What changed in this filing

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Item 1. Business

2021-03-01 compared with 2020-03-02 · 361 added, 282 removed, 360 unchanged (64% of the section changed)

Business Development

in 1982, we operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrance, and

fragrance related products.

worldwide headquarters and the office of our four (4) wholly-owned United States subsidiaries, Jean Philippe Fragrances, LLC,

Inter Parfums USA, LLC and Interstellar Brands LLC, all New York limited liability companies, and IP Beauty, Inc., a Delaware

corporation, are located at 551 Fifth Avenue, New York, New York 10176, and our telephone number is 212.983.2640.

100% of Inter Parfums USA Hong Kong Limited indirectly through our wholly-owned subsidiary, Inter Parfums USA, LLC.

Our worldwide headquarters and the office of our wholly-owned United States subsidiaries, Jean Philippe

Fragrances, LLC and Inter Parfums USA, LLC, are located at 551 Fifth Avenue, New York, New York 10176, and our telephone number

is 212.983.2640.

consolidated wholly-owned subsidiary, Inter Parfums Holdings, S.A., and its majority-owned subsidiary, Interparfums SA, maintain

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company formed to hold and manage certain brand names, and Interparfums Asia Pacific Pte., Ltd., an Asian sales and marketing

common stock is listed on The Nasdaq Global Select Market under the trading symbol “IPAR”.

The common shares of our

subsidiary, Interparfums SA, are traded on the Euronext Exchange.

Securities and Exchange Commission (“SEC”) maintains an internet site at http://www.sec.gov that contains financial

reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

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and more frequently seasonal and limited edition fragrances are introduced as well.

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.

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We have built a portfolio of prestige brands,

which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade New York, Lanvin, Montblanc, Paul Smith, Repetto, Rochas,

which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade New York, Lanvin, Moncler, Montblanc, Paul Smith, Repetto,

Dupont and Van Cleef & Arpels , whose products are distributed in over 120 countries around the world.

States Operations

brand fragrance products are also marketed through our United States operations, and represented 24% of sales for the year ended

December 31, 2019.

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, bebe, Dunhill, French Connection, Graff, GUESS,

Hollister, MCM and Oscar de la Renta .

brand fragrance products are also produced and marketed through our United States operations, and represented approximately 22%

of net sales for the year ended December 31, 2020.

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, bebe, Dunhill, French

Connection, Graff, GUESS, Hollister, MCM and Oscar de la Renta .

January 2021, we renewed our license agreement with Anna Sui Corp.

for the creation, development and distribution of fragrance

products through December 31, 2026, without any material changes in terms and conditions.

Our initial 10-year license agreement

with Anna Sui Corp.

was signed in 2011.

The renewal agreement also allows for an additional 5-year term through 2031 at the option

of the Company.

Acquisition - Future Headquarters in Paris

December 2020, our majority owned Paris-based subsidiary, Interparfums SA, signed a purchase contract, subject to certain conditions,

to acquire an office building complex for its exclusive use as its future headquarters located in the heart of Paris.

to maintain our current cash position, it is expected that approximately 90% of the €125 million ($153 million) purchase

price, excluding taxes and related expenses, will be financed by a bank loan.

The transaction is expected to be completed in the

spring of this year with the move planned for the end of 2021 or the beginning of 2022.

acquisition is a unique opportunity with benefits to be realized over the long-term.

Owning our corporate headquarters in a very

prestigious part of Paris, and customizing the complex for our European operations, will enhance our reputation, provide an exceptional

work environment, as well as a welcoming and productive atmosphere for our suppliers, distributors and licensors.

Origines-Parfums

June 2020, the Company through its 73% owned subsidiary, Interparfums SA, and Divabox SAS (“Divabox”), owner of the

Origines-parfums e-commerce platform for beauty products, signed a strategic agreement and equity investment pursuant to which

we acquired a 25% of Divabox capital for $14.0 million, through a capital increase.

In connection with the acquisition, the Company

entered into a $13.4 million term loan, which has been amended such that the loan was repaid in full in February 2021.

of reference for all selective fragrance brands, Origines-parfums is a key French player in the online beauty market recognized

for its customer relationship expertise.

This agreement should enhance the introduction of dedicated fragrance lines and products

designed to address a specific consumer demand for this distribution channel and accelerate our digital development.

June 2020, the Company 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.

Our rights under this license are subject

to certain minimum advertising expenditures and royalty payments as are customary in our industry.

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 launch for the Moncler brand is scheduled for

the first quarter of 2022.

January 2021, we renewed our license agreement with S.T.

Dupont for the creation, development and distribution of fragrance products

through December 31, 2022, without any material changes in terms and conditions.

Our initial 11-year license agreement with

Dupont was signed in June 1997 and had previously been extended through December 31, 2020.

& Fitch and Hollister

November 2019, we extended our license for both the Abercrombie & Fitch and Hollister brands until December 31, 2022, and

added automatic renewals unless terminated on 3 years notice.

November 2019, we extended our license for both the Abercrombie & Fitch and Hollister brands, until either party

terminates on 3 years notice.

September 2019, we entered into an exclusive, 10-year worldwide license agreement with German luxury fashion house MCM for the

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minimum advertising expenditures and royalty payments as are customary in our industry.

Our first fragrance launch for the MCM

brand is scheduled for spring 2021.

September 2019, we extended our license through December 31, 2031, and added an additional five-year extension option through

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and royalty payments as are customary in our industry.

Our first fragrance launch for the Kate Spade New York brand began in the

first quarter of 2021.

are the owner of the Rochas brand, and the Lanvin brand name and trademark for our class of trade.

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

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 were as follows:

Year Ended December 31,

GUESS (license commenced April, 1 2018)

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.

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 were as follows:

Ended December 31,

(license commenced April 1, 2018)

licenses expire on the following dates:

Expiration Date

Abercrombie & Fitch

Extends until either party terminates on 3 years notice

December 31, 2021,

plus two 5-year optional terms if certain conditions are met

December 31, 2025,

until either party terminates on 3 years’ notice

31, 2026, plus one 5-year optional term

31, 2025, plus a 5-year optional term if certain sales targets are met

June 30, 2026

September 30, 2023

French Connection

December 31, 2027, plus a 10-year optional term

if certain sales targets are met

31, 2027, plus a 10-year optional term if certain sales targets are met

31, 2026, plus 3 optional 3-year terms if certain sales targets are met

31, 2022, plus automatic renewals unless terminated on 3 years notice

Kate Spade New York

June 30, 2030

December 31, 2031

Karl Lagerfeld

October 31, 2032

Lily Aldridge

December 31, 2023

December 31, 2030, plus 4 option years

December 31, 2025

Oscar de la Renta

December 31, 2031, plus a 5-year optional term

if certain sales targets are met

December 31, 2021

December 31, 2024

December 31, 2020, plus automatic annual renewals,

unless terminated on 6 months’

notice by either party

Van Cleef & Arpels

December 31, 2024

until either party terminates on 3 years’ notice

Spade New York

31, 2030, plus 4 option years

31, 2026, plus a 5-year optional term if certain conditions are met

31, 2031, plus a 5-year optional term if certain sales targets are met

Cleef & Arpels

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 in 2025 for the greater of €70 million (approximately $79 million) or one times

to repurchase the brand names and trademarks in 2025 for the greater of €70 million (approximately $86 million) or one times

the average of the annual sales for the years ending December 31, 2023 and 2024.

& 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 internationally in specialty

stores, high-end department stores and duty free shops, and in the U.S., in duty free shops and in select Abercrombie & Fitch

retail stores.

Our initial men’s scent, First Instinct was launched in 2016 followed by a women’s version in

& 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 internationally in specialty stores,

high-end department stores and duty free shops, and in the U.S., in duty free shops and in select Abercrombie & Fitch retail

Our initial men’s scent, First Instinct was launched in 2016 followed by a women’s version in 2017.

During 2018 and early 2019, we introduced several First Instinct brand extensions.

In the spring of 2019, we unveiled

a new fragrance family for Abercrombie & Fitch, Authentic , for men and women, and for 2020, we have a brand extension

Abercrombie & Fitch believes that every

day should feel as exceptional as the start of the long weekend.

Since 1892, the brand has been a specialty retailer of quality

apparel, outerwear and fragrance –

designed to inspire our global customers to feel confident, be comfortable and face their

In 2011, we entered into an exclusive worldwide fragrance license to create, produce and distribute fragrances and

In the spring of 2019, we unveiled a

new fragrance family for Abercrombie & Fitch, Authentic , for men and women, and in 2020, we released Authentic Night .

In April 2021, we have Naturally Fierce Perfume ready for international distribution and in the second half of 2021, we

have a new pillar ready for launch.

& Fitch believes that every day should feel as exceptional as the start of the long weekend.

Since 1892, the brand has been

a specialty retailer of quality apparel, outerwear and fragrance – designed to inspire our global customers to feel confident,

be comfortable and face their Fierce.

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.

We work in partnership with American designer, Anna Sui, and her creative

team to build upon the brand’s growing customer appeal, and develop new fragrances that capture the brand’s very sweet

feminine girly aspect, combined with touch of nostalgia, hipness and rock-and-roll.

Anna Sui’s devoted customer base, which

spans the world, is concentrated in Asia.

a period of weaker sales, due primarily to a decline in China’s economy, the 2017 successful launch of Fantasia by

Anna Sui and the benefit that accrued from our continued commitment to advertising and marketing commitment, produced a significant

increase in 2018 brand sales.

However, brand sales declined modestly 2019, as the 2018 and 2019 product launches were primarily

brand extensions.

We look to Sky by Anna Sui to reinvigorate brand sales when it debuts in the fall of 2020.

Boucheron—

successful launch in 2017 of Fantasia by Anna Sui together with the benefits that accrued from our continued commitment

to advertising and marketing, produced a significant increase in 2018 brand sales.

Brand sales declined modestly in 2019, as new

product launches were primarily brand extensions.

The COVID-19 pandemic, which resulted in retail store closings and a virtual

shutdown of travel retail, significantly affected Anna Sui brand sales in 2020.

A recovery began in late 2020, and to take advantage

of markets reopening, we began the initial rollout of our newest Anna Sui fragrance, Sky by Anna Sui in China and Hong

For 2021, we plan a broader distribution of Anna Sui Sky throughout Asia.

In 2010, we entered into an exclusive 15-year worldwide license agreement for the creation, development and distribution of

fragrances under the Boucheron brand.

Boucheron is the French jeweler “par excellence”.

Founded by Frederic Boucheron

in 1858, the House has produced some of the world’s most beautiful and precious creations.

Today Boucheron creates jewelry

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Jaipur lines.

A six scent collection was launched under the Boucheron brand in 2017, and additional scents were added in

A scent collection was launched under the Boucheron brand in 2017, and additional scents are added annually.

In 2019, two new fragrances, Boucheron Fleurs and Boucheron Quatre en Rouge, were added to the Boucheron collection.

Coach —

In 2015, we entered into an exclusive 11-year worldwide license to create, produce and distribute new men’s and women’s

For 2020, we added Rose D’Isparta and Serpent Boheme and for 2021, Quatre en Bleu and Cuir de Venise

will be making their debuts.

In 2015, we entered into an exclusive 11-year worldwide license to create, produce and distribute new men’s and women’s

fragrances and fragrance related products under the Coach brand name.

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Coach branded products are sold worldwide

through Coach stores, select department stores and specialty stores, and through Coach’s website.

2016, we launched our first Coach fragrance, a women’s scent, and in 2017, a men’s scent, both of which have quickly

through Coach stores, select department stores and specialty stores, and through Coach’s website.

2016, we launched our first Coach fragrance, a women’s scent, and in 2017, a men’s scent, both of which have quickly

become top selling prestige fragrances.

In 2018, the Coach brand achieved remarkable sales growth and quickly become one of the

largest brands in our portfolio.

Coach sales were driven by the continued popularity of the Coach signature lines, as well as

the success of flankers, Coach Floral and Coach Platinum , which rolled out in 2018.

For 2019 we added Coach Floral

Blush, and we have a new Coach women’s scent Coach Dreams debuting in early 2020.

Coach is part of the Tapestry

house of brands.

Dunhill—

The Coach brand achieved remarkable sales growth and quickly become one of the largest

brands in our portfolio.

Coach sales were driven by the continued popularity of the Coach signature lines, as well as the success

In 2020 we launched a new Coach women’s scent, Coach Dreams .

We also have a new fragrance, Dreams

Sunset , which is scheduled to debut in 2021.

Coach is part of the Tapestry house of brands.

2012, we entered into an exclusive 10-year worldwide fragrance license to create, produce and distribute fragrances and fragrance

related products under the Dunhill brand.

house of Dunhill was established in 1893 and since that time has been dedicated to providing high quality men’s luxury products,

with core collections offered in menswear, leather goods and accessories.

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Known for its commitment to elegance and innovation

and being a leader of British men’s style, the brand continues to blend innovation and creativity with traditional craftsmanship.

in 2015, we rolled out a new Dunhill scent, Icon, the success of which has made the Dunhill brand one of the stars within

our United States based operations.

Building upon the established success of the Icon fragrance family, we launched several

product extensions including Icon Absolute, Icon Elite and Icon Racing .

In 2018 we introduced a new Dunhill scent

for men called Century, and in 2019 Century Blue .

Also in 2019 the Dunhill Signature Collection debuted exclusively

at Harrod’s followed by a global rollout.

Brand extensions dominate our plans for Dunhill in 2020.

Graff —

our United States based operations at that time.

Building upon the established success of the Icon fragrance family, we

launched several product extensions in 2017 and 2018.

In 2019, the Dunhill Signature Collection debuted exclusively at

Harrod’s followed by a global rollout, and brand extensions dominated for Dunhill in 2020.

For 2021, we have a completely

new fragrance family for Dunhill called Driven.

In 2018, the Company entered into an exclusive, 8-year worldwide license agreement with London-based Graff for the creation, development

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Each jewelry creation is designed

and manufactured in Graff’s London atelier, where master craftsman employ stone-led design techniques to emphasize the beauty

and manufactured in Graff’s London atelier, where master craftsmen employ stone-led design techniques to emphasize the beauty

of each individual stone.

The company remains a family business, overseen by Francois Graff, Chief Executive Officer.

Graff, we will have a six-scent collection for women debuting exclusively at Harrods beginning in March 2020.

In the fall of 2020,

the global rollout will begin with selective luxury distribution limited to only the most exclusive, upmarket retail outlets.

Additionally, we are exploring opportunities for luxury travel amenities, including five star hotels.

GUESS —

Graff, a six-scent collection for women, Lesedi La Rona , debuted exclusively at Harrods beginning in March 2020.

exclusive was extended through 2020 as a result of the interruption from mandatory store closings at various times throughout

In 2021, a select market rollout will begin in the Middle East, with selective luxury distribution limited to only the

most exclusive, upmarket retail outlets.

In 2021, we have two new scents in the works for the Lesedi La Rona

In 2018, the Company entered into an exclusive, 15-year worldwide license agreement with GUESS?, Inc.

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license took effect on April 1, 2018 and we began selling GUESS legacy scents in 2018.

In 2019 the GUESS brand became the largest

within our U.S.

In 2019 the GUESS brand quickly became

the largest within our U.S.

operations, with legacy fragrances dominating the sales mix.

In the 2019 third quarter, we began shipments of

In 2019, we began shipments of 1981

Los Angeles and Seductive Noir , both flankers of established scents, which accelerated brand growth further.

two years in the making, our first new blockbuster scent will debut for the GUESS brand domestically in spring 2020, followed

in the fall by an international rollout.

In addition, a new men’s grooming and fragrance collection is being readied for

a fall 2020 launch.

In its first full year of sales, GUESS has become the fourth largest brand in our portfolio.

Hollister—

three years in the making, our first new blockbuster scent, Bella Vita , will debut for the GUESS brand both domestically

and internationally in 2021.

In addition, a new men’s grooming and fragrance collection is now scheduled for a spring 2021

We have a worldwide license to create, produce and distribute new fragrances and fragrance related products under the Hollister

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free shops, and in the U.S., in duty free shops as well as select Hollister retail stores.

In 2016 we launched a men’s and

women’s scent, Wave , for Hollister.

In 2016 we launched a men’s and

women’s scent, Wave , for Hollister.

In 2017, we introduced a fragrance duo, Wave 2 , to complement the Wave

franchise by Hollister.

During 2018 we debuted an entirely new fragrance family for Hollister, Festival Vibes , as well

as Free Wave , both for men and women.

In 2019, we launched the Wave limited edition duo, plus our first Festival

brand extension, Festival Nite .

For 2020, we have a duo in the works, Canyon Escape for men and women scheduled

for a spring launch.

The quintessential retail brand of the global

teen consumer, Hollister Co.

believes in liberating the spirit of an endless summer inside everyone.

At Hollister,

summer isn’t just a season;

it’s a state of mind.

Hollister creates carefree style designed to make all teens

feel celebrated and comfortable in their own skin, so they can live in a summer mindset all year long, whatever the season.

In 2009, we entered into an exclusive 12-year worldwide license agreement for the creation, development and distribution

During 2018 we debuted an entirely new fragrance family for Hollister, Festival Vibes .

we launched the Wave limited edition duo, plus our first Festival brand extension, Festival Nite .

we released Canyon Escape for men and women in select markets, with the global rollout planned for the first quarter of

quintessential apparel brand of the global teen consumer, Hollister Co.

celebrates the liberating spirit of the

endless summer inside everyone.

Inspired by California’s laidback attitude, Hollister’s clothes are designed to

be lived in and made your own, for wherever life takes you.

Choo— In 2009, we entered into an exclusive 12-year worldwide license agreement for the creation, development and distribution

of fragrances under the Jimmy Choo brand, and in 2017, we extended the license agreement which now runs through December 31, 2031.

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, fragrance and men’s shoes.

Management at Jimmy Choo share a vision to create

one of the world’s most treasured luxury brands.

Women’s shoes remain the core of the product offering, alongside handbags,

small leather goods, scarves, eyewear, belts, fragrance and men’s shoes.

Management at Jimmy Choo shares a vision to create

one of the world’s most treasured luxury brands.

Jimmy Choo has a global store network encompassing more than 200 stores

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luxury fashion group.

first fragrance under the Jimmy Choo brand, a women’s signature scent, rolled out globally in 2011.

In 2013, we launched

our second Jimmy Choo line, Flash , and in 2014, we debuted Jimmy Choo Man, our first men’s scent.

the launch of Jimmy Choo Illicit , our third women’s fragrance under that label hit the market.

In 2017, building

on the very strong fragrance family trees of the women’s signature scent and Jimmy Choo Man , we successfully launched

Jimmy Choo L’Eau for women and Jimmy Choo Man Ice .

In 2018 we released another men’s flanker, Jimmy

Choo Man Blue , and the brand’s women’s signature scent added Jimmy Choo Fever .

During 2019, we introduced

a Jimmy Choo Floral line, and an entirely new scent for men, Jimmy Choo Urban Hero , launched late in the year.

2020, we are expanding our product line to include a lipstick and nail polish line, and our new women’s fragrance, I

want Choo should be ready towards the end of the year with much of the sell-in continuing into 2021.

Lagerfeld—

In 2012, we entered into a 20-year worldwide license agreement with Karl Lagerfeld B.V., the internationally

our second Jimmy Choo line, Flash , and in 2014, we debuted Jimmy Choo Man, our first men’s scent.

the launch of Jimmy Choo Illicit , our third women’s fragrance under that label hit the market.

building on the very strong fragrance family trees of the women’s signature scent and Jimmy Choo Man , we successfully

launched Jimmy Choo L’Eau for women and Jimmy Choo Man Ice .

In 2018 we released another men’s flanker,

Jimmy Choo Man Blue , and the brand’s women’s signature scent added Jimmy Choo Fever .

During 2019, we

introduced a Jimmy Choo Floral line, and an entirely new scent for men, Jimmy Choo Urban Hero , launched late in

For 2020, we expanded our product line to include a lipstick and nail polish line, and our new women’s fragrance,

I Want Choo is being launched in 2021.

Lastly, we will also be adding four new lipsticks to our Jimmy Choo makeup line

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.

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 reflects

the designer’s own style and soul.

In 2017, we changed the strategic positioning and instituted new pricing with the launch

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half of 2018, we expanded the Les Parfums Matières line with another fragrance duo, and in 2019, we added new scents

to the brand’s expanding multi-scent collection.

Spade—

In 2019, we entered into an exclusive, 11-year worldwide license agreement with Kate Spade New York to create,

to the brand’s expanding multi-scent collection.

In 2021 Karl Cities, a new collection, is being prepared.

Spade— In 2019, we entered into an exclusive, 11-year worldwide license agreement with Kate Spade New York to create,

produce and distribute new perfumes and fragrance-related products under the Kate Spade brand.

We will distribute these fragrances

globally to department and specialty stores and duty-free shops, as well as in Kate Spade New York retail stores beginning with

our first new scent in summer 2020.

We will also take over distribution of the Kate Spade’s existing fragrance portfolio

in April 2020.

globally to department and specialty stores and duty free shops, as well as in Kate Spade New York retail stores.

Our first original

scent, Kate Spade , debuted in January 2021.

its launch in 1993 with a collection of six essential handbags, Kate Spade New York 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

Polished ease, thoughtful details and a modern, sophisticated use of color—Kate Spade New York’s founding principles

define a unique style synonymous with joy.

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Kate Spade New York is part of the Tapestry house of brands.

Lanvin—

In 2007, we acquired the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3, our class

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lines currently in distribution, including:

Arpège , Lanvin L’Homme , Éclat d’Arpège ,

Rumeur 2 Rose , Jeanne Lanvin, Marry Me, Modern Princess and A Girl in Capri .

Our Éclat d’Arpège

line accounts for almost 50% of brand sales.

To capitalize on the success of our Éclat d’Arpège

line, in 2015 we launched Éclat d’Arpège Homme as well as Éclat de Fleurs.

In late 2016,

we released a new women’s line, Modern Princess which rolled out to broader international distribution in 2017.

added two flankers, Modern Princess Eau Sensuelle and Éclat de Nuit in 2018, and we debuted a new scent called

A Girl in Capri in 2019.

Aldridge—

In 2018, Interstellar Brands LLC, a wholly-owned subsidiary of the Company announced the development of a

new fragrance line in collaboration with supermodel Lily Aldridge after signing a license that expires December 31, 2023.

marked the beginning of a strategic partnership between Interstellar and IMG Models, which manages Lily Aldridge, to develop a

direct-to-consumer e-commerce fragrance and beauty businesses for IMG Models’

diverse and dynamic client base.

popularity on social media fragrance, sales to date have been modest for our initial multi-scent fragrance line launched in September

We are evaluating the potential for further product development.

We debuted a new scent called A Girl in Capri in 2019, and also introduced

a new flanker, Éclat d’Arpège Sheer in the second half of 2020.

Mon Éclat, a new fragrance,

is scheduled for a second half 2021 release.

In 2019, we entered into an exclusive, 10-year worldwide license agreement with German luxury fashion house MCM for the creation,

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and optimism.

Every detail will enhance MCM’s identity, transcending perfumery with elegance and excellence.

plan is to develop extraordinary fragrances for women and men that capture the creative spirit of MCM, with the first launch targeted

for the first quarter of 2021.

We expect our distribution strategy to include MCM stores, high-end department stores and prestige

beauty retailers, with a geographic focus on Asia, the Americas and Europe.

Montblanc—

Every detail will enhance MCM’s identity, transcending perfumery with elegance and excellence.

plan is to develop extraordinary fragrances for women and men that capture the creative spirit of MCM, with our first new fragrance,

MCM , targeted for a first quarter of 2021 launch.

We expect our distribution strategy to include MCM stores, high-end department

stores and prestige beauty retailers, with a geographic focus on Asia, the Americas and Europe.

Montblanc— In

2010, we entered into an exclusive license agreement to create, develop and distribute fragrances and fragrance related products

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In 2015, we extended the agreement which now runs through December 31, 2025.

has achieved a world-renowned position in the luxury segment 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, active presence in more than 70 countries, network of

more than 350 boutiques worldwide and high standards of product design and quality, Montblanc has grown to be our largest fragrance

2011, we launched our first new Montblanc fragrance, Legend, which quickly became our best-selling men’s line.

2012, we launched our first women’s fragrance under the Montblanc brand, and our second men’s line, Emblem ,

was launched in 2014.

The Emblem line was expanded in 2015 to include Montblanc Emblem Intense and a new women’s

scent, Lady Emblem .

In 2016, we further extended our successful Montblanc Legend line with another men’s scent,

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 largest fragrance brand.

2011, we launched our first new Montblanc fragrance, Legend, which quickly became our best-selling men’s line.

2014, we launched our second men’s line, Emblem .

The Emblem line was expanded in 2015 to include Montblanc

Emblem Intense , and in 2016, we further extended our successful Montblanc Legend line with another men’s scent,

Montblanc Legend Spirit .

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and launched Montblanc Legend Night .

In 2019, we unveiled Montblanc Explorer , a new men’s scent, with

distribution in all geographic markets around the globe.

For 2020, the Montblanc brand will introduce a new women’s scent,

which will debut in the fall.

de la Renta—

In 2013, we entered into an exclusive worldwide license to create, produce and distribute fragrances and

For 2020, we introduced an eau de parfum version of Legend which

debuted in the fall, and in 2021, we have a new flanker ready for market, Explorer Ultra Blue .

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.

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In 2014, we took over distribution

of fragrances within the brand’s legacy fragrance portfolio, and our first new women’s fragrance under the Oscar de

la Renta brand, Extraordinary , was launched in 2015.

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In 2020, the Oscar de la Renta Bella pillar

will add Bella Essence to the family tree.

de la Renta is one of the world’s leading luxury goods firms.

added Bella Essence to the family tree.

Debuting in 2021 we have a completely new fragrance for Oscar de la Renta, Alibi .

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.

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

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following in the United States, Canada and Latin America.

Smith—

In 2017, the Company renewed its license agreement for an additional four years with Paul Smith for the creation,

Smith— In 2017, the Company renewed its license agreement for an additional four years with Paul Smith for the creation,

development, and distribution of fragrance products through December 2021, without any material changes in terms and conditions.

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which combines elegance, inventiveness and a sense of humor and enjoys a loyal following, especially in the UK and Japan.

Paul Smith , Paul Smith Extrême, Paul Smith Rose Hello You , and Paul Smith Essential .

Repetto—

Paul Smith Men, Paul Smith Women, Paul Smith London, Paul Smith Rose and Paul Smith Extrême, for

men and women.

In 2011, we entered into a 13-year exclusive worldwide license agreement to create, produce and distribute fragrances under

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For a number of years, it has developed timeless and must-have collections with a fully modernized signature

style ranging from dance shoes, ballet slippers, flat shoes, and sandals to more recently handbags and high-end accessories.

style ranging from dance shoes, ballet slippers, flat shoes, sandals, handbags and high-end accessories.

Repetto boutiques in several countries throughout the world, the brand has branched out into Asia, notably China, Hong Kong, Singapore,

Thailand, South Korea and Japan with a mix of cross-generational appeal and French chic.

Our first Repetto fragrance line was

launched in 2013 and a floral scent was added in 2015.

Despite this brand’s success with footwear, handbags and high-end

accessories, fragrance sales have been modest.

Repetto’s most recent new scent, Dance with Repetto , debuted in 2018.

Rochas —

Despite this brand’s success with

footwear, handbags and high-end accessories, fragrance sales have been modest.

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’

This transaction included

all brand names and registered trademarks for Rochas ( Femme, Madame, Eau de Rochas , etc.), mainly for fragrance, cosmetics

acquisition opened a new page in the Company’s history by integrating for the first time both fragrances and fashion, allowing

as a fashion house and expanded into perfumery in the 1950s under Hélène Rochas’ direction.

This transaction

included all brand names and registered trademarks for Rochas ( Femme, Madame, Eau de Rochas , etc.), mainly for fragrance,

cosmetics and fashion.

acquisition opened a new page in the Company’s history by integrating for the first time both fragrances and fashion, allowing

us to apply a global approach to managing a fragrance brand with complete freedom in terms of creativity and aesthetic choices.

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In 2018, we debuted

flankers for Eau de Rochas and Mademoiselle Rochas and in late 2018, we launched our first new men’s line,

Rochas Moustache .

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of Mademoiselle Rochas Couture.

A new men’s line, Byzance, debuted in early 2020.

Dupont—

In 1997, we signed an exclusive worldwide

license agreement with S.T.

Dupont for the creation, manufacture and distribution of S.T.

A new women’s line, Byzance, debuted in early 2020.

For 2021, we have a new

two new fragrances debuting, Rochas Girl in the first half of the year, and later in the year, a flanker for the L’Homme

Rochas collections.

Dupont— In 1997, we signed an exclusive worldwide license agreement with S.T.

Dupont for the creation, manufacture and

distribution of S.T.

Dupont fragrances.

The license agreement

had been renewed several times and is now renewed annually, without any material changes in terms and conditions.

is a French luxury goods house founded in 1872, which is known for its fine writing instruments, lighters and leather goods.

The license agreement had been renewed several times and is now renewed annually, without

any material changes in terms and conditions.

Dupont is a French luxury goods house founded in 1872, which is known for its

fine writing instruments, lighters and leather goods.

Dupont fragrances include:

Dupont Classic , S.T.

Dupont Essence Pure , S.T.

Dupont Collection and Be

Cleef & Arpels—

In 2018, the Company renewed its license agreement for an additional six years with Van Cleef &

Dupont pour Femme , S.T.

pour Homme, S.T.

Dupont Essence Pure and S.T.

Dupont Collection.

Cleef & Arpels— In 2018, the Company renewed its license agreement for an additional six years with Van Cleef &

Arpels for the creation, development, and distribution of fragrance products through December 2024.

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We continue to introduce new additions

to the Van Cleef & Arpels Collection Extraordinaire assortment annually.

to the Van Cleef & Arpels Collection Extraordinaire assortment annually, including Oud Blanc , in 2020.

new additions to the Collection Extraordinaire , including Réve de Matiere unveiling in 2021.

on prestige beauty brands .

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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.

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To that end, in 2019,

we extended our Jimmy Choo license through December 31, 2031 and our Paul Smith license until December 2021.

In 2018, we signed

new license agreements with GUESS?, Inc., Graff and Lily Aldridge and extended our license with Van Cleef & Arpels.

we extended our license agreements for Abercrombie & Fitch, Hollister and Oscar de la Renta, and signed new licenses for Kate

Spade New York and MCM.

As of December 31, 2019, we had cash, cash equivalents and short-term investments of approximately $253

million, which we believe should assist us in entering new brand licenses or out-right acquisitions.

We identify prestige brands

that can be developed and marketed into a 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.

During 2020, we signed a new license for the Moncler brand.

In 2020, we also acquired a minority interest

in Divabox, which owns the Origines-parfums online platform.

As a website of reference for all selective fragrance brands, Origines-parfums

is a key French player in the online beauty market recognized for its customer relationship expertise.

This agreement should enhance

the introduction of dedicated fragrance lines and products designed to address a specific consumer demand for this distribution

channel and accelerate our digital development.

As of December 31, 2020, we had cash, cash equivalents and short-term investments

of approximately $296 million, which we believe should assist us in entering new brand licenses or out-right acquisitions.

identify prestige brands that can be developed and marketed into a 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.

existing portfolio into new categories .

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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

ownership of such distribution should enable us to better serve our customers’ needs in local markets and adapt more quickly

as situations may determine.

stages of the development and production process for all fragrances are as follows:

● Simultaneous

discussions with perfume designers and creators (includes analysis of esthetic and olfactory trends, target clientele and market

communication approach)

discussions with perfume designers and creators (includes analysis of esthetic and olfactory trends, target clientele and

market communication approach)

mock-ups for final acceptance of bottles and packaging

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who assist us with product development include :

● Independent

perfumery design companies (Aesthete, Carré

Basset, PI Design, Cent Degres)

(IFF, Givaudan, Firmenich, Robertet, Takasago, Mane) which create a fragrance consistent with our expectations and, that of the

fragrance designers and creators

manufacturers (Pochet du Courval, Verescence, Verreries Brosse, Bormioli Luigi, Stoelzle Masnières ), caps (Qualipac, ALBEA,

RPC, Codiplas, LF Beauty, Texen Group)) or boxes (Autajon , MMPP, Nortier, Draeger)

specialists who carry out packaging (CCI, Edipar , Jacomo, SDPP, MF Productions, Biopack) or logistics (Bolloré

for storage, order preparation and shipment)

Suppliers’

accounts for our European operations are primarily settled in euro and for our United States operations, suppliers’

(IFF, Givaudan, Firmenich, Robertet, Takasago, Mane) which create a fragrance consistent

with our expectations and, that of the fragrance designers and creators

(Voyant, CPFPI, Omega Packaging, Societe de Diffusion de Produits de Parfumerie, TSM Brands)

manufacturers (Pochet du Courval, Verescence, Verreries Brosse, Bormioli Luigi, Stoelzle Masnières, Heinz), caps (Qualipac,

ALBEA, RPC, Codiplas, LF Beauty, Texen Group, S.A.R.L.

J3P SBG Packaging Group), Pumps (Silgan Dispensing

Systems Thomaston Corp, Rexam) or boxes (Autajon, MMPP, Nortier, Draeger)

specialists who carry out packaging (CCI, Edipar, Jacomo, Societe de Diffusion de Produits de Parfumerie, MF Productions,

Biopack) or logistics (Bolloré

Logistics for storage, order preparation and shipment)

accounts for our European operations are primarily settled in euro and for our United States operations, suppliers’ accounts

are primarily settled in U.S.

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fragrances are sourced from many suppliers around the world and are primarily manufactured in the United States.

However, occasionally,

we will utilize third party manufacturers in France, China and Turkey.

Environmental

and Social Governance

our US operations and our European 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.

procurement of components to distribution of finished products, we act as a good corporate citizen and monitor and comply with

all legal requirements.

SA, our European operations with their headquarters in Paris, was ranked number 11 in the Gaïa Index for 2020.

assesses the Environmental and Social Governance (“ESG”) performance of the top 70 small and medium enterprises for

French companies with revenue between €150-500 million.

SA also applies a comprehensive approach addressing issues of corporate, environmental and social responsibility and transparency.

Interparfums SA complies with IS 22716, International Standards for Good Manufacturing Practices, with all aspects of the manufacturing

process, including receiving of raw materials and packaging materials, production and quality control.

In this regulatory environment,

regular audit campaigns are carried out for all packaging plants by the quality department based on the ISO 22716 standard in

The ultimate purpose of these audits is to ensure that packaging service providers maintain a good level of traceability

for their activities.

All plant activities were reviewed:

receiving process for raw materials and packaging materials, manufacturing,

packaging and quality controls.

These reports demonstrated that Interparfums SA’s subcontractors comply with ISO 22716 Good

Manufacturing Practices and in particular traceability requirements for all perfume production operations.

It is also in compliance

with EU directive entitled Regulation on Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”),

which governs and regulates the safe use of chemicals.

Although not a manufacturer, per se, Interparfums SA has taken the initiative

and monitors its suppliers for compliance with REACH, and has commitments from each of them concerning “Substances of Very

High Concern” as listed in appendix XIV of REACH.

No supplier of Interparfums SA has advised it of any such hazardous materials

in any of Interparfums products to date.

SA monitors the outsourcing of the entire production process of its manufacturing partners with expertise and accountable leadership

in their respective areas.

These include producers of juice, glass, caps and cardboard boxes and packaging companies.

environmental issues into account at each of these phases, and in particular regarding the choice of materials used for components,

waste management and reducing the carbon footprint.

the US we are also a good corporate citizen.

Like our French subsidiary, we are not a true manufacturer, but we regularly monitor

our subcontractors, suppliers and fillers for their compliance.

In addition, our subcontractors and fillers are subject to inspection

and audit from our various licensors for compliance with all aspects of law.

One of our largest pump manufactures is the recipient

of the 2020 Bronze Medal from EcoVadis for its corporate social responsibility rating, and a large glass bottle manufacturer was

awarded gold metals from EcoVadis for its corporate social responsibility rating two years in a row.

our US operations, we do not use any banned ingredients or components and use sustainable ingredients where practicable.

componentry (glass/folding cartons) is also recyclable where practicable.

For example, our new Abercrombie & Fitch Away

fragrance uses glass and folding cartons that are 100% recyclable, and the carton liner is 100% recyclable and biodegradable.

We are also licensed to use the “Green Dot” logo on our packaging, and that licensing fee goes towards packaging recycling

efforts of consumer goods.

Lastly, our product development team works with our fragrance houses – all very sustainable in

their own right – to incorporate sustainably sourced ingredients in the fragrance oils used.

addition to our production operations complying with applicable law, our managers, supervisors and traffic coordinators in our

New Jersey distribution center undergo the following training in order for us to comply with Dangerous Goods Regulations.

requires training and certification to deal in hazardous materials to prevent damage to the environment.

The two main certifications

International

Maritime Dangerous Goods (IMDG) Dangerous Goods Training – 3 year Certification for Ocean Shipment and International

Air Transport Association (IATA) Dangerous Goods Training – 2 year Certification for Global Air Shipments.

our distribution center in New Jersey has in-rack sprinklers to accommodate our hazardous material products.

Our fragrances, Class

9 – Consumer Commodity ID8000, are registered with American Chemistry Council, Inc.

(known in the chemicals industry as

Chemtrec has a 24/7 hazardous materials emergency communications center, which provides immediate assistance for incidents

involving hazardous materials of any kind.

and Distribution

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United States operations maintain product liability coverage in an amount of $10.0 million, and our European operations maintain

product liability coverage in an amount of €20.0 million (approximately $22.5 million).

product liability coverage in an amount of €20.0 million (approximately $24.5 million).

Based upon our experience, we believe

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been the subject of any material product liability claims.

fragrance is defined as a “cosmetic”

under the Federal Food, Drug and Cosmetics Act.

fragrance is defined as a “cosmetic” under the Federal Food, Drug and Cosmetics Act.

A fragrance must comply with

the labeling requirements of this FDC Act as well as the Fair Packaging and Labeling Act and its regulations.

Some of our color

cosmetic products may contain menthol and are also classified as a “drug”.

law, a product may be classified

as both a cosmetic and a drug.

Additional regulatory requirements for products which are “drugs”

include additional

labeling requirements, registration of the manufacturer and the semi-annual update of a drug list.

In addition, various jurisdictions

prohibit the use of certain ingredients in fragrances and cosmetics.

fragrances are subject to the approval of the Bureau of Alcohol, Tobacco and Firearms as a result of the use of specially denatured

So far we have not experienced any difficulties in obtaining the required approvals.

In addition, various

jurisdictions prohibit the use of certain ingredients in fragrances and cosmetics.

fragrance products that are manufactured or sold in Europe are subject to certain regulatory requirements of the European Union,

such as Cosmetic Directive 76/768/CEE and Regulation number 1223/2009 on cosmetic products, but as of the date of this report,

we have not experienced any material difficulties in complying with such requirements.

such as Regulation number 1223/2009 on cosmetic products, but as of the date of this report, we have not experienced any material

difficulties in complying with such requirements.

market for our products depends to a significant extent upon the value associated with our trademarks and brand names.

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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 is important to our business.

Therefore, trademark and brand name protection are important to our business.

Although most of the brand names we license, use

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These registered trademarks include:

● Abercrombie

Spade New York

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operations have 107 employees, and of these, 21 were engaged in sales activities and 86 in administrative, production and marketing

We believe that our relationship with our employees is good.

We do not have collective bargaining agreements relating to any of our employees, strive to maintain an inclusive

environment free from discrimination of any kind, including sexual or other discriminatory harassment and, believe that our relationship

with our employees is good.

employees are one of our most valuable assets, and fostering long-term relationships are beneficial to the continuity of our business.

After experience and expertise in the respective fields of employment, we look for dedication and loyalty among our employees,

as we believe having long-term staff members benefits our company.

All of our executive officers have been with us for more than

twenty years, and we have several senior and upper level staff members, who have also been with us long term.

These long-term

executives and employees believe that our company and their co-workers are an extended family.

Their efforts and dedication are

what allow our company to prosper.

safety of our employees is of paramount importance to us.

In the early stages of the COVID-19 pandemic we experienced brief closures

at all of our locations, and adapted to working remotely.

Upon reopening, we implemented prevention protocols to minimize the

spread of COVID-19 in our workplaces.

These protocols, which remain in place, are in compliance with the Centers for Disease Control

guidelines and state requirements.

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What changed 10-K

Item 1. Business