Inter Parfums Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Inter Parfums Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

INTER PARFUMS INC (IPAR) filed a Annual Report (10-K) with the SEC on February 27, 2024. Inter Parfums Inc. filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is perfumes, cosmetics & other toilet preparations. Inter Parfums Inc. is incorporated in Delaware. The company's principal executive offices are located at 551 Fifth Ave, Suite 1500, New York, NY.

Why It Matters

For investors and stakeholders tracking INTER PARFUMS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Inter Parfums Inc.'s financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue streams, profitability, and balance sheet strength, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — INTER PARFUMS INC shows moderate risk based on this filing. The company operates in the highly competitive fragrance and cosmetics market, which is subject to changing consumer preferences and economic conditions, as indicated by its SIC code 2844 (Perfumes, Cosmetics & Other Toilet Preparations).

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Inter Parfums Inc.'s performance and strategic positioning in the beauty industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)
• 2844 — SIC Code (Standard Industrial Classification)
• 000-16469 — SEC File Number (SEC file number)

Key Players & Entities

• INTER PARFUMS INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 0000822663 (company) — Central Index Key
• 2844 (industry) — Standard Industrial Classification
• DE (jurisdiction) — State of incorporation
• 551 FIFTH AVE (address) — Business address street 1
• NEW YORK (location) — Business address city

FAQ

Industry Context

Inter Parfums Inc. operates within the Perfumes, Cosmetics & Other Toilet Preparations industry (SIC 2844). This sector is characterized by brand loyalty, marketing intensity, and evolving consumer trends.

Regulatory Implications

As a publicly traded company, Inter Parfums Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Review the business description for strategic initiatives and market positioning.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, providing the first comprehensive look at the company's performance for this period.

Key Financial Figures

• $5.0 million — er Parfums, Inc. common stock valued at $5.0 million to the licensor. The exclusive license
• $2.4 million — y the Rochas Fashion business we took a $2.4 million impairment charge on our Rochas fashion
• $6.8 million — fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion
• $11.3 million — that the valuation of the trademark was $11.3 million. In 2023, the Rochas teams underwent a
• $77 million — y 1, 2027 for 70 million (approximately $77 million) in accordance with an amendment signed

Filing Documents

• g084061_10k.htm (10-K) — 2603KB
• g084061_ex21.htm (EX-21) — 5KB
• g084061_ex23.htm (EX-23) — 4KB
• g084061_ex31-1.htm (EX-31.1) — 9KB
• g084061_ex31-2.htm (EX-31.2) — 9KB
• g084061_ex32-1.htm (EX-32.1) — 4KB
• g084061_ex32-2.htm (EX-32.2) — 4KB
• img001_v1.jpg (GRAPHIC) — 59KB
• 0001753926-24-000405.txt (&nbsp;) — 10137KB
• ipar-20231231.xsd (EX-101.SCH) — 58KB
• ipar-20231231_cal.xml (EX-101.CAL) — 82KB
• ipar-20231231_def.xml (EX-101.DEF) — 238KB
• ipar-20231231_lab.xml (EX-101.LAB) — 486KB
• ipar-20231231_pre.xml (EX-101.PRE) — 404KB
• g084061_10k_htm.xml (XML) — 1641KB

Forward Looking Statements

Forward Looking Statements ii PART I 1 Item 1.

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 35 Item 1B. Unresolved Staff Comments 45 Item 1C Cybersecurity 45 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II 47 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 6. RESERVED 48 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 60 PART III 61 Item 10. Directors, Executive Officers and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 70 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 86 Item 14. Principal Accountant Fees and Services 87 PART IV 89 Item 15. Exhibits and Financial Statement Schedules 89 Item 16. Form 10-K Summary 89

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS F-1

SIGNATURES

SIGNATURES i FORWARD LOOKING STATEMENTS This report includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and if incorporated by reference into a registration statement under the Securities Act of 1933, as amended, within the meaning of Section 27A of such act. When used in this report, the words "anticipate," "believe," "estimate," "will," "should," "could," "may," "intend," "expect," "plan," "predict," "potential," or "continue" or similar expressions identify certain forward-looking we can give no assurance that such plans, intentions or expectations will be achieved. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking of our inability to successfully integrate or manage any future acquisitions; continuation and renewal of existing licenses and similar agreements; potential inability to obtain new licensing, arrangements or agreements for additional brands; potential reduction in sales of our fragrance products due to reduced consumer confidence as the result of a prolonged economic downturn, recession or terrorist attack in the United States, Europe or any of the other countries in which we do significant business; inflation; uncertainties and deterioration in global credit markets could negatively impact suppliers, customers and consumers; re-emergence of COVID-19 and related governmental mandates, or outbreak of other disease, epidemic or pandemic, or similar public health threat; inability to protect our intellectual property right

financial statements, including the related notes, contained or incorporated by reference in this report

financial statements, including the related notes, contained or incorporated by reference in this report. 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 based operations, our European based operations and our 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 product 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 concentrating in 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, and more frequently seasonal and limited edition fragrances are introduced as well. The creation and marketing of each product family is 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

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View this 10-K filing on SEC EDGAR