Interparfums has just calmed market expectations . The perfume group has slightly lowered its 2025 revenue target and, more unusually, has chosen not to provide any figures for 2026, preferring to acknowledge a lack of visibility in an environment deemed too volatile.
A 2025 target adjusted to 890 million euros
For fiscal year 2025 , Interparfums is now targeting revenue of around €890 million in current currencies , compared to approximately €900 million previously announced. This is the second downward revision since the initial estimate, which was even higher.
This recalibration comes after a third quarter hampered by two key factors:
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the increase in US tariffs ,
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the depreciation of the dollar against the euro, which mechanically weighs on sales and margins recorded in Europe.
The group, owner of the Rochas and Solférino Paris , and licensee for houses such as Jimmy Choo , Coach, Lacoste , and Lanvin , is reaching the end of a period of strong expansion. Its revenue has almost doubled in four years; 2025 therefore marks a significant slowdown after a phase of exceptional growth, as acknowledged by its Chairman and CEO , Philippe Benacin .
2026, a year of transition without "guidance"
The most commented element, however, remains the group's decision not to provide any numerical forecasts for 2026. Interparfums cites a "multiplicity of favorable and unfavorable parameters" which makes the exercise too risky: a deteriorating macroeconomic environment, exchange rate volatility, an unfavorable base effect and the end of a key contract.
From December 31, 2025, the Boucheron will indeed be removed from the portfolio, which creates a delicate comparison for 2026. Added to this is an unfavorable euro-dollar exchange rate and a global dynamic in the perfume industry that is less promising than in recent years.
For investors, this withdrawal of annual "guidance" is all the more notable as Interparfums had until now distinguished itself by communication considered very transparent.
Some observers see this less as a sign of impending disaster than as an admission of reduced visibility in the short term, in a sector subject to increased competition and strong geographical disparities.
Short-term pressures, margins under scrutiny
On the stock market, the announcement was met with a cool reception: the share price fell by about 10% following the revision of targets, a sign that the market is integrating this new, more modest growth regime and the uncertainties surrounding 2026.
Internally, management nevertheless emphasizes the resilience of the model. Philippe Santi, Deputy CEO, says he is confident in the group's ability to maintain high levels of profitability next year, despite the current economic climate. Interparfums' " relatively lean " model, based on licensing and strong industrial flexibility, acts as a buffer against market fluctuations and exchange rate effects.
The opening of points of sale for Solférino Paris , a niche brand expected to grow in strength, could however put temporary pressure on the operating margin, until these investments begin to bear fruit.
2027 is already in sight with a flurry of launches.
While 2025 is the year of landing and 2026 the year of transition, management is clearly placing its hopes on 2027 , described as a year that promises to be "very dynamic." On the agenda:
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line extensions for brands already in the portfolio
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Annick Goutal's relaunch ,
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the first launches of licensed perfumes from Off-White and Longchamp , presented as major growth drivers for the end of the decade.
In a global perfume market that is normalizing after several years of euphoria, Interparfums seems to accept the idea of a less spectacular pace in the short term, relying on the strength of its portfolio and on a new creative wave within two years.
A delicate but strategic sequence
This sequence illustrates the contradictions of an luxury player caught between tougher market conditions , a less favorable dollar, the end of a historic license and the need to continue investing in new brands and new retail concepts.
By refraining from making a prediction about 2026, Interparfums is choosing not to overpromise in a context deemed too unpredictable, while displaying a form of serenity about the rest of the cycle.
The credibility of this bet will be measured in the coming quarters, as the outlines of this transition year become clearer... and as the fragrant cast of 2027 .
