing, marketing and distribution.

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Expand existing portfolio into new categories. We selectively broaden our product offering beyond the fragrance category and offer other fragrance related products and personal care products under some of our existing brands. We believe such product offerings meet customer needs, generate trial and further strengthen customer loyalty.

Continue to build a global distribution footprint. Our business is a global business, and we intend to continue to build our global distribution footprint. In order to adapt to changes in the environment and our business, in addition to our arrangements with third party distributors globally, we are operating distribution subsidiaries or divisions in the major markets of the United States, France, Italy, South Korea and Spain for distribution of prestige fragrances. We may look into future joint arrangements or acquire distribution companies within other key markets to distribute certain of our prestige brands. While building a global distribution footprint is part of our long-term strategy, we may need to make certain decisions based on the short-term needs of the business. We believe that in certain markets, vertical integration of our distribution network may be one of the keys to future growth of our Company, and ownership of such distribution should enable us to better serve our customers’ needs in local markets and adapt more quickly as situations may determine.

Production and Supply

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Suppliers who assist us with product development include, but are not limited to:

Suppliers’ accounts for our European based operations are primarily settled in euros and for our United States based operations, suppliers’ accounts are primarily settled in U.S. dollars. For our European based operations components for our prestige fragrances are purchased from many suppliers around the world and are primarily manufactured in France.

For United States based operations, components for our prestige fragrances are sourced from many suppliers around the world and are primarily manufactured in the United States and Italy. Additionally, we occasionally utilize third party manufacturers in China, Poland and Turkey.

Environmental, Social & Governance ("ESG")

Both our United States based operations and our European based operations are good corporate citizens and take our responsibilities seriously. We comply with all applicable laws, rules and regulations in general, and in particular with regard to chemicals and hazardous materials. Throughout our supply chain, from procurement of components to distribution of finished products, we act responsibly and monitor and comply with all legal requirements. While we do not own our manufacturing facilities, we set a high bar with our industrial partners by placing an emphasis on quality, the use of good manufacturing practices and innovation, and encouraging them to build strong ESG programs of their own. Like many of our industry competitors, we are applying a multifunctional and comprehensive approach in addressing the issues of corporate, environmental and social responsibility and transparency, building off the UN Sustainable Development Goals. Our European based operations have led the way on this initiative, but our US operations are actively catching up.

Interparfums, Inc., is using a multi-step process for ESG related activities and reporting. Following the work done in ESG by our French based subsidiary, Interparfums SA, in September 2022 we launched our United States ESG program for our subsidiaries, Interparfums, USA LLC in the United States and Interparfums, Italia Srl in Italy. Data regarding our regional sales offices in Geneva, Dubai and Hong Kong is in the process of being incorporated in the ESG strategy. We intend that the final step in our ESG reporting will be the combination of both ESG programs into a single cohesive report.

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We are committed to:

● Reducing and optimizing our environmental footprint. Climate change requires urgent action. Quantifying and disclosing our carbon impact, including scope 1, 2 and 3 emissions, is the first step in making measurable progress on environmental sustainability.

● Creating a more diverse and inclusive culture and impacting our community. Our human capital is our greatest asset. We want to build a culture genuinely focused on listening to employees, supporting their development, and leveraging their value.

● Understanding the impact of our fragrances throughout their whole life cycle. Responsible product design and ingredient procurement allows us to respond to evolving social and environmental challenges, making our work a force for good. The Company has partnered with EcoVadis to assess our suppliers' corporate social responsibility performance.

● Acting transparently and responsibly. We are committed to safety, compliance, and proactively addressing critical ingredient challenges (particularly regarding chemicals and hazardous materials). Areas of focus include ensuring the health and safety of consumers and designing products that are vegan friendly, that reduce the pressure on endangered natural resources and that are recyclable.

Additionally, Interparfums, Inc. adheres to corporate governance codes including but not limited to anti-hedging, bribery, fraud, and prohibition against insider trading. The Company’s management is responsible for the development and implementation of its ESG strategies and programs. Ultimate oversight by the Company’s Board of Directors is included in its committee charters and practices. Interparfums, Inc. is a publicly traded company (Nasdaq GS: IPAR), and files reports with the Securities and Exchange Commission (SEC). Our largest subsidiary, 72% owned Interparfums SA, is also a publicly traded company as 28% of Interparfums SA shares trade on the Euronext and is subject to the reporting requirements of the Euronext. Interparfums SA also maintains a governance policy that relates to its status as a French publicly held company, in addition to complying with this governance policy, where applicable.

Additional detailed information on Interparfums, Inc.'s ESG efforts, including our ESG Reports, can be found on our Company's ESG Dashboard at https://www.interparfumsinc.com/esg. Additional information published by our French based subsidiary, Interparfums SA, including their ESG Reports can be found on their website at https://www.interparfums-finance.fr/en/csr-strategy/. References to our ESG Reports on these websites are hereby incorporated by reference to this Annual Report on Form 10-K.

Marketing and Distribution

Our products are distributed in over 120 countries around the world through a selective distribution network. For our international distribution, we either contract with independent distribution companies specializing in luxury goods or distribute prestige products through our distribution subsidiaries. In each country, we designate anywhere from one to three distributors on an exclusive basis for one or more of our name brands. We also distribute our products through a variety of duty free operators, such as airports and airlines, and select vacation destinations.

As our business is a global one, we intend to continue to build our global distribution footprint. For the distribution of brands within our European based operations, we operate through our distribution subsidiaries or divisions in the major markets of the United States, France, Italy, South Korea and Spain, in addition to our arrangements with third party distributors globally. Our third party distributors vary in size depending on the number of competing brands they represent. This extensive and diverse network together with our own distribution subsidiaries provides us with a significant presence in over 120 countries around the world.

Approximately 50% of our European based prestige fragrance net sales are denominated in U.S. dollars. We address certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. We primarily enter into foreign currency forward exchange contracts to reduce the effects of fluctuating foreign currency exchange rates.

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The business of our European based operations has become increasingly seasonal due to the timing of shipments by our distribution subsidiaries and divisions to their customers, which are weighted to the second half of the year.

For our United States based operations, we distribute products to retailers and distributors in the United States as well as internationally, including duty free and other travel-related retailers. We also utilize our in-house sales team to reach our third party distributors and customers outside the United States. In addition, the business of our United States based operations has become increasingly seasonal as shipments are weighted toward the second half of the year.

Competition

The market for prestige fragrance products is highly competitive and sensitive to changing preferences and demands. The prestige fragrance industry is highly concentrated around certain major players with resources far greater than ours. We compete with an original strategy, regular and methodical development of quality fragrances for a growing portfolio of internationally renowned brand names.

Inventory

We purchase raw materials and component parts from suppliers based on internal estimates of anticipated need for finished goods, which enables us to meet production requirements for finished goods. We generally ship products to customers within 72 hours of the receipt of their orders. Our business is not capital intensive, and it is important to note that we do not own manufacturing facilities. We act as a general contractor and source our needed components from our suppliers. These components are received at one of our distribution centers and then, based upon production needs, the components are sent to one of several third party fillers or directly to one of those third party fillers, which manufacture the finished products for us and then deliver them to one of our distribution centers.

Product Liability

Our United States based operations maintain product liability coverage in an amount of $10.0 million, and our European based operations maintain product liability coverage in an amount of €25 million (approximately $29.4 million). Based upon our experience, we believe this coverage is adequate and covers substantially all of the exposure we may have with respect to our products. We have never been the subject of any material product liability claims.

Government Regulation

Under the Federal Food, Drug and Cosmetic Act, including the recent amendments with the passage of the Modernization of Cosmetics Regulation Act of 2022 (MoCRA), fragrance products and other fragrance based personal care products, are regulated as cosmetics. The products include, but are not limited to, perfumes, colognes, fragrance mists, body sprays, body lotions, shower gels and aftershaves. They must meet the same safety requirements as other cosmetic products under MoCRA. Compliance for cosmetics includes ensuring they are safe for consumers when used according to labeled directions or as consumers customarily used.

Under the Fair Packaging and Labelling Act, companies and individuals who manufacture or market cosmetics have the legal responsibility to ensure the products are sold with accurate, clear, and informative labeling on products.

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Our fragrance products and other fragrance based personal care products manufactured and marketed in Europe are also regulated as cosmetics and subject to EU Regulation 1223/2009. After Brexit, they are subject to the United Kingdom regulation of The UK Schedule 34 to the Product Safety and Metrology Regulations 2019. As of the date of this report, Interparfums products are in compliance with these regulations.

Trademarks

The market for our products depends to a significant extent upon the value associated with our trademarks and brand names. We have licenses or other rights to use, or own, the material trademark and brand name rights used in connection with the packaging, marketing and distribution of our major products both in the United States and in other countries where such products are principally sold. Therefore, trademark and brand name protection are important to our business. Although most of the brand names we license, use or own are registered in the United States and in certain foreign countries in which we operate, we may not be successful in asserting trademark or brand name protection. In addition, the laws of certain foreign countries may not protect our intellectual property rights to the same extent as the laws of the United States. The costs required to protect our trademarks and brand names may be substantial.

Under various licenses and other agreements, we have the right to use certain registered trademarks throughout the world for fragrance products. These registered trademarks include:

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In addition, we are the registered owner of several trademarks for fragrance and beauty products, including:

Equity Investments

In June 2020, our Company and Divabox, owner of the Origines-parfums e-commerce platform for beauty products, signed a strategic agreement and equity investment pursuant to which we acquired 25% of Divabox capital for $14 million through a capital increase.

Human Capital

General

As of December 31, 2025, we had 662 full-time employees worldwide. Of these, 377 are full-time employees of our European based operations and its subsidiaries, with 142 employees engaged in sales activities and 235 in other departments, including administrative, production and marketing activities. Our United States based operations, consisting of offices in the United States, Italy, Hong Kong, Switzerland, and Dubai, has 285 full-time employees, and of these, 123 are engaged in sales activities and 162 in administrative, production, and marketing activities. Other than for the employees of Interparfums Italia Srl, we do not have collective bargaining agreements relating to any of our employees, and we believe the collective bargaining agreement for our employees of Interparfums Italia Srl will not have a material adverse effect on our operations.

United States Based Operations

Interparfums is a company connecting thousands of customers around the world through our global presence, but our true strength lies in the extraordinary individuals who power our success. We believe innovation flourishes when diverse minds come together. Our people bring together unique perspectives, varied life experiences, and rich cultural insights. By cultivating an environment where every voice is valued and everyone belongs, we empower our teams to collaborate and push the boundaries of what's possible.

Employee-Focused Value Proposition

One of Interparfums biggest strengths is in our employees. Our people are the source of creativity and innovation. To support and maintain this depth of talent, Interparfums aims to create a work environment that promotes the following employee-focused value propositions:

• Cultivating a culture that promotes our values of entrepreneurship, commitment, creativity and passion.

• Developing a respectful and inclusive work environment

• Empowering employees to develop their skills and grow their careers.

• Fostering team spirit and cross-functional collaboration

• Ensuring equal opportunity for all.

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Offering a Workplace Free from Discrimination and Harassment, and Building a Workplace That Promotes Inclusion

At Interparfums, we've created a workplace where every individual's unique identity is celebrated as a source of collective strength. We share an unwavering commitment to fostering an environment where everyone can bring their whole selves to work with confidence and pride. Our approach to inclusion is recognized at the leadership level and throughout our whole organization. Ensuring that all employees feel safe and supported at work is a top priority. We require all US employees to participate in comprehensive anti-harassment training. For issues such as allegations of harassment or discrimination, our United States Employee Handbook outlines a grievance mechanism so that incidents are reported directly to employees’ supervisor or the Chief Human Resource Officer. Supervisors are required to notify the Human Resources Department immediately upon receiving any reports of harassment, and we prohibit any form of retaliation against employees for filing good faith complaints under our policy.

Recruitment and Onboarding

We welcome new employees through a structured onboarding process to ensure that they seamlessly integrate into the Interparfums workplace and culture. Our goal is to provide a warm and welcoming environment from our employees’ very first day.

Our buddy program pairs tenured employees with new hires to welcome them and facilitate the onboarding process during their first three months. This role is intended to supplement employees’ managers to help grasp our ways of working and workplace culture.

In Italy, our employee onboarding process includes a welcome day with training on company history and values, cross-functional team meetings, and a new employee team dinner.

We also have an onboarding program in the United States, which includes departments across the organization, gain insight into how our fragrances are created, and develop a strong understanding of our culture, values, and ways of working. Designed to support connection and engagement, these sessions help set our employees up for long-term success.

Newcomer’s Week also creates space for open dialogue, knowledge sharing, and relationship building, reinforcing our commitment to collaboration and a strong sense of belonging from day one.

Beyond onboarding, we continue to foster a sense of collaboration and innovation among our employees with our annual seminars for all global employees. This provides a platform for our employees to present a comprehensive perspective on our brands, products, and marketing strategies to facilitate greater alignment across the company.

Career and Talent Development

Our greatest asset, and the key to our success, is our people. Our employees come to Interparfums to build legacies, not just careers. This is exemplified by our executive leadership team, many of whom have shaped our journey for decades. Newer leaders, such as our Chief Financial Officer and Chief Human Resources Officer, have also integrated into our longstanding culture and have contributed greatly to our success. For new employees, our Human Resources team created a new employee welcome guide to provide support resources for new hires at multiple stages of their first year of employment with Interparfums. We continue to support our employees with a performance management program, which is initiated by our Human Resources Office and owned by the employees themselves. This program is designed to drive individual performance and organizational effectiveness by aligning individual and company objectives. Employees set their business and career development goals, so they are empowered to take advantage of professional advancement possibilities. By integrating individual goals, continuous feedback, and career development milestones, we are nurturing careers that will drive our success.

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Finally, we emphasize our core values of entrepreneurship, creativity, and passion by bringing together experienced team members with institutional knowledge alongside newer hires with fresh perspectives. To recognize employee tenure, we introduced an Employee Anniversary Program to acknowledge employees who have been with us for 3, 5, 10, 15, 20, or 25 and more years. Employees reaching these milestones receive recognition and are invited to join CEO Jean and the Leadership Team for a celebratory lunch or toast.

Performance Evaluation System

At Interparfums, we believe growth happens through meaningful dialogue and purposeful development. Launched in 2022, our performance management approach drives individual performance and organizational effectiveness by aligning individual and company objectives and setting clear, fair, and transparent expectations for success. Enabling and empowering all employees to develop their skills and align with career advancement possibilities is integral to this process. Finally, the goal is to promote ongoing opportunities for employees and managers to exchange feedback on performance, milestones, development, and build stronger work relationships. The journey begins in January with goal setting and development planning. Company objectives with measurable key performance indicators are shared at the beginning of the year and cascaded down to each department. In alignment with our Company’s goals, employees set their individual goals for their respective roles. Interparfums aims for this process to be productive and engaging between managers and their teams. The year culminates in a comprehensive review that identifies achievements while charting the course for future growth. By weaving together individual goals, continuous feedback, and career development, we're not just managing performance – we are nurturing careers and building lasting partnerships that drive our collective success

Employee Engagement

Our goal is to build a culture where our employees feel included, engaged, and motivated. To learn about what drives our employees and to understand their priorities, we issued two companywide Engagement Surveys in 2025. These surveys give us critical insights into the needs of our employees. Based on the results, our HR team was able to design People & Talent initiatives with a focus on onboarding, performance, internal communications, and company culture. The results of these surveys were also shared with employees during Town Hall meetings to facilitate a deeper conversation. These presentations give employees the opportunity to present Company performance results, function updates, share wins and successes, and provide a forum for Q&A.

Our employee engagement is not just led from the top; employees are also offered opportunities to participate in internal engagement programs like our Holiday Party Committee. To celebrate our employees, the Holiday Party Committee participated in a popular initiative where employees could be nominated for awards to be announced at our end of year holiday gathering. Awards were presented to employees voted “Ace of Spades”, “Club of Consistency”, “Heart of Gold”, “Jack of Innovation”, “Wildcard Wonder “, based on our “Casino” party theme.

In Italy, we implemented remote working two days per week and flexible working hours (different start and end times for employee’s workday). Community and team building events are organized to actively promote and strengthen the sense of belonging (Interparfums Italia’s birthday, Summer Party, Christmas and Easter dinners). The offices have been refurbished with a dining room for socializing and relaxing over complimentary coffee, tea and cookies. At Easter and Christmas, associations benefited from philanthropic funding by purchasing chocolate eggs (for AIL - Italian Association against Leukemia, Lymphoma and Myeloma), Christmas cards and gift baskets (for ANT - Home Medical Care for Cancer Patients), and Christmas Jumper day (for Save the Children, to protect children's rights and ensure their well-being through aid and advocacy).

Finally, to nurture employee engagement, we hold quarterly presentations with all employees presenting company results, function updates, celebrate successes and open the floor to Q&As.

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Compensation and Benefits

Interparfums provides employees with a number of competitive financial and non-financial benefits. Our full-time US-based employees are provided an increasingly attractive employment package including Medical, Dental, Vision, basic and voluntary Life Insurance, AD&D Short-term and Long-Term Disability, a 401(k) program (plus company match), parental leave, and commuter benefits.

For our Italian operations, some of the benefits are required by law, such as health insurance for employees and family coverage, supplementary voluntary severance scheme, parental leave, study leave and paid time off. A welfare plan is provided for employees in Italy that each employee can use through a dedicated platform that comprises a broad range of benefits and services (transport and mobility, education, health, culture and leisure time, supplementary pension, fringe benefit). Ten paid hours per year are allocated for medical appointments. Lunch vouchers per day worked are given to cover lunch expenses. Depending on the position, specific categories of employees are entitled to a company mobile phone and unlimited internet access.

In our New York office, Fridays are work-from-home, with reduced “Summer Fridays” working hours between Memorial Day and Labor Day weekend. In Italy, we implemented remote working two days per week with flexible working hours throughout the week.

Offering a Healthy and Environmentally Conscious Workplace

Since September 2022 our New York City office has been partnering with Fraîche to provide smart fridges that are stocked every day with high-quality and on-trend items curated from their local partner restaurants and brands. Our New York City-based employees can have access to meals, drinks, and snacks and our Company gives each employee a daily credit to be used. We are very glad to be part of the Fraîche journey.

We are also doing our part to facilitate sustainability initiatives within our office. As part of our New York office’s Earth Day celebration, we circulated updated resources on our in-office recycling program. The New York office also continued its recycling initiative with color-coded bins and printed sorting instructions to facilitate the appropriate disposal of everyday items. Our Italy office also maintains an office recycling program.

Our Information Technology ("IT") department coordinated two partnerships to facilitate the return and responsible disposal of electronics. The first was with Regentech USA, a computer recycling company, to recycle unused electronics. The second was Computer 4 People, a nonprofit that seeks to refurbish donated electronic devices and provide opportunities to individuals and communities to thrive in the digital age. These partnerships help us act as responsible citizens and find the best pathways for our unused or unneeded electronics.

European Based Operations

The strength of Interparfums SA’s organizational model lies in the small size of its teams and even distribution of ages and levels of responsibility, enabling it to benefit from a wide range of experience. Employees are our main driver of value creation, and their fulfilment at work and their motivation are essential requirements for their development.

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Caring Employer Committed to Everyone's Success

Interparfums SA is committed to living its values on a daily basis: respect and benevolence, creativity, trust, commitment and loyalty, and has identified several key challenges, listed below, related to working conditions:

All these challenges were formalized in 2022 in the “Responsible Employer” charter, which was brought to the attention of all employees and is available on the www.interparfums-finance.fr website. The purpose of this document is to set out a framework within which everyone can operate. Attentive and committed to the success of every employee, Interparfums acts on a daily basis, right from the recruitment process and throughout the life of employment by striving to:

Employee Support

In 2025, Interparfums conducted an employee engagement survey across France and its subsidiaries. The participation rate reached 82.5%, while the employee recommendation rate stood at 91.4%, reflecting a very high level of engagement and an improvement compared to the 2023 survey.

Several initiatives were implemented during the year to enhance employee well‑being, including the installation of smart fridges to provide access to healthy, seasonal, and affordable food. Internal communication was also strengthened through the regular publication of newsletters.

In addition, Interparfums was ranked second among the top five companies in its sector in ChooseMyCompany’s HappyIndex®AtWork ranking. This recognition, based entirely on employee feedback covering criteria such as professional development, working environment, management, recognition, purpose, and sustainability, highlights the Group’s continued commitment to fostering a positive and motivating workplace aligned with its values.

The next employee engagement survey is scheduled for early 2027.

Job Security, Working Hours and Wages

Interparfums SA has put in place pay rules as well as job classification and performance evaluation systems that are applied to all employees, which help guarantee fairness and equality. Interparfums' policy is to pay all its employees a salary that ensures them and their families a better standard of living than the national average in the country in which they work. In this context, the pay of Interparfums employees includes a fixed and a variable component, as well as exceptional bonuses paid on the basis of Interparfums SA’s results.

In France, Interparfums SA pays 100% of the cost of the base health insurance plan for all employees (permanent, fixed-term, apprenticeship or professional trainees). It applies to each employee as soon as he or she joins the workforce, with no waiting period. A supplementary health insurance plan is also offered to all employees, with no waiting period, as soon as they join the workforce. As the claims/contributions ratio has been positive for several years (due to compliance with the obligations of the responsible contract described in the French Social Security Financing Act and the specifications established in 2019 with the 100% health reform, among others), certain consumption items have been significantly improved in 2024 in favor of employees.

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In accordance with French legislation, a profit‑sharing agreement has been in place since 2001. Additionally, a significant gross amount of €4.35 million (€5.2 million including social charges) was distributed to employees during the first quarter of 2025 related to a performance-based free share plan granted to employees which was implemented in 2022. A new performance-based free share plan was implemented in December 2025 which an expected payout upon vesting in March 2029.

Interparfums SA offers all its employees working in France (after 3 months with the company) a Company Savings Plan to encourage employee savings by offering several types of funds to suit individual projects. Since 2017, Interparfums SA has upgraded its plan by offering an “Interparfums Shareholder Fund,” enabling them to benefit from changes in the value of the Interparfums SA shares within an advantageous tax framework. These payments into the Interparfums Shareholder Fund are accompanied by a substantial matching contribution from the company. In addition, a Collective Retirement Savings Plan enables all employees to prepare for their retirement and to benefit from a substantial company contribution. Employees also have the option of transferring part of their unused leave to the Collective Retirement Savings Plan each year. Management employees benefit from a supplementary pension contract with defined contributions and compulsory membership. This individual contract is funded by monthly employee and employer contributions, which are freely allocated. Interparfums SA has chosen to help its employees build up this pension, which complement their retirement, by paying a significant proportion of the contributions. Special pension arrangements are available for employees of Interparfums SA’s subsidiaries in Singapore and the United States.

Social Dialogue

For employees working in France, elections for staff representative organizations are held every four years, as required by law. The Social and Economic Committee (“CSE”) was renewed in June 2023. It consists of three management staff members, including a designated harassment officer. The CSE meets once a month to be informed and consulted on strategic and organizational issues that have an impact on the employees. Following the return of the CSE in June 2023, the "Health and Safety at Work" committee was re-established as a continuation of the previous Hygiene, Safety and Work Conditions Committee. The committee is made up of two non-managerial staff and usually meets once a quarter. An employee designated as responsible for health, safety and working conditions has been appointed internally. A number of employees trained in first aid are trained every two years, and health advisers have also been appointed since the Covid pandemic started in 2020.

Health and Safety

In 2025, three work-related accidents were recorded with no sick leave. No occupational illnesses have been reported. As Interparfums has no production site, the risk of work-related accidents is not material. In addition, Interparfums SA’s operations do not create safety hazards.

Our employees, who work mainly in the offices at our Paris headquarters, enjoy excellent working conditions. In 2022, the premises were transferred to a single site on rue de Solférino, in a building renovated to the latest standards in terms of user comfort. Smart systems mean everyone can manage their own lighting and ventilation. The site is easily accessible by public transport, and its car park has bicycle spaces and two vehicle charging points.

In addition, Interparfums SA is particularly sensitive to the issue of good posture at work and the prevention of musculoskeletal risks. Mobile employees are provided with good quality company cars, and all have IT equipment tailored to their needs. Interparfums SA has also implemented several measures to maintain good working conditions for its employees, its service providers, and particularly those working permanently in its logistics warehouse. These include: a warehouse heated to 11°C/ 51.8°Fahrenheit (with the provision of suitable clothing, individual changing rooms and showers, premises with natural light, a dedicated and well-maintained lunch area, etc.). Following a review of workstations designed to measure difficult working conditions, no workstations have been identified as difficult.

Further, as part of the drive to prevent psychosocial risks, a counselling and psychological support service is available to employees via a dedicated toll-free number, in partnership with the Institut d'Accompagnement Permanent Psychologique et de Ressources (IAPR).

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Involve Employees in High Impact Philanthropic Initiatives

Interparfums SA is also developing social initiatives in the following areas:

Beginning in 2024 and continuing through 2025, Interparfums decided to support the Société des Amis des Musées d'Orsay et de l'Orangerie. These museums are ideally located next to Interparfums SA’s headquarters, and their programs should enable employees to broaden their knowledge, arouse their curiosity and even discover new sources of inspiration as part of a “cultural vacation”. Thanks to this partnership, they can discover the exhibitions and rich permanent collections of these two museums free of charge.

Additionally in 2025, Interparfums decided to support the Tara
Ocean Foundation over a three‑year period. The scientific
schooner Tara embarked on an 18‑month expedition to the Coral
Triangle, a marine area located in the Asia‑Pacific region; to understand why and how certain
corals are able to withstand global warming, and to help inform future
conservation strategies.

Long Term Support for Charity and Initiatives

Interparfums SA supports charities and organizations working in the fields of solidarity, children, fighting exclusion, healthcare and more by providing financial aid to help them carry out their projects. Since 2018, through the Givaudan Foundation, Interparfums has helped install 10 school infrastructures in Sulawesi, the Indonesian island where the patchouli specific to Montblanc Explorer Eau de Parfum is grown. By 2023, more than 1,200 children and 110 schoolteachers had benefited from this initiative. In 2024, Interparfums SA renewed its partnership with the Givaudan Foundation for the seventh consecutive year. Also in 2024, support was once again given to the CEW (Cosmetic Executive Women) to finance volunteer beauticians caring for women suffering from cancer, and to EliseCare, which helps civilian populations affected by war.

Equal Treatment and Opportunities for All

With a management style that is very family-oriented and close to employees, everyone is free to share their ideas while respecting the company’s values. Management attaches the utmost importance to ensuring that everyone understands and supports Interparfums SA’s strategy. The flexibility of the organization, which is essentially made up of small teams, means that it can quickly adapt to any changes or developments in the external environment.

Sharing the “Interparfums spirit” also means that all employees adhere to and are aware of Interparfums SA’s ethical values, as well as ensuring that employees feel fulfilled at work and respect good working conditions. This ethical commitment has been formalized in a “Business Ethics Charter,” to which everyone adheres and which particularly focuses on health, safety, discipline, risk prevention, harassment, respect for individual freedoms, sensitive transactions, fraud and business confidentiality. Since 2017, a charter on the “right to disconnect,” i.e., a French labor law provision that allows employees to ignore work-related communications, such as emails and phone calls, outside of their official working hours has also been in place, and every employee has signed up to it.

The Human Resources Department is particularly vigilant in each of its recruitments. Only the skills, experience, qualifications and personality of candidates are taken into account when selecting new recruits. Diversity of profiles, cultures, ages and genders is a source of strength for our teams, the company’s greatest asset. Since 2019, Interparfums has organized an annual disability awareness campaign.

On November 20, 2025, Interparfums had the opportunity to take part for the second time in DuoDay, a nationwide French initiative designed to help people with disabilities discover the corporate world. On this occasion, six duos were formed between participants and Interparfums employees, providing insight into our marketing, development, and sales roles. This initiative offered a meaningful opportunity to share our expertise while fostering greater awareness, challenging perceptions of disability, and helping to break down stereotypes.

Thanks to these awareness-raising campaigns and local support from the Human Resources teams, four employees have been recognized as disabled workers via the RQTH (Recognition as a Worker with a Disability). Interparfums SA also contributes indirectly to the employment of people with disabilities and fights exclusion and discrimination. In particular, it has chosen to work with a disability-friendly company for the packaging of its perfume boxes.

Employees Training

The quality of the work carried out by the teams is enhanced throughout. the careers of our employees by training in order to maintain a high level of competence in all business categories. To this end, Interparfums SA offers all its employees development plans enabling them to broaden their technical, managerial and personal skills.