What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-27 compared with 2023-02-28 · 1454 added, 1305 removed, 70 unchanged (98% of the section changed)

General Business Development

Founded in 1982, we

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

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

and 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 in Italy, subsidiary, Interparfums Italia Srl and Hong Kong, Inter Parfums USA Hong Kong

Our consolidated wholly-owned

subsidiary, Inter Parfums Holdings, S.A., and its majority owned subsidiary, Interparfums SA, maintain executive offices at 10

rue de Solférino, 75007 Paris, France.

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:

for organization, and France for seat of management

market and distribute a wide array of prestige fragrances, and fragrance related products

Interparfums,

USA Swiss Ltd

Arab Emirates

Middle East DMCC

Kong, special administrative region of the Peoples Republic of China

Parfums USA Hong Kong Limited

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

executive offices at 10 rue de Solférino, 75007 Paris, France.

Our telephone number in Paris is 331.5377.0000.

Interparfums SA is the sole owner

of Interparfums Luxury Brands, Inc., a Delaware corporation, for distribution of prestige brands in the United States.

SA also has wholly owned subsidiaries as follows:

Luxury Brands, Inc.

of prestige brands in the United States

(Suisse) Sarl

and manages certain brand names

Singapore Pte., Ltd.

and marketing office

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 is also the sole owner of Interparfums (Suisse) Sarl, a company formed to hold

and manage certain brand names, and Interparfums Asia Pacific Pte., Ltd., an Asian sales and marketing office.

Our 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.

The 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.

We maintain our

internet website at www.interparfumsinc.com , which is linked to the SEC internet site.

Publicly Held Companies

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.

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.

our internet website at www.interparfumsinc.com , which is linked to the SEC internet site.

You can obtain through our website,

2 unchanged sentences

of the Securities Exchange Act of 1934 as soon as reasonably practicable after they have been electronically filed with or furnished

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.

We operate in the fragrance

business and manufacture, market and distribute a wide array of fragrance 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 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 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, 2022, and the reports that we file from time to time with the SEC.

European Operations

We produce and distribute

our fragrance products primarily under license agreements with brand owners, and fragrance product sales through our European operations

represented approximately 68% of net sales for 2022.

We have built a portfolio of prestige brands, which include Boucheron,

Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lanvin, Moncler, Montblanc, Rochas, S.T.

Dupont and Van Cleef & Arpels ,

whose products are distributed in over 120 countries around the world.

European operations will also become the exclusive worldwide

licensee for Lacoste fragrances on January 1, 2024.

United States Operations

Prestige brand fragrance

products are also produced and marketed through our United States operations, and represented approximately 32% of net sales for

the year ended December 31, 2022.

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, Dunhill, Donna Karan, DKNY, Ferragamo,

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

Recent Developments

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 becomes effective in January 2024 and

will last for 15 years.

In April 2022, we announced

that the Dunhill fragrance license will expire on September 30, 2023 and will not be renewed.

The Company will continue to produce

and sell Dunhill fragrances until the license expires and will maintain the right to sell-off remaining Dunhill fragrance inventory

for a limited time as is customary in the fragrance industry.

Salvatore Ferragamo

In October 2021, we

closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide license was granted for the

production and distribution of Ferragamo brand perfumes.

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 October 2021 and will last

for 10 years with a 5-year optional term, subject to certain conditions.

With respect to the

management and coordination of activities related to the license agreement, the Company operates through a wholly-owned Italian

subsidiary based in Florence, that was acquired from Salvatore Ferragamo on October 1, 2021.

The acquisition together with the

license agreement was accounted for as an asset acquisition.

Emanuel Ungaro

In October 2021, we

also entered into a 10-year exclusive global licensing agreement with a 5-year optional term subject to certain conditions, with

Emanuel Ungaro Italia S.r.l, for the creation, development and distribution of fragrances and fragrance-related products, under

the Emanuel Ungaro brand.

Our rights under this license are subject to certain minimum advertising expenditures and royalty payments

as are customary in our industry.

Donna Karan and DKNY

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.

Business Development

operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances and fragrance related

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.

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

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.

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 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.

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, 2023, and the reports that we file from time to time

with the SEC.

Based Operations

produce and distribute our fragrance products primarily under license agreements with brand owners, and fragrance product sales

through our European based operations represented approximately 65% of net sales for the year ended December 31, 2023.

built a portfolio of prestige brands, which include Boucheron, Coach, Jimmy Choo, Karl Lagerfeld, Kate Spade, Lacoste, Lanvin,

Moncler, Montblanc, Rochas, and Van Cleef & Arpels , whose products are distributed in over 120 countries around

The Lacoste fragrance license became effective on January 1, 2024.

States Based Operations

brand fragrance products are also produced and marketed through our United States based operations and represented approximately

35% of net sales for the year ended December 31, 2023.

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, Ferragamo, Graff, GUESS, Hollister, MCM, Oscar de la Renta, Roberto Cavalli, and Ungaro .

In 2023, we announced

our agreement to distribute Abercrombie & Fitch’s number one men's fragrance, Fierce, in selected markets.

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 activated in February 2024, covers distribution in additional markets

in Western Europe and Latin America, and may include other flankers of the Fierce family of products.

entered into an exclusive worldwide fragrance license for the Roberto Cavalli brand, for 6.5 years, effective July 6, 2023.

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.

The first seven months of the license

have been focused on producing finished goods, and we actively started distributing these products with key customers in February

Our rights under this license are subject to certain minimum advertising expenditures and royalty payments as are customary

in our industry.

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.

Dunhill fragrance license expired on September 30, 2023 and was not renewed.

The Company has now entered the twelve-month sell-off

period during which it will maintain the right to sell-off remaining Dunhill fragrance inventory, which is customary in the fragrance

All usable components have been converted to finished goods, and any remaining components will be destroyed.

October 2021, we closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide license

was granted for the production and distribution of Ferragamo brand perfumes.

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 October

2021 and will last for 10 years with a 5-year optional term, subject to certain conditions.

respect to the management and coordination of activities related to the license agreement, the Company operates through a wholly

owned Italian subsidiary based in Florence, that was acquired from Salvatore Ferragamo on October 1, 2021.

The acquisition together

with the license agreement was accounted for as an asset acquisition.

October 2021, we also entered into a 10-year exclusive global licensing agreement with a 5-year optional term subject to certain

conditions, with Emanuel Ungaro Italia S.r.l, for the creation, development and distribution of fragrances and fragrance-related

products under the Emanuel Ungaro brand.

Our rights under this license are subject to certain minimum advertising expenditures

and royalty payments as are customary in our industry.

Karan and DKNY

September 2021, we entered into a long-term global licensing agreement for the creation, development and distribution of fragrances

2 unchanged sentences

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

With this agreement, we are gaining several well-established

With this agreement, we have gained several well-established

and valuable fragrance franchises, most notably Donna Karan Cashmere Mist and DKNY Be Delicious , as well as a significant

4 unchanged sentences

to launch new fragrances under these brands in 2024 .

Rochas Fashion

January 1, 2021, we entered into a new license agreement modifying our Rochas fashion business model.

The new agreement calls

for a reduction in royalties to be received.

As a result, in the first quarter of 2021, we took a $2.4 million impairment charge

on our Rochas fashion trademark.

In the fourth quarter of 2022, we again took a $6.8 million impairment charge on the Rochas fashion

trademark after an independent expert concluded that the valuation of the trademark was $11.3 million.

The new license also contains

an option for the licensee to buy-out the Rochas fashion trademarks in June 2025 at its then fair market value.

Fragrance Products

We 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.

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 were as follows:

Year Ended December 31,

Our licenses expire

on the following dates:

Expiration Date

a result of operational challenges faced by the Rochas Fashion business we took a $2.4 million impairment charge on our Rochas

fashion trademark in the first quarter of 2021.

In the fourth quarter of 2022, we again took a $6.8 million impairment charge

on the Rochas fashion trademark after an independent expert concluded that the valuation of the trademark was $11.3 million.

2023, the Rochas teams underwent a strategic shift to take over their own brand operations, exiting contracts with manufacturers

and distributors to make this new structure operational beginning in 2024.

An independent expert concluded that the valuation

based on this new business model was consistent with prior valuations and no additional impairments were needed.

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 royalties.

under license agreements are also generally subject to certain minimum sales requirements and advertising expenditures as are

customary in our industry.

a percentage of net sales, product sales for the Company’s largest brands represented 73% of sales in 2023 up from 71% in

2022 with a split by brand as follows:

Ended December 31,

Donna Karan/DKNY

2023, Macys, our top retail customer, accounted for approximately 12% of net sales.

No one customer represented 10% or more of

net sales in 2022 and 2021.

licenses expire on the following dates:

Abercrombie & Fitch

Extends until either party terminates on 3 years’ notice

December 31, 2026, plus one 5-year optional term

June 30, 2023

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

Extends until either party terminates on

3 years’ notice

December 31, 2026, plus one 5-year optional

December 31, 2025, plus a 5-year optional

term if certain sales targets are met

June 30, 2026

December 31, 2032, plus a 5-year optional term if certain sales targets are met

September 30, 2023

December 31, 2032, plus a 5-year optional

term if certain sales targets are met

December 31, 2032, plus a 5-year optional

term if certain sales targets are met

Expired September 30, 2023, sell off period

until September 30, 2024

Emanuel Ungaro

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

December 31, 2031, plus a 5-year optional

term if certain sales targets are met

December 31, 2031, plus a 5-year optional

term if certain sales targets are met

French Connection

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

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

December 31, 2027, plus a 10-year optional

term if certain sales targets are met

December 31, 2026, plus 3 optional 3-year

terms if certain sales targets are met

December 31, 2033

Extends until either party terminates on 3 years’ notice

June 30, 2030

Extends until either party terminates on

3 years’ notice

December 31, 2031

June 30, 2030

Karl Lagerfeld

2 unchanged sentences

December 31, 2030, plus 4 option years

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

December 31, 2026, plus a 5-year optional

term if certain conditions are met

December 31, 2030

Oscar de la Renta

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

December 31, 2031, plus a 5-year optional

term if certain sales targets are met

Roberto Cavalli

December 31, 2029

1 unchanged sentence

December 31, 2024

*The Lacoste license commences on January

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 $79 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,

and in the U.S., in select Abercrombie & Fitch retail stores.

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

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 $77 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.

& 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, and in the U.S., in select Abercrombie & Fitch retail stores.

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.

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.

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.

Anna Sui is one of New York’s most accomplished fashion designers known

for creating contemporary clothing inspired by vintage style that capture the brand’s very sweet feminine girly aspect,

combined with a touch of hipness and rock-and-roll.

Today, Anna Sui has over 50 boutiques and her collection and products are

sold in 300 stores in over 30 countries, but her brand is by far most popular and well received throughout 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 and the newest scent, Sky, which

was ranked as the second best perfume launch of 2021 by WWD Japan.

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.

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.

enriched the portfolio with Quatre for men and women, along with several special editions, a growing collection of unique

scents aptly named, La Collection , and Serpent Bohème.

During 2022, we introduced a new men’s fragrance,

Boucheron Singulier , as well as still another addition to our Boucheron Collection .

Currently, 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 new 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.

Subsequent flankers and extensions have enlarged the Coach fragrance enterprise as have entirely new

collections, including Coach Dreams which debuted in early 2020, and its sister scent, Dreams Sunset , which debuted

For 2022, we unveiled Coach Wild Rose , and Coach Open Road , a new fragrance for men.

Coach is part of the Tapestry

house of brands.

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 will make

excellent additions to our portfolio.

With this agreement, we are gaining several well-established and valuable fragrance franchises,

most notably Donna Karan Cashmere Mist and DKNY Be Delicious , as well as a significant loyal consumer base around

Upon joining our portfolio, these brands now rank among our largest.

We are planning to launch new fragrances under

these brands in 2024.

Donna Karan and DKNY are part of the G-III house of brands.

Dunhill— Since 2012, we have

been the exclusive fragrance licensee whereby we create, produce and distribute fragrances and fragrance related products under

the Dunhill brand.

Our rights under this license terminate on September 30, 2023.

Emanuel Ungaro— In October

2021, we also 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 details.

Season after season, Emanuel Ungaro dared to be different,

combining unexpected yet sensual clashes of bright colors and prints with beautiful draping.

Today Ungaro fragrances uphold the

same values of audacity and elegance, and the brand is best known and most prized internationally, and such presence will remain

our sales focus as we continue to produce and distribute the brand’s legacy scents, notably Diva.

Beginning in 2023,

we plan to unveil a Diva brand extension.

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 for 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.

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 beginning in March 2020, which we further extended

through 2020 as a result of the mandatory store closings throughout that year.

In 2021, a select market rollout began in the Middle

East, with limited luxury distribution to only the most exclusive, upmarket retail outlets.

In 2021 and 2022, we added two new

scents to the Lesedi La Rona collection.

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.

Established in

1981, GUESS began as a jeans company and has since successfully grown into a global lifestyle brand.

Abercrombie & Fitch brand was born in 1892 and aims to make every day feel as exceptional as the start of a long weekend.

2023, we announced our agreement to distribute Abercrombie & Fitch’s number one men's fragrance, Fierce, in selected

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 activated in February 2024, covers distribution

in additional markets in Western Europe and Latin America, and may include other flankers of the Fierce family of products.

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 , a new three fragrance

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.

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.

legacy scents, Femme and Homme , and the legendary Jaipur perfume form the foundation of brand sales.

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.

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.

We distribute these fragrances globally to department stores,

specialty stores and duty free shops, as well as in Coach retail stores.

in 1941, Coach is the ultimate American leather goods brand and has always been renowned for its quality craftsmanship.

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.

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.

Subsequent flankers and extensions have enlarged the Coach fragrance enterprise

as have entirely new collections, including Coach Dreams which debuted in early 2020, and its sister scent, Dreams Sunset ,

Coach Wild Rose , and Coach Open Road , a new fragrance for men.

In 2023, we continued to enrich the Coach fragrance

lines with the roll-out of a number of flankers.

Coach is part of the Tapestry house of brands.

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

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.

most notable fragrances for the fashion house duo include Donna Karan Cashmere Mist and DKNY Be Delicious.

joining our portfolio in July 2022, these brands now rank among our largest.

In 2023, we enriched DKNY with the newest extension,

Be Delicious Orchard St .

and plan to launch new blockbuster fragrances under these brands in 2024.

Donna Karan and

DKNY are part of the G-III house of brands.

The Dunhill fragrance license expired on September 30, 2023, and was not renewed.

After the expiration of this license, the

Company has a twelve-month period to sell-off its remaining Dunhill fragrance inventory, which is customary in the fragrance industry.

All usable components have been converted to finished goods, and any remaining components will be destroyed.

Ungaro — In October 2021, we also 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.

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

fragrances uphold the same values of audacity and elegance, and 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.

we unveiled an extension, Diva Rouge , and plan to launch a new fragrance in 2024.

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.

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 for 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

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

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.

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.

in 1981, GUESS began as a jeans company and has since successfully grown into a global lifestyle brand.

markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other

2 unchanged sentences

stores around the world.

We began selling GUESS

legacy scents in 2018.

In 2019 the GUESS brand quickly became the largest within our U.S.

operations, with legacy fragrances dominating

the sales mix.

In 2019, we began shipments of 1981 Los Angeles and Seductive Noir , both flankers of established scents,

which accelerated brand growth.

Nearly three years

in the making, our first new blockbuster scent, Bella Vita , debuted for the GUESS brand both domestically and internationally

In addition, Effect, a new men’s grooming line and fragrance collection was launched in 2021.

a new men’s fragrance for GUESS, came to market in 2022 with a flanker debuting in 2023.

Hollister— In 2014, we entered

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

We distribute these fragrances in specialty stores, department stores and duty free shops, as well as select Hollister retail

stores in the U.S.

In 2016 we launched our first men’s and women’s fragrance duo, Wave which led to flankers

and extensions as did subsequent fragrance families Festival and Canyon Escape .

We have a new pillar debuting in

2023, Feelin’ Good .

The quintessential

apparel brand of the global teen consumer, Hollister celebrates the liberating spirit of the endless summer inside everyone.

by California’s laidback attitude, Hollister’s clothes are designed to be lived in and made your own, for wherever

life takes you.

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,

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, fragrance 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

Limited luxury fashion group.

Our initial Jimmy Choo

fragrance was launched in 2011, a signature scent for women.

In the decade that followed, Jimmy Choo has grown to become our second

largest brand with new pillars and flankers debuting regularly, both for men and women.

Our newest women’s fragrance pillar,

I Want Choo, was launched in 2021 and for 2022, two flankers debuted, Jimmy Choo Man Aqua and I Want Choo Forever .

For 2023, Jimmy Choo Rose Passion is scheduled to be unveiled.

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 reflects 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.

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.

Our first original scent, Kate Spade New York , debuted in January 2021 and for 2022,

we added a flanker to our line, Kate Spade Sparkle .

Kate Spade Cherie debuted in early 2023.

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

began selling GUESS legacy scents in 2018.

In 2019 the GUESS brand quickly became the largest within our United States based operations,

with legacy fragrances dominating the sales mix.

joining our portfolio, we have introduced several new blockbuster scents, including Bella Vita , Effect, and Uomo ,

the newest men’s fragrance for GUESS, which came to market in 2022 with a flanker debuting in 2023.

In 2024, we plan to

launch a new blockbuster scent for women, in addition to the roll-out of an innovative extension.

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.

quintessential apparel brand of the global teen consumer, Hollister celebrates the liberating spirit of the endless summer inside

Inspired by California’s laidback attitude, Hollister’s clothes are designed to be lived in and made your

own, for wherever life takes you.

2016, we launched our first men’s and women’s fragrance duo, Wave, which led to several extensions, as did

subsequent fragrance families Festival and Canyon Escape .

In 2023, we launched a new blockbuster scent, Feelin’

Good, with plans to enrich the line with a new flanker in 2024.

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.

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 Limited luxury fashion group.

On August 10, 2023, Tapestry, Inc.

entered into a definitive agreement under which

Tapestry will acquire Capri Holdings, with the final closing date expected to come in 2024.

There is no current information that

would indicate this purchase would have any material impact on the Company’s operations.

the decade that followed, Jimmy Choo has grown to become our second largest brand with new pillars and flankers debuting regularly,

both for men and women.

Our newest women’s fragrance pillar, Rose Passion , was unveiled in 2023.

fragrance collections, including Jimmy Choo , Jimmy Choo Man, and Jimmy Choo I Want Choo continue to see international

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 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 collection, Les Parfums Matières, and more recently, Karl

Cities, a new collection featuring entries for New York, Paris, Hamburg, Tokyo and Vienna was unveiled.

A new fragrance

due is unveiling in 2024.

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.

its launch in 1993 with a collection of six essential handbags, Kate Spade has always stood for optimistic femininity.

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.

Lanvin— In 2007, we acquired

the worldwide rights to the Lanvin brand names and international trademarks listed in Class 3, our class of trade.

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

and A Girl in Capri .

The Éclat d’Arpège line accounts for almost 50% of brand sales.

Fleurs de Lanvin, a new floral fragrance collection, was released during the second half of 2021.

For 2022, we unveiled a new

extension to our Éclat d’Arpège line, Mon Éclat .

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 during the first quarter of 2021 to great, and somewhat unexpected success.

We released a flanker in 2022, along with

a limited edition called Graffiti .

Our distribution strategy encompasses MCM stores, high-end department stores and prestige

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

Our first ever men’s scent for the brand is debuting

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.

first fragrance for the Moncler brand has a revolutionary LED design, and the flask-shaped bottles of Moncler Pour Femme

and Moncler Pour Homme forge a powerful bond with the House Moncler’s alpine roots and pioneering spirit.

and unique innovation enables its owner to write a personalized note that scrolls in red letters on the screen of the mirror bottle.

Our first fragrance was pre-launched in 250 select outlets in the second half of 2021, and was met with an excellent response.

The rollout to approximately 3,000 doors took place during 2022.

Moncler will also launch a new collection in Q1 2023.

Montblanc— In 2010, we entered

into an exclusive license agreement to create, develop and distribute fragrances and fragrance related products under the Montblanc

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

Montblanc 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, 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.

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 flankers including Legend Night and Legend Spirit.

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 flankers, most recently Montblanc Explorer Ultra Blue .

The Legend continues, as in 2022, we introduced

a new flanker, Montblanc Legend Red .

For 2023, extensions for the Montblanc signature scent for women and Explorer line for

men are in the pipeline.

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.

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 and Bella Essence and soon to join them, Bella Bouquet .

Debuting in 2021 was an entirely new

fragrance pillar, Alibi which welcomed a sister scent in 2022, Alibi Eau de Toilette .

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.

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.

Our first new fragrance

for Rochas, Mademoiselle Rochas , had a successful launch in 2017 in its traditional markets of France and Spain.

next few years, we debuted flankers 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 debuted in early 2020 and Rochas Girl

in 2021, and the first flanker for both came to market in 2022 as well as one for L’Homme Rochas.

Flankers for many

of these pillars debuted in 2022 with more to come in 2023.

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.

first original scent, Kate Spade New York , debuted in January 2021.

We have continued to enrich the collection with flankers,

including Kate Spade Sparkle, and more recently, Kate Spade Cherie .

– In December 2022, we closed a transaction agreement with Lacoste, whereby an exclusive and worldwide license

was granted for the production and distribution of Lacoste brand perfumes and cosmetics.

the juncture of sport and fashion, Lacoste frees us up, creates movement in our lives, and liberates our self-expression.

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.

Lacoste license took into effect in January 2024, and we have been using the time since the license was signed to develop go-forward

strategies, curate the collection, and produce entirely new fresh goods.

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

A synonym of luxury and elegance, the Lanvin fashion house, founded in 1889 by Jeanne Lanvin, expanded into fragrances

in the 1920s.

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.

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.

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.

through on our plan to develop extraordinary fragrances that capture the creative spirit of MCM, our first new fragrance, MCM ,

was released during the first quarter of 2021 to great success.

In 2023, we debuted our first ever men’s scent, MCM Onyx ,

and have plans to enrich the fragrance line with extensions in 2024.

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.

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.

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.

and unique innovation enables its owner to write a personalized note that scrolls in red letters on the screen of the mirror

In March 2023, we launched Les Sommets Moncler and Home collections, exploring a rich, woody olfactory palette.

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.

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 largest fragrance

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 flankers including Legend Night , Legend Spirit, and Legend Red.

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 .

A four-scent premium collection will debut in 2024.

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.

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.

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

In 2021, we debuted an entirely new fragrance pillar, Alibi, which welcomed sister scents, Alibi Eau de Toilette,

and more recently, Alibi Eau Sensuelle .

In 2024, we will unveil the Alibi ‘Pop’ three-scent collection.

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.

license became effective in July 2023 and will last for 6.5 years.

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 concentrated market for the brand, to further expand the brand.

began shipping new freshly produced goods in February 2024, and plan to launch our first signature flanker in the summer of 2024,

which is planned to be followed by a Just Cavalli duo and a new collection of hair and body mists.

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.

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.

first new fragrance for Rochas, Mademoiselle Rochas , had a successful launch in 2017 in its traditional markets of France

Over the next few years, we debuted flankers 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 debuted in early

2020 and Rochas Girl in 2021.

The first flanker for both came to market in 2022 as well as one for L’Homme Rochas.

In 2023, we rolled-out pillar extensions Eau de Rochas Citron Soleil and Rochas Girl Life.

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.

Ferragamo S.p.A.

1 unchanged sentence

and whose origins date back to 1927.

Named after its founder, the brand still represents and lives by the original values of Salvatore

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.

The current fragrance

lineup includes Storie di Seta, a collection of four refined, luminous olfactory works of art.

Each fragrance is made with

rare, sustainable raw materials, and can be worn alone or in combination, creating a personalized multifaceted scent.

The genderless

collection is comprised of four fragrances in four colors.

Four exclusive motifs drawn from the House’s textile heritage

adorn each flacon.

Established scents in the Ferragamo portfolio include Ferragamo , a collection of fragrances for men,

Signoria , a collection of fragrances for women, the Tuscan Creations series, the Amo series and the Uomo

New flankers are in the works for 2023 and 2024 with a major new pillar in the works for 2025.

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.

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

Dupont fragrances include S.T.

Dupont pour Femme , S.T.

Dupont pour Homme, Pure and S.T.

Dupont Collection.

Van Cleef & Arpels— In

2018, we 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.

Our initial 12-year license agreement with Van Cleef & Arpels was

signed in 2006.

Van Cleef & Arpels

fragrances in current distribution include:

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.

current fragrance lineup includes Storie di Seta, a collection of four refined, luminous olfactory works of art.

Each fragrance

is made with rare, sustainable raw materials, and can be worn alone or in combination, creating a personalized multifaceted scent.

The genderless collection is comprised of four fragrances in four colors.

Four exclusive motifs drawn from the House’s textile

heritage adorn each flacon.

Established scents in the Ferragamo portfolio include Ferragamo , a collection of fragrances

for men, Signoria , a collection of fragrances for women, the Tuscan Creations series, the Amo series and

the Uomo series.

In 2023, we rolled out new flankers for the Signoria collection, Liberia , a Storie di

Seta duo, Cieli & Foreste , and a four-scent collection for Ferragamo .

New flankers are in the works for

Cleef & Arpels — In 2018, we 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.

Our initial 12-year license

agreement with Van Cleef & Arpels was signed in 2006.

its founding in 1906, Van Cleef & Arpels has often turned to nature as an inexhaustible source of inspiration.

by the constant metamorphoses of flora and fauna, the Maison creates pieces that echo the blooming of flowers and the lushness

Over the decades, the excellence and creativity of the High Jewelry Maison established its reputation across the world.

Cleef & 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 , in 2020 and Rêve de Matiere in 2021.

Blanc is the new addition to the Collection Extraordinaire , released in 2022 with further additions coming in 2023.

Founded in 1896, Van Cleef & Arpels is a French luxury jewelry company owned by Richemont Holdings Limited.

Business Strategy

Focus on prestige

beauty brands .

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, with further additions planned.

Founded in 1896, Van Cleef & Arpels is a

French luxury jewelry company owned by Richemont Holdings Limited.

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 in the most receptive market

segments 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

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.

We focus on developing

and launching quality fragrances utilizing internationally renowned brand names.

By identifying and concentrating in 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.

portfolio brands through new product development and marketing .

We grow through the creation of fragrance family extensions

within the existing brands in our portfolio.

We regularly create a new family of fragrances for each brand in our portfolio.

We frequently introduce

seasonal and limited edition fragrances as well.

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 in order to maximize sales and profit potential.

We have had success in introducing new fragrance families (sub-brands, flanker brands or flankers) within our brand franchises.

frequently introduce seasonal and limited edition fragrances as well.

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 in order to maximize sales and

profit potential.

We have had success in introducing new fragrance families (sub-brands or flankers) within our brand franchises.

Furthermore, 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.

Over the past 35 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.

To that end, in 2020, we signed a

new license for the Moncler brand.

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 acquisition enhances the introduction of dedicated fragrance lines and

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

2021, we closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide license was granted

for the production and distribution of Ferragamo brand perfumes.

In 2021, we also entered into a long-term global licensing agreement

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.

Over the past 35 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.

To that end, in 2021,

we closed on a transaction agreement with Salvatore Ferragamo S.p.A., whereby an exclusive and worldwide license was granted for

the production and distribution of Ferragamo brand perfumes.

Also in 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.

This exclusive license became effective in July 2022.

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.

As of December 31, 2022, we had cash, cash equivalents and short-term investments of approximately $256 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 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.

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

global distribution footprint .

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 on 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

This license became effective in July 2023.

As of December 31, 2023, we had cash, cash equivalents and short-term investments

of approximately $182.8 million, which we believe should assist us in entering new brand licenses or outright 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 .

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.

to build global distribution footprint .

Our business is a global business, and we intend to continue to build our global distribution

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 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

The 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)

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 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.

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

Concept choice

Produce mock-ups for final acceptance of bottles and packaging

Receive bids from component suppliers (glass makers, plastic processors, printers, etc.) and packaging companies

Produce mock-ups

for final acceptance of bottles and packaging

Receive bids from

component suppliers (glass makers, plastic processors, printers, etc.) and packaging companies

Choose suppliers

Schedule production and packaging

Issue component purchase orders

Follow quality control procedures for incoming components;

Follow packaging and inventory control procedures.

Suppliers who assist us with product development

include, but are not limited to :

Independent perfumery design companies (Aesthete, Carré Basset, PI Design, Cent Degres)

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

Fillers (Voyant, CPFPI, Omega Packaging, Societe de Diffusion de Produits de Parfumerie, TSM Brands, ICR, Cosmint, Tatra, Arcade Beauty)

Bottle 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, Aptar, Rexam) or boxes

(Autajon, Diamond Packaging, TPC Printing)

Logistics (Bansard and Bolloré Logistics for storage, order preparation and shipment)

Suppliers’ accounts

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

settled in U.S.

For our European operations components for our prestige fragrances are purchased from many suppliers around

the world and are primarily manufactured in France.

For United States 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 and Turkey.

Environmental, Social & Governance

Both our U.S.

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.

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

Our European Operations have led the way on this initiative, but our US operations are actively catching up.

European Operations

Interparfums SA, our European operations

with their headquarters in Paris, has made further progress in the areas of environmental, social, and corporate governance (ESG)

based on the results of the 2022 campaign of the rating agency Gaïa Research 1 which ranks the top performing companies

in this area.

Campaign for Fiscal Year

2020 for Fiscal 2019

2021 for Fiscal 2020

2022 for Fiscal Year 2021

This score is calculated

on the basis of 140 criteria divided into 4 pillars:

Environmental, Social, Governance and External Stakeholders.

Interparfums SA applies

a comprehensive approach in addressing the issues of corporate, environmental and social responsibility and transparency.

developed from one year to the next its corporate social responsibility (“CSR”) policy, implemented by its Operational

and Support Departments by involving all personnel, and has identified issues to be addressed in three key areas:

its responsibilities

toward operational stakeholders, staff and the company.

Social and societal values have been an important component of Interparfums

SA’s development for a number of years, exemplified notably by an attractive policy of employee benefits and solid relations

with its partners.

October 2022, Interparfums SA announced that it had retained the services of Muriel Buiatti, as its CSR Project Manager to assist

the CSR Executive Committee in achieving its goals.

A graduate of the French Engineering School, Ecole Polytechnique, Ms.

exercised various responsibilities, including research and development, at L’Oréal for 13 years.

After completing

her Master’s Degree in Sustainable Development, she founded Commenterre, which specializes in helping companies address

their CSR issues.

Gaïa Research, a member of the EthiFinance Group is an extra-financial rating agency specializing in rating the ESG performance

of small and midsize companies and mid-cap companies listed on European markets.

To support its strategy,

at the beginning of 2021 and at the initiative of management, Interparfums SA created an CSR Executive Committee, consisting of

members of the Operations & Supply Chain, Human Resources, Legal Affairs and Communications teams, tasked with formalizing

the company’s CSR strategy focusing on the following priorities, aligned with the UN Sustainable Development Goals:

- reinforce its status as a responsible employer, by notably creating a “Responsible Employer

Charter” and strengthening the employee training plan;

- reduce its environmental footprint, notably by adopting environmentally optimized design specifications

to reduce packaging and the introduction of recycled and recyclable materials for each product developed;

- strengthen its sustainable development approach by formalizing a code of business conduct and ethics

that is enforceable against operational stakeholders.

Schedule production

and packaging

Issue component

purchase orders

Follow quality control

procedures for incoming components;

Follow packaging

and inventory control procedures.

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

Independent perfumery

design companies (Aesthete, Carré Basset, PI Design, Cent Degres)

Perfumers (IFF,

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

designers and creators

Fillers (Voyant,

CPFPI, Omega Packaging, Societe de Diffusion de Produits de Parfumerie, TSM Brands, ICR, Cosmint, Tatra, Arcade Beauty)

Bottle 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,

Aptar, Rexam) or boxes (Autajon, Diamond Packaging, TPC Printing)

Logistics (DiFarco,

Bansard, Bolloré Logistics for storage, order preparation and shipment)

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

accounts are primarily settled in U.S.

For our European based operations components for our prestige fragrances are purchased

from many suppliers around the world and are primarily manufactured in France.

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,

Interparfums SA does

not own its own manufacturing facilities, having chosen to support its industrial partners by placing an emphasis on quality, the

use of good manufacturing practices and innovation.

The construction of a high quality environmentally certified warehouse in 2011

and sourcing in Europe more than 80% of its needs highlight the efforts undertaken in recent years.

In addition, reflecting the

stakes in terms of protecting the planet, Interparfums SA now intends to also exercise an increasingly active role in contributing

to the environment.

As part of its CSR

strategy, Interparfums SA has partnered with EcoVadis to assess the CSR performance of its supply chain and suppliers.

operates a global platform to assess corporate social responsibility and share performance data using their assessment method based

on international CSR standards.

In 2022, 119 suppliers

were evaluated or were in the process of being evaluated, representing over 68% of Interparfums SA’s procurement activity.

As part of a continuous improvement process, Interparfums SA’s objective will be to monitor and encourage the CSR performance

of its suppliers in four major areas:

the environment, social and human rights, ethics and responsible procurement.

EcoVadis assessment

Number of suppliers evaluated

Average EcoVadis score

Average Environmental score

Average Labor and Human Rights score

Average Ethics score

Average Sustainable Procurement score

In addition, in 2022,

Interparfums SA has calculated its total carbon footprint in accordance with international standards, and namely the Green House

Gas Protocol (GHG Protocol) for the conversion of all emission sources into tons of CO 2

equivalent and the Base Carbone ® , a public database of emission factors made available by the French Agency for

Ecological Transition (ADEME).

2021 Carbon footprint:

174,930 tCO2e

- 2021 Carbon intensity:

312 KgCO2e per € thousand of revenue (in the low range of our industry)

In tons CO 2 equivalent

Scope 1 (gas and fuel energy consumption)

Scope 2 (electricity consumption)

Scope 3 (other indirect emissions)

This first measurement is a crucial step before determining

a low carbon trajectory in accordance with the European green deal regulation which aims to be climate-neutral by 2050.

Moreover, 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 place.

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

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 the 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 its products to date.

Interparfums 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.

We take 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.

Moreover, all the alcohol used by Interparfums SA is from vegetal origin (essentially from beets).

Social & Governance

our United States based operations and our European based operations are good corporate citizens and take our responsibilities

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.

Parfums, Inc., our parent company, is using a multi-step process for Environment, Social, Governance (“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.

Environmental data regarding our regional sales offices in Geneva, Dubai and Hong Kong are not yet included in the

ESG strategy.

The final step in our ESG reporting will be the combination of both ESG programs into a single cohesive report.

States based operations ESG

section of our annual report discusses our United States based operations ESG program, and when we refer to ESG activities of

Interparfums in the rest of the report, we are referring solely to our United States based operations ESG program.

The ESG report

by our French based subsidiary Interparfums SA, follows in the next section.

When we refer to Inter Parfums, Inc., or the Company,

we are referring to our Nasdaq publicly traded parent company.

ESG related information is as of December 31, 2022, unless otherwise

have defined Interparfums’ United States based operations ESG strategy and have been developing new projects and activities

to reflect the United Nations’ sustainable development goals (https://sdgs.un.org/fr/goals), which are present throughout

the document.

Our ESG strategy is based upon the challenges we face, our risk analysis and the expectations of our stakeholders.

are committed to:

● 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.

● Reducing and optimizing our environmental footprint:

Climate change requires urgent action.

We want to improve our environmental

footprint and measure our carbon footprint to disclose it for all its scopes.

● Sustainable fragrances throughout their whole life cycle .

Sustainability is at the heart of our product creation to

respond to evolving social and environmental challenges.

The procurement of materials should consider all those aspects.

● Transparency and compliance :

Interparfums complies with all applicable laws, rules and regulations in general, and

in particular with regard to chemicals and hazardous materials.

as a Climate Stakeholder and Anticipate Future Regulations

first step is to know where we are starting from by measuring our carbon footprint across the board.

It will enable us to initiate

a low-carbon trajectory compatible with the Paris Agreements.

As we do not own manufacturing facilities, our scope 1 is negligible

and our scope 2 is restricted to the electricity consumption of our offices and warehouse.

Finally, our scope 3 represents most

of our emissions.

the Carbon Footprint of Our Activities

carbon footprint has been calculated for scopes 1, 2, and 3 for 2022.

Scope 1 covers direct greenhouse gas emissions associated

with consumption for heating and fuel for company vehicles.

Scope 2 covers indirect energy-related greenhouse gas emissions, i.e.

electricity consumption of our offices and warehouses.

Scope 3 refers to indirect emissions in an organization’s supply

those indirectly related to its activity, both upstream and downstream.

Inter Parfums, Inc.

has calculated its total

carbon footprint in accordance with international standards, and namely the International Green House Gas Protocol (GHG Protocol)

for the conversion of all emission sources into tons of CO2 equivalent and the Base Carbone®, a public database of emission

factors made available by the French Agency for Ecological Transition (ADEME).

tons of CO 2 equivalent

and services purchased

from fuels and energy not included in Scope 1 or 2

freight transport and distribution

services purchased

leasing assets

indirect upstream emissions

freight transport and distribution

services purchased

Transformation

of products sold

of life of products sold

determined for 2022

leasing assets

indirect downstream emissions

carbon intensity is in the low end of its industry sector.

Calculating this first carbon footprint across the board has given

us a starting point and highlighted our need to ask our suppliers more about their climate strategy and encourage them to make

their own calculations to refine ours.

We will then be able to forecast our carbon trajectory more precisely.

to Create a More Diverse, Fair and Inclusive Culture, and Impact Our Community

is a company serving many customers in different countries.

To serve our customers well, we must attract and retain the best talent

who bring with them different backgrounds, experiences and viewpoints.

Fostering an inclusive culture is key to enabling our talents

to work together effectively.

United States based operations, as of December 31, 2022, women accounted for 67% of the workforce and black, indigenous, and people

of color accounted for 58% of the workforce.

Our workforce as of December 31, 2022 included 241 full time employees.

strive to maintain an inclusive environment free from discrimination of any kind, including sexual or other discriminatory harassment,

and all our US employees are trained once a year on Preventing Harassment at Work through on-line training.

Interparfums, we strongly believe in fostering a diverse and inclusive workplace where everyone feels safe, valued, respected,

and empowered to reveal their authentic selves.

This approach to diversity includes diversity of gender, ethnicity, ability, background,

gender identity, and sexual orientation and is recognized at the leadership level and throughout our whole organization.

a Healthy and Environmental Conscious Workplace

September 2022 our New York office has been partnering with Fraîche, which provides 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 based employees

can have access to meals, drinks, and snacks and the Company gives each employee a daily credit to be used.

We are very glad to

be part of the Fraîche journey.

ensure that all our employees play an active role in our environmental approach, we have carried out several initiatives aimed

to reflect on how Interparfums impacts climate change, global warming, pollution, and other environmental challenges, and how

we can promote sustainability.

commemorate Earth Day, we encouraged all employees to participate in activities that promote sustainability, distributed info

on the UN Sustainable Goals, tips on how to be more sustainable in the office and shared a QR code linked to a survey where employees

were invited to share suggestions on how we can make Interparfums a more sustainable workplace.

Interparfums’ offices we also launched our recycling initiative.

For example, in New York, we have now color-coded bins

green bins for paper/cardboard placed next to the copy-machines and in the kitchens.

blue bins for metal, plastic, glass, and cartons placed in the kitchens.

black bins for regular trash/non-recycling items.

we shared good practices on “how to be more sustainable in the office” tips on printing, electricity management, and

cyberlearning.

This is a first but necessary step in promoting sustainability in our day-to-day work.

Employer Committed to Everyone’s Success

a management style that is very family oriented and close to employees, everyone is free to share their ideas while respecting

the Company’s.

Management attaches the utmost importance to ensuring that everyone understands and supports Interparfums’

briefings on business developments and monetary results keep employees up to date with management and market expectations.

flexibility of the organization, which is essentially made up of small teams, means that it can constantly adapt to any changes

or developments in the external environment.

Company cultivates a positive and inclusive culture through various initiatives including the following that were implemented

during 2023 in our United States based operational locations:

Global Employee Anniversary Recognition Program

● Distributed

IP branded swag & product launches

& Pulse Surveys

● Distributed

company internal logo and Teams backgrounds

Training Certification (New York and New Jersey)

Parties (US and Italy)

diversity, equality and recognition

and 15th floor renovations for New York office

Positive Contribution Through Impactful Philanthropy

start the new year off strong, we’re proud to announce that Interparfums partnered with I Support the Girls https://isupportthegirls.org/programs/our-impact/

to distribute 1,100 Interparfums products to various American and international shelters for the holiday season.

Our products were

distributed to 13 different shelters that donate hygiene and cosmetic products to domestic abuse survivors and low-income schools.

To Sustainable Fragrances Throughout Their Life Cycle

Policy - As a global distributor of fragrances under licenses, Interparfums, fragrance oils and ingredients must comply with

relevant global legislation, including, but not limited to, the countries and jurisdictions where the products are sold.

not support animal testing on any bulk, raw materials, or finished product.

We encourage our suppliers and any testing laboratories

to find alternative test methods to ensure the safety and stability of our products.

We also encourage development, use, and regulatory

acceptance of alternatives to animal testing to ensure health and safety of consumers.

Fragrance oil compounds must not be tested

on animals (any mixtures of blended raw materials supplied to Interparfums).

Fragrance ingredients must also not be tested on

animals by the fragrance manufacturer for cosmetic safety assessment purposes.

fragrance suppliers share with Interparfums an analysis report with physiochemical data (color, pH, density, organoleptic profile,

We rely on these reports shared by our partners.

are taken after receipt to check the ingredients before formulation.

Compliance with the specifications is verified for each batch,

and at each renewal.

If compliance is not obtained, then the product is not launched.

In other words, 100% of the products launched

are compliant.

As there is no claim regarding our products, there is no further investigation made on them (unlike cosmetic products

for instance).

Vegan-Friendly

Fragrances Policy - We support a shift toward a vegan consciousness.

As vegan products are becoming a standard request on

the part of many of Interparfums’ licensors and clients, all fragrance oils developed for Interparfums are vegan in accordance

with the definition provided below:

products do not contain any animal products, animal by-products, or animal derivatives.

Animal products are anything obtained

from living or killed animals.

Animal by-products are anything obtained from living animals, including, but not limited to, beeswax,

honey, shellac (including Ambretollide), and lanolin.

Animal derivatives are anything derived from animals, animal products, or

animal products, such as casein derived from milk.

Ingredients - As consumer interest continues to grow toward sustainable products and sustainably sourced ingredients, we understand

our responsibility to ensure that we can speak about sustainably sourced ingredients within our products.

Of course, all claims

are compliant with the new French claims guide preparing the future European Commission regulation on explicit environmental claims

(Green Claims Directive), as our products are also sold in Europe.

All fragrances developed for Interparfums should provide an

environmentally added value ingredient storyline, such as use of responsibly sourced lavender.

Of course, the exact storyline

or ingredient requested may vary depending on the brand or project.

we understand some of these may be safe-as-used and well proven as solvents, all fragrance oils developed for Interparfums are

formulated without phthalates and without gluten.

This restriction also applies to ingredients that contain gluten such as wheat,

barley, oats and rye, as well as raw materials that may be derived from gluten containing ingredients (e.g., Tocopherol derived

from wheat germ oil).

complete our approach, we have formalized a list of ingredients prohibited in our fragrances, which is shared by our development

In addition, we strictly adhere to the requirements of our licensors.

is important to specify that most of our alcohol is of plant origin, mainly corn.

Ultra - We have MCM Ultra fragrance, a bold new scent that fuses expert craftsmanship with cutting-edge technologies.

Inspired by the brand’s signature backpack in eye-catching Berlin Gold, MCM Ultra features a rich scent profile in

a show-stopping packaging that meets the opulence of this exquisite fragrance.

MCM Ultra is 100% vegan, made with 74% biodegradable

ingredients, and contains 79% responsibly sourced ingredients from Firmenich Naturals Together™ program that make a positive

social impact to local communities all over the world.

in collaboration with our amazing partners at MCM, the ULTRA campaign foreshadows MCM Worldwide AW22’s campaign, “The

The campaign takes place in a seemingly infinite room made of entirely gold-tinted mirrors, reminiscent of a

Berlin discotheque.

The MCM tribe moves through the warm, ultra-luxurious light to reveal the ULTRA bottle emerging from liquid

gold, capturing the feeling of upscale, sensual glitz and glamour that encapsulates ULTRA.

does not tolerate child labor or any form of involuntary labor and demands that its business Contractors (including its contractors,

consultants, fillers, vendors and suppliers) conduct themselves with the utmost fairness, honesty and responsibility in all aspects

of their business.

As a general principle, our business Contractors are required to comply fully with all legal requirements applicable

to the conduct of their business.

We also demand that they comply with rigorous standards with respect to the manner in which

they treat their employees and accept Interparfums’ Supplier Code of Conduct, which reflects our principles and values.

Parfums, 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 oversite by the Company’s Board of Directors is included in its committee charters and practices.

Inter Parfums, Inc.

is a publicly traded company (Nasdaq GS:

IPAR), and files reports with the Securities and Exchange Commission

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.

SA has identified its Corporate Social Responsibility (“CSR”) challenges based on the expectations of its stakeholders

and the market.

The first step was to identify them.

A materiality analysis was then carried out to list the CSR challenges and

highlight the priorities to be addressed in the coming years to ensure the model’s sustainability.

Stakeholders and priorities

consist of the following:

mutual involvement, sharing common values

and subcontractors

sourcing policy, product traceability and security, long-term relationships based upon trust, industrial synergies

of belonging, maintaining skills, equal opportunities, social dialogue, working conditions

footprint, local economy, relationships with schools, patronage

Satisfaction,

relationships built on trust, long-term relationships

& safety, packaging recycling, name recognition

Shareholders,

financial community, Autorité des marchés financiers (financial market regulation) (“AMF”)

relations based upon trust and transparency

SA is committed to a global approach to social, environmental and corporate responsibility and transparency.

Year after year,

it develops a CSR policy implemented by its operational and functional divisions and involving all staff.

It identifies its main

challenges based on several key areas:

its responsibilities to consumers, the environment, operational stakeholders and society,

and employees.

To support this approach, a CSR Executive Committee was set up at the beginning of 2021 at the initiative of management.

Comprising the Operations & Supply Chain, Human Resources, Finance, Legal and Communications departments, it has formalized

the Company’s CSR strategy, with goals to:

● Consolidate

its status as a responsible employer with, in particular, the formalization of a "Responsible Employer Charter"

and reinforcement of the employee training plan

its ecological footprint and involve suppliers in the process, thanks to the introduction of optimized eco-design specifications,

including the reduction of packaging and the introduction of recycled and recyclable materials on each product developed

its carbon footprint according to the GHG protocol methodology (Scopes 1, 2 and 3) to initiate a low- carbon trajectory compatible

with the Paris Agreements

its sustainable development approach by formalizing a business ethics charter that can be enforced against operational stakeholders

line with the Interparfums SA’s Corporate Social Responsibility strategy, the following table presents Interparfums SA’s

main objectives and compares them to market benchmarks such as the Sustainable Development Goals (“SDGs”).

2024, as part of its continuing improvement in ESG performance, Interparfums SA announced that it had increased its rating with

Sustainalytics, a leading ESG rating firm, and now ranks 26 th out of 104 companies.

2025 Targeted Performance

Attracting, supporting

and developing all talent

responsible employer charter

70% of employees per year

of employees trained

training for employees

of the Word for Good platform

employee awareness about disabilities

intervention of a committed association/personality

environmentally and socially responsible packaging

Monitor the EcoVadis scores of our suppliers

score 66.7/100

score >70/100

Increase the PCR glass part of our packaging

with suppliers with an EcoVadis score of 70/100

score of suppliers evaluated with EcoVadis 68.1/100

85% recyclable packaging

of our packaging is recyclable

a low carbon trajectory

Reduce scope 1, 2, 3 greenhouse gases emission intensity

the appropriate regenerative agriculture program

5 years program defined

Sustainability &

The Environment

At every stage of the

purchasing process, Interparfums SA seeks to determine the precise needs and considers the requirement of limiting sources of unnecessary

costs and a waste of resources:

- reducing waste, in particular at the phases of production, consumption and the end of the product

- recycling flawed production, notably at the production phase;

- repairing palettes to increase their lifespan.

Interparfums SA regularly

monitors energy and water consumption indicators to assess possibilities for improving energy efficiencies in the area of lighting,

heating and air-conditioning for the entire warehousing site, for example by adjusting ventilation flows and using a program that

reduces heating and ventilation over weekends.

With this objective,

measures are planned to automatically turn off lights in the warehouse when employees are taking outside breaks and maintain the

warehouse temperature at 11°C (51°Fahrenheit).

These energy savings initiatives include measures providing for managing

the hours for reloading the electric forklifts during non-peak hours during the night, requiring low consumption for a maximum

of 280,000 kW instead of 600,000 kW during the day.

Monthly reports on electricity consumption are prepared, allowing the company

to analyze the causes for overconsumption, when applicable, in order to take corrective actions as applicable.

The measurement

of energy consumption highlighted stable levels for electricity and gas over the last four years, whereas water consumption has

on average declined marginally.

Finally, in the spirit of contributing to protecting the environment, the company has installed

parking places at the logistic site for bicycles and electric recharging stations for cars.

By strategically locating

its warehouse at the crossroads for its subcontractors, Interparfums SA has reduced distances for shipments of finished products.

Measures undertaken

in collaboration with the warehouse and trade goods shipping manager, within the framework of the improvement and optimization

of shipments between production sites and the logistics platform have contributed to reducing the number of back-and-forth trips

In the area of transport

to distributors, Interparfums SA uses road transport for France and Europe and maritime transport for the Americas, Asia and the

Use of air transport is very limited and reserved only for urgent situations where no other solutions are available.

Certain promotional materials manufactured in Asia are shipped directly to American distributors without being imported and stored

In addition, in 2018

Interparfums SA put into service a new warehouse located in Singapore to promote the use of short channels within the Asia Pacific

This warehouse makes it possible to maintain a permanent inventory in this region and, in this way, encourages the use

of maritime transport for goods shipped from France to Asia.

Measures to prevent

environmental risks and pollution involve firstly the choice of techniques and materials.

To reduce the impacts

of its activities, a water-soluble solution in part biodegradable that does not harm the environment is used in the coloring of

some of its bottles.

For the remainder of the product lines, the coating process provides for the gradual elimination of solvent-based

coatings and the progressive adoption of hydro-coating for all the company’s products, in compliance with the law of 2005

for reducing emissions of Volatile Organic Compounds (VOC) in the air.

In addition, certain sub-contractors for glass making have

electrostatic air filters to reduce dust and smoke emissions in addition to wastewater recycling.

Interparfums SA has,

in addition, eliminated thermosetting plastics from its line of bath and body care products in favor of recyclable plastic.

To balance product

quality and aesthetics with environmental considerations, Interparfums SA takes care to reduce packaging volumes and select the

appropriate materials at each stage of production to ensure optimal conditions for their recycling or disposal.

The manufacture of

recyclable glass bottles includes a system for the recovery, crushing and remolding the waste.

Indicators in place since 2013 for

tracking wastage have improved Interparfums SA’s ability to monitor wastage rates by glass bottle decorators.

Its first objective

is to apply a continuous improvement approach and reduce rates of wastage over the long term.

The second objective is to succeed

in reducing this wastage and reintroduce bottles back into the manufacturing cycle.

In addition, Interparfums

SA has adopted procedures for recovering waste from subcontractors originating from surplus production or components of discontinued

The recovered waste is then sorted for the purpose of their elimination.

emissions from scopes 1, 2 and 3

increase by 13.6% from 2022 to 2023

in contribution projects (carbon sequestration)

of a first project

relationships with our partners

eco-design charter to all industrial suppliers

completed in 2022

100% of industrial suppliers to a low carbon trajectory

conduct and compliance

the business ethic charter to all stakeholders

of industrial suppliers have received and signed the Business Ethics Charter

employee awareness

initiated at end of 2023 with Climate collage

the Health and Safety of Consumers

SA is responsible for marketing the cosmetic products it sells and for assessing their safety.

It also relies on information provided

by perfumers, who assess the safety of the raw materials used to make fragrances.

Interparfums SA carries out skin and eye safety

tests on the products it markets.

In accordance with EC regulation 1223/2009, none of these tests are carried out on animals.

Dermal safety tests are carried out on healthy adult volunteers and ocular safety tests on cultured cells.

Interparfums SA has

also revised the bulk and secondary packaging (product boxes and perfume sets) in order to optimize the palletizing process, reduce

the purchase of cardboard packaging materials and reduce volumes transported by decreasing the amount of empty space.

henceforth requires a minimum number of palettes per truck.

Finally, cardboard

packaging materials for testers are 100% recyclable.

Donations and sponsorship

- Interparfums SA contributes to volunteer-sector organizations intervening in the areas of solidarity,

childhood, combating exclusion and promoting health, by providing financial assistance to support their projects and initiatives.

- Since 2018, through the Givaudan Foundation,

- Interparfums provided support to five schools for the management of their libraries.

- In 2021, the program for the installation of school libraries continued in Sulawesi with a new

library in Moramo (South East Sulawesi), benefiting 1,040 children and 66 school teachers, and providing a total of 5,180 books.

- In 2021, €136,000 of charitable initiatives and donations were made by Interparfums SA.

- Educational establishments:

- As part of its desire to share its experience and train future generations, Interparfums SA is

a regular contributor, particularly in the fields of marketing and finance, at different leading schools (business schools, Sciences

Po, École supérieure de parfumerie).

- Interparfums SA also regularly welcomes and trains interns at Interparfums SA offices as well as

work-study contract beneficiaries.

Assisting Local

- Production facilities of Interparfums SA’s subcontractors as well as warehousing facilities

for finished products are located primarily in the Haute Normandie region of France.

These activities contribute to developing

the local economy.

- Interparfums SA provides support for patchouli-producing communities in Indonesia.

Sustainable Development

In line with Interparfums

SA’s Corporate Social Responsibility strategy, the main goals set by Interparfums SA are presented in the following table.

supporting and developing all talents

a Responsible Employer Charter

the Responsible Employer Charter

Strengthen training

of the employees

CSR training for employees

Raising employee

awareness about disabilities

- Interparfums SA only engages in recognized ethical practices.

- It has adopted the Middlenext Corporate Governance Code since 2010, which was revised in September

2016 and September 2021 to ensure effective governance.

- Board of Directors – Interparfums SA has a Board of Directors consisting of 11 members, with

5 members being independent.

It also intends to set up a committee of shareholders.

○ Director Ethics - in accordance with the new Middlenext Code Recommendation 2 reinforcing the management

of conflicts of interest, each Director declares before each meeting any potential conflicts of interest and, on an annual basis,

any actual or potential conflicts of interest between their obligations to Interparfums SA and their private interests, in particular

with respect to their other offices and functions.

○ In any event, the members of the Board shall refrain from participating in the proceedings and

voting on any matter in which they would be in a situation of real or potential conflict of interest.

- Existence of a CSR Executive Committee

- Audit committee consisting of 5 independent directors.

United States Operations

also a good corporate citizen.

Like our French subsidiary, Interparfums USA also retained Muriel Buiatti to advise and guide us

on our path to become a better corporate citizen, as we attempt to increase our efforts in ESG.

Also, like our French subsidiary,

we are also not a true manufacturer, but we regularly monitor our subcontractors, suppliers and fillers for their compliance.

addition, our subcontractors and fillers are subject to inspection and audit from our various licensors for compliance with all

aspects of law.

Environmental

In connection with

a new product launch in 2023, Hollister Feelin’ Good , this new fragrance highlights our ESG efforts we made in 2022:

● Glass containing 10% PCR (post-consumer recycled) glass, and is 100% recyclable.

● Our folding cartons meet the requirements of SFI, the Sustainable Forestry Initiative, and are

100% recyclable.

● Liners are 100% recyclable.

● All components sourced from North/South America – closer supply chain for Hollister brand

fragrances and are filled and warehoused in the United States.

In addition, all folding

cartons for all licensed brands in United States operations now consist of FSC, the Forest Stewardship Council, or SFI certified

We are also making efforts to regionally source components to filling and warehousing locations where practicable in order

to lessen shipping and thereby lower energy costs.

For 2023 most giftsets will be reduced in format and size, and we have eliminated

plastic from the following branded gift sets completely, Abercrombie & Fitch, Donna Karan, DKNY, Hollister, MCM and Oscar

Our largest filler

in the United States has been awarded Bronze status in 2022 from EcoVadis.

One of our largest pump manufacturers is the recipient

of a 2021 Gold Medal from EcoVadis for Sustainability and a 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.

In addition in 2021, a large glass bottle manufacturer that we utilize received an “A” rating for

leadership in corporate sustainability by CDP, a global environmental non-profit group, ranking ‘A’ for tackling water

security and ‘A-’ for leading effort against climate change.

we do not use any banned ingredients or components and use sustainable ingredients where practicable.

Some componentry (glass/folding

cartons) is also recyclable where practicable.

For example, our Abercrombie & Fitch Away fragrance uses glass and folding

cartons that are 100% recyclable, and the carton liner is 100% recyclable and biodegradable.

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.

In addition to

our production operations complying with applicable law, our managers, supervisors and traffic coordinators in our New Jersey

distribution center undergo training in order for us to comply with Dangerous Goods Regulations.

Compliance requires training

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

The two main certifications are:

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.

Further, 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.

Social & Governance

We have an Ethical

Code of Conduct, which governs our behavior in the following subject matters:

CSR & Governance

Employer Values

Social Values

Corporate Governance

Brand Initiatives

The Environment

Dangerous Goods Regulations

CSR & Governance

● Responsible

employment, corporate citizenship and governance practices have been an integral part of our values from day one

our recent past, environmental practices were mainly based on Good Manufacturing Practices

● Today, our aim is to elevate the issue of environmental responsibility

Practices recognized in the areas of responsible

employment, social responsibility and governance

● Employer values:

A responsible employer

○ An “Interparfums spirit” cultivating a sense of belonging #OneIP #OneTeam #OneDream

○ A proactive employee relations policy

● Social values:

Long-standing practices

○ Ethical conduct

○ Close relations with our partners

● Governance values:

Long-proven practices

○ Quality of profiles, balance between independent/non-independent board members

○ Following Inter Parfums, Inc.

Board of Directors’ Diversity Policy

Interparfums USA contributes to protecting

the environment

● Application of Good Manufacturing Practices

● Audits of packaging service providers

A value chain from design to distribution

● Approximately 40.5

million bottles were shipped in 2022 throughout the globe

● Approximately 2.5 million gift sets are to be shipped per year, throughout the globe

● Working with U.S.

packaging sites:

○ 6 fragrance filling and assembly sites

○ About 20 packaging component sites

● A 150,000 sq.

warehouse and distribution facility in Dayton, New Jersey

● Points of sale all around the world

● Reinforcing our status as socially engaged and responsible employer

● Reinforcing our corporate governance practices

● Become an active contributor to protecting the environment

Recent Actions

Creation of working groups to integrate

an “optimized eco-design” component in products over their entire lifecycle

● Use of environmentally responsible materials

● Reducing weight and size of glass, cardboard and plastics

● Strengthening relations with design houses (natural products, sourcing, traceability)

Employer values

Current situation:

A proactive employee

relations policy

Long-standing fundamentals

● A family-style management culture built on fostering close relations

● An “Interparfums spirit” promoting a sense of belonging

● Ethical values based notably on respecting people

● Welcoming and sharing new ideas

● Job preservation

● Paid time off for vacation, sick days and personal days

Workplace Quality of life

● Positions that encourage responsibility and autonomy

● Respecting a proper balance between business and private life

● Managing talent (appraisal interviews, training)

● A commitment to combating all forms of discrimination

sick leave benefits, including maternity leave and caring for a family member with a

serious health condition

A motivating compensation policy

● Compensation levels in line with market practice

● Savings plans in the form of 401K

● Available health insurance programs with multiple coverage options

● Stock option plans available for certain officers and high-level employees

● Formalizing employee relations practices through an employee Workplace Safety Committee

Social Values

Current situation:

Recognized business

Relations with brands under license agreements

● A focus on developing genuine partnerships through close and regular relations with the management

of each brand

● Developing products that respect the codes of each brand

● Dedicated Interparfums USA marketing teams

Relations with customers

● Long (or very long-term) relationships with distributors

● Taking into account the specific characteristics of each market and country

● Developing products in some cases specifically adapted to demands

● Sharing projects at a very early stage

Relations with industrial partners

● Long or very long-term relationships with manufacturers in the sector

● Implementing guidelines on “Good Manufacturing Practices”

● Supporting innovation

● Financial support (2020 pandemic)

● Raising awareness of our partners about CSR challenges

Corporate governance

Current situation:

Long-proven practices

Board of Directors

● 10 members:

6 independent directors (60%)

Audit Committee, Executive Compensation

Committee and Nominating Committee

3 independent directors (100%)

Important Business Policies

● Prohibition on fraud, bribes, kickbacks and other

benefits to suppliers and customers

● Prohibition on trading in the company’s securities

on the basis of non-public material information

● Requirement of Company-wide confidentiality for non-public

sensitive or proprietary information

● Prohibition on sexual harassment

● Prohibition on use of child labor and slave labor

● Consolidating our existing corporate governance practices

● Strengthening alignment with Inter Parfums, Inc.

Board Diversity Policy

Brand initiatives

MCM EAU DE PARFUM PACKAGING SUSTAINABILITY

● Outer packaging is 100% recyclable and Forest Stewardship Council (FSC) certified

○ FSC sets standards for responsible forest management

○ FSC is the gold standard in forest certification

● Glass bottle is made from post-industrial recycled materials

● Only environmentally friendly ink and colorants were used for the bottle and carton

HOLLISTER CANYON ESCAPE named “GOOD FOR VEGAN”

● Hollister Canyon Escape For Him and Hollister Canyon Escape For Her meet the following

○ Do not contain substances of animal origin (i.e., carmine, beeswax, honey, royal jelly, marine

collagen, lanolin, fish extract, musk, silk, gelatin, milk, keratin, etc.)

○ Formula has not been tested on animals

○ Do not contain raw materials that have been tested on animals since March 11, 2009 for cosmetic

ABERCROMBIE & FITCH

ABERCROMBIE & FITCH AWAY PACKAGING

SUSTAINABILITY

● Uses glass and folding cartons that are 100% recyclable

● Carton liner is 100% recyclable and biodegradable

The Environment

Focus of 2022 work

Today, Interparfums USA is pursuing an

environmental approach in the following areas

● Manufacturing of components

● The design of fragrances (juice)

● Industrial packaging

Production of components

● Glass bottles:

Reducing consumption of glass and systematic use of recycled glass for launches

Reducing consumption of cardboard, use of sustainable FSC-certified cardboard

Use of FSC cardboard

Design of fragrances (“juice”)

● Continue close collaboration with fragrance houses to incorporate sustainably sourced ingredients in the fragrance oils used

Industrial packaging

● Continue to work in close collaboration with EcoVadis Award Winning packaging service providers

○ Our largest filler in the United States has been awarded Bronze status in 2022 from EcoVadis.

of our largest pump manufacturers is the recipient of a 2021 Gold Medal from EcoVadis for Sustainability and a 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.

● A platform used by the main perfumes & cosmetics industry players

taken account of the REACH regulation (EC Directive No.

1907/2006 of 18 December 2006) on the registration, evaluation and authorization

of chemicals with all its suppliers, and has taken the initiative of contacting its various subcontractors and suppliers to ensure

that they effectively comply with the necessary registrations, notifications and requests for authorization from those upstream

in their supply chain.

Interparfums SA has proactively communicated with all its suppliers to commit to supplying items that do

not contain any substance listed in Appendix XIV (substances of very high concern).

To date, no supplier has declared the presence

of substances subject to authorization in items supplied to Interparfums SA.

Priority for High Levels of Natural Ingredients

SA uses only plant-based alcohol in all its fragrance lines, essentially beet alcohol, 99.5% of which is natural.

The remainder

is made up, depending on the line, of a variable proportion of natural ingredients.

All the perfumers we work with have concentrates

with a proportion of ingredients certified to ISO 9235 or ISO 16128.

The proportion of natural fragrances is therefore over 80%.

For its other products (aftershave balm, hand cream, shower gel and body lotion), Interparfums SA uses between 79% and 88% natural

Girl Franchise

launch of Rochas’ first low environmental impact line in 2021 was the first eco-design initiative to be led by Interparfums SA

This proposal allowed us to test with Rochas Girl the possibilities available to us in this area, taking our thinking

as far as possible.

The aim was to offer consumers a fragrance that met their expectations in terms of environmental engagement.

This project combined the codes of luxury perfumery with a new awareness by modernizing the Rochas portfolio, in an inclusive

and eco-responsible approach.

Rochas Girl is made from 90% natural ingredients, with neroli extract with relaxing properties,

and is vegan.

Its glass bottle contains 40% post-consumer recycled glass (“PCR”), which is the maximum level currently

proposed by glassmakers, and its cap is made from recycled plastic.

Its cardboard case is FSC-certified, printed with water-based

ink and without unnecessary decoration.

It is made in France.

Its formula contains no colorants, stabilizers, controversial additives

or UV filters.

It contains a reduced number of allergens.

In the same vein, a refill is now available for even less impact on

the environment.

○ Social & Human Rights

○ Responsible sourcing

● Become an active contributor to protecting the environment as well as through our business partners

As we continue in

our endeavors of responsible employment, corporate citizenship and governance practices, and continue to elevate the issue of environmental

responsibility, we will update our policies and procedures accordingly.

As such, this Ethical Code of Conduct will be updated from

time to time.

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

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 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.

Over 50% of our European

based prestige fragrance net sales are denominated in U.S.

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.

The business of our

European 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

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 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 operations has become increasingly seasonal as shipments

are weighted toward the second half of the year.

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.

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 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 million (approximately $21 million).

Based on 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, fragrance products are regulated as cosmetics, and fragrances include perfumes, colognes and aftershave.

They must meet the same requirements for safety as other cosmetic ingredients.

Compliance required of fragrance ingredients include

being safe for consumers when they are used according to labeled directions or as consumers customarily use them.

Under the Fair Packaging

and Labelling Act, companies and individuals who manufacture or market cosmetics have the legal responsibility to ensure the products

are safe and labelled according to the Act.

Our fragrance products

that are manufactured and marketed in Europe are also regulated as cosmetics and subject to EU Regulation 1223/2009, and after

Brexit, the United Kingdom regulation of The UK Schedule 34 to the Product Safety and Metrology Regulation 2019.

As of the date

of this report, IP products are in compliance with these regulations.

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.

registered trademarks include:

Abercrombie & Fitch

Donna Karan and DKNY

multi-channel advertising was consistent with the product, with an advertisement filmed in the Paris region, with pictures of

unretouched models conveying an authentic image.

FSC certified cardboards point-of-sale advertising was also used.

Girl , Rochas also wanted to join the "1% for the planet" initiative, redistributing 1% of turnover generated

to various charities.

new version of Rochas Girl , Rochas Girl Life, launched in spring 2023, offers a direct refill and its bottle is

made from 40% PCR glass.

Environmental

Responsibilities

SA does not directly manage industrial sites but is involved in developing an environmental policy in collaboration with its subcontracting

partners and suppliers throughout its value chain, particularly in the following areas:

choice of ingredients;

choice of techniques and materials;

recycling and waste disposal measures;

reducing CO 2 emissions.

SA has no manufacturing activity and entrusts the manufacturing process to partners, each offering the best expertise and commitment

in their respective fields:

fragrance, glassmaking and packaging.

Interparfums SA asks them about their CSR strategies, in addition

to the EcoVadis assessment, and works with them to incorporate the environmental issues identified at each stage, in particular

the choice of materials used in components, waste treatment and reducing the carbon footprint.

optimized eco-design charter was formalized in 2022 and shared both internally and externally to ensure that the possible options

in this area are clear to all stakeholders.

The aim of this charter is to highlight the best practices of Interparfums SA for

optimizing the eco-design of the products it develops.

The objectives for each product category are clearly stated:

glass, decoration,

covers, wedges and cases.

products are not forgotten either with boxes, tubes and point-of-sale advertising.

This is a global approach that will enable

Interparfums SA to prepare for the regulatory obligations of the French AGEC law (anti-waste law for a circular economy).

the Environmental Impact of Our Operations

SA uses an HQE (High Environmental Quality) certified warehouse located in Normandy France, for its logistics and storage needs.

This certification covers improved insulation, lighting using presence detectors, Ecolabel finishing materials, centralized technical

management for energy control, rainwater recovery and efficient waste sorting.

SA constantly monitors energy and water consumption indicators to identify opportunities for improving energy efficiency in lighting,

heating and ventilation throughout the logistics site, such as modulating ventilation flow rates and programming weekend heating/ventilation

this end, the warehouse lighting is switched off automatically when employees are on a break outside and the temperature in the

warehouse is kept at 11°C.

This energy management also includes measures to manage the recharging schedules of the electric

forklift trucks during off-peak hours at night, with a low consumption of 280 kW maximum instead of 600 kW during the day.

electricity consumption reports are drawn up and in the event of significant peaks in consumption, the Company analyses the causes

of this over-consumption in order to remedy the situation where necessary.

Finally, to help preserve the environment, Interparfums

SA has installed dedicated parking spaces for bicycles and electric terminals for cars on the logistics site.

Total Energy consumption in kWh

SA closely monitors its waste production at warehouse level.

In 2023, 27 tons of waste were recycled through various channels

(plastic, pallets, paper and cardboard).

In addition, 3 tons of non-hazardous waste were incinerated with heat recovery.

was no dangerous waste elimination in 2023.

undertaken in collaboration with the warehouse and goods dispatch manager as part of the improvement and optimization of inter-plant

transport and the logistics platform have contributed to a reduction in the number of trucking turnarounds.

regards transport to distributors, Interparfums SA uses road transport for shipments in France and Europe and sea transport for

America, Asia and the Middle East.

Interparfums SA makes very limited use of air transport, reserving it for unavoidable emergencies.

Some promotional products manufactured in Asia are sent directly to American distributors without being imported and stored in

the Carbon Footprint Of Our Activities

carbon footprint has been calculated for scopes 1 and 2 since 2020.

Scope 1 covers direct greenhouse gas emissions (gas and fuel

consumption by Interparfums SA vehicles), while Scope 2 covers indirect emissions associated with energy (electricity consumption).

The sites studied were the warehouse and offices of the Paris head office.

On rue de Solférino, the premises are connected

to the City of Paris heating network and to a district cooling network that uses the cool temperature of the River Seine to cool

the water in the distribution network.

The emission factors for these two networks are very favorable in terms of carbon footprint.

Gas consumption is now reduced to that of the warehouse.

In addition, the solar panels on the roof have produced 4.9 MWh of renewable

tons of CO 2 equivalent

variations between 2023 and 2022 are linked to the periods of lockdown relating to the pandemic in 2020.

In 2022, Interparfums

SA moved its head office to BREEAM and HQE-certified premises, which are expected to reduce energy consumption by around 30%.

In addition, the use of renewable energies and the Paris heating network help improve these results.

2021, a full scope 1, 2 and 3 carbon footprint has been calculated using the GHG protocol method and either emission factors available

in databases, monetary ratios, or data shared by suppliers.

Therefore, 2021 is the reference year chosen by Interparfums SA for

its carbon trajectory.

are convinced that it is by involving our suppliers in our approach that we will be able to make progress on a low-carbon trajectory.

For the moment, only 53% of suppliers within the EcoVadis scope are tracking their carbon footprint.

However, 86% of purchases

of goods and services for production are made from suppliers located in Europe, who will be subject to the CSRD regulations (with

a deadline depending on their size) and will therefore initiate the process of measuring their carbon footprint.

If they wish,

we will support them in terms of methodology so that they can make progress on these crucial issues.

tons of CO 2 equivalent

and services purchased

from fuels and energy not included in Scope 1 or 2

freight transport and distribution

leasing assets

indirect upstream emissions

freight transport and distribution

of life of products sold

leasing assets

variations observed between the two years can be explained by changes in suppliers, some of whom are more advanced in terms of

carbon strategy and disclose their new scope 3, which we integrated in our measurements.

More assets were tied up over the period

and more business trips were made.

footprint (scopes 1, 2 and 3)

carbon intensity is at the low end of its sector.

The significant change between 2021 and 2022 is also linked to the increase

in kg of CO 2

k€ of turnover

the carbon footprint measurement had been completed, it was found only some of production purchases were made from suppliers with

targets for reducing their carbon footprint by 2030 (often in line with the European fit for 55 ).

We will be continuing

our dialogue with them to increase the number of partners involved and thus avoid carbon emissions.

SA wants to ensure that its climate trajectory is in line with the most recognized standards.

A first step is to align its reporting

with the principles of the TCFD ( Task Force on Climate- Related Financial Disclosures).

to Carbon Sequestration Programs

the end of 2022, Interparfums teamed up with TerraTerre , a young French Company with a mission to connect farmers committed

to the ecological transition and companies wishing to contribute to the global goal of climate neutrality by 2050.

the Environmental Impact of Products

to prevent environmental risks and pollution begins with the choice of techniques and materials, which must be optimized.

reduce the impact of its activities, some of the bottles produced by Interparfums SA are colored by applying a water-soluble solution,

making it possible to obtain a partly biodegradable color with no harmful impact on the natural environment.

For the rest of its

product ranges, Interparfums SA is pursuing its objective of gradually phasing out the use of "solvent-based" lacquers,

with a view to using "water-based" lacquers for all its product ranges.

addition, Interparfums SA is committed to reducing the volume of packaging and selecting appropriate materials at every stage

of product development, to ensure that they can be recycled or disposed of under optimum conditions.

Recyclable glass bottles

are manufactured using a system that recovers, crushes and remelts the waste.

Interparfums SA has revised boxes and secondary

packaging (perfume cases and boxes) to optimize pallet filling, reduce cardboard purchases and cut transport volumes by reducing

Tester boxes are entirely recyclable.

Interparfums SA is now imposing a minimum number of pallets per truckload.

Products Integrated Into the CSR Initiative

for our boxes and cases has long been made from FSC-certified cardboard and paper.

The transport crates have also been FSC-certified

design of the boxes also takes environmental concerns into account, with a choice of two formats, each with 3 recipient heights

to match the volume of perfume.

In addition, because of new specifications from certain distributors, the boxes will be subject

to further developments.

The new configuration will enable us to reduce our use of PS (polystyrene) plastic by more than 200 tons

and our use of 100% recycled APET plastic by 40 tons.

to an innovative proposal from a supplier, in 2022 the new capsules helped reduce the amount of virgin PP plastic used by 3.6

The replacement of virgin plastic in the boxes has begun, with the essential steps of testing compatibility with the formulas.

In 2022, 60% of tube have been made from PE PCR, saving 16 tons of virgin PE plastic.

PVC has definitively been banned for perfumery

more than 50% of tubes are recyclable, and more than 2 million of them contain no or no more carbon black (making them difficult,

if not impossible, to recycle).

Another action aimed at reducing the consumption of unnecessary packaging is to discourage its

use and replace it, particularly polybags.

We progressively suppress the carbon black in the plastic tubes to make them recyclable

in an easier way.

with Purchase (GWPs) are a major driver of consumer decisions.

The CSR initiative extends to their selection.

Our five suppliers

are already assessed by EcoVadis, and their average score is 77.6 (4 are Platinum and 1 Gold according to the 2022 ranking), which

is well above the average score for their sector (which is either 39 or 47, depending on the company).

We are therefore exercising

our duty of care in this area and, in addition, will be sharing our ethics charter with them in 2023.

The search for eco-labelled

products is also a priority.

2024, except for fragile items, promotional products will be wrapped in Kraft paper rather than plastic.

Consumers Recycle Their Packaging

packaging for perfumes sold by Interparfums SA can be recycled if the correct procedure is followed.

The optimized eco- design

charter recommends using traditional glass ( i.e., soda-lime glass), which is recyclable, and avoiding technical glass ( i.e.,

boro-silicate glass), which is not.

January 2022, European regulations have made it compulsory to display the Triman logo with instructions on how to recycle waste.

This has been done for all products sold by Interparfums SA.

are taking part in the Selective Perfumery working group run by the Institut du Commerce, which aims to mobilize brands and distributors

around the issue of collecting and recycling plastic in-store advertising in France.

This collective approach also brings together

in-store advertising manufacturers already committed to eco-design and potential dismantling.

these actions reflect Interparfums SA’s determination to integrate circular economy initiatives into its business model.

Responsibilities

to Operational Stakeholders and Society

it carries out and develops its activities, Interparfums SA has identified the following challenges:

a high level of relationship with its licensors through synergy, mutual involvement and the sharing of common values;

long-term partnerships with its suppliers and subcontractors through close collaboration in information exchange, in particular

about their CSR approach, their carbon footprint and their trajectory;

long-term, trust-based relationships with its distributor customers.

Trusting Relationships with Licensors and Distributors

signing its first license agreement in 1988, Interparfums has developed a significant portfolio of luxury brands under license.

Contact with luxury houses is systematically initiated by managers who develop and maintain a close relationship with the licensors.

Through the close collaboration between the marketing departments and the brands, which has increased over the years, products

are developed according to the desires and collections of each brand, to offer a unique fragrance that represents shared values.

SA has developed long-standing relationships with its distributors in each of the countries or regions in which it operates.

than 60 employees use their expertise in France and over 100 countries to distribute its fragrances.

As each continent and region

of the world has its own tastes, identity and olfactory culture, as well as its own sensitivities and attachment to a brand, there

is no single destination, and it is crucial to develop close commercial relationships with our distributors, to provide optimum

service to the consumer.

two or three years, Interparfums SA organizes a seminar lasting several days, bringing together all its distributors from around

This seminar, scheduled for 2024, will be an opportunity to present all the brands and products on offer, to meet all

the distributors and involve them closely in our development, and for the distributors to meet the employees with whom they work

closely on a daily basis.

Lasting Industrial Partnerships

of the subcontractors' factories and the warehouse for storing finished products are in Haute Normandie (France).

generated by Interparfums SA thus contributes to the development of the local economy.

of the perfumers we work with answer the CDP Climate Change questionnaire.

Their grades are above B, which is a reassuring

performance for our relationship with them.

This means that they are dealing with climate change and biodiversity at the right

Ratings of this level reflect a mature analysis of climate risks and opportunities.

Forests questionnaire is also important for Interparfums SA, which pays close attention to the management of natural areas

and considers it essential not to introduce raw materials responsible for deforestation in any country.

our suppliers assessed by EcoVadis, 45% are ISO 14001 certified, and 28% are ISO 45001/ OHSAS 18001 certified.

a Quality Management System with Confidence

SA has introduced specifications for purchasing, logistics, and best manufacturing practice standards for its subcontractors.

In addition, Interparfums SA has drawn up a business ethics charter that will be binding for its partners, to ensure that they

comply with the rules of ethics, morality and law that we are committed to respecting.

Its roll-out can thus be measured and improvement

plans can be requested from partners.

2013, all our suppliers have been implementing the ISO 22716 international standard on Best Manufacturing Practices, which sets

out guidelines for the production, checks, packaging, storage and dispatch of cosmetic products.

It is the practical development

of the quality assurance concept, through the description of the plant's activities.

Against this regulatory backdrop, regular

audit campaigns of all packaging plants carried out by the Quality department in accordance with the ISO 22716 standard have been

The purpose of these audits is to ensure that packagers maintain a good level of traceability.

All plant activities

have been reviewed, including the processes for receiving raw materials and packaging items, manufacturing, packaging and quality

These reports have demonstrated that our subcontractors comply with ISO 22716 Best Manufacturing Practices and in particular

the traceability required for all fragrance production.

the CSR Performance of Suppliers

part of its CSR strategy, Interparfums SA has teamed up with EcoVadis to assess the CSR performance of its supply chain and suppliers.

EcoVadis operates a global platform for assessing and sharing CSR performance, and their assessment method is based on international

CSR standards.

2023, 110 suppliers were assessed or in the process of being assessed, representing 92% of Interparfums SA’s purchasing

As part of a continuous improvement approach, Interparfums SA’ s objective is to monitor and encourage the CSR

performance of its suppliers in 4 major areas:

Environment, Social and Human Rights, Business Ethics and Responsible Purchasing.

of EcoVadis Evaluations

Number of Supplies Assessed

Average Score (overall score)

Environment Score

Social and Human Rights Score

Business Ethics Score

Responsible Purchasing Score

Positive Contribution Through Impactful Philanthropy

pollution is a major issue.

The oceans are its first victims and taking concrete action to protect them is a cause that Interparfums

With this in mind, we have decided to support The Sea Cleaners, a charity founded by yachtsman Yvan Bourgnon.

charity's mission is to help clean up the oceans by deploying boats to collect and recycle plastic waste.

Awareness-raising campaigns

are also run for the general public to bring about lasting changes in behavior.

2018, through the Givaudan Foundation , Interparfums SA has helped seven schools manage their libraries.

In 2022, the school

library installation program continued in Sulawesi with the opening of 2 new libraries in Mamuju (West Sulawesi).

A total of more

than 5,000 books were delivered to 1,163 children and 95 schoolteachers.

Interparfums SA renewed this partnership for 2023.

Employer Committed to Everyone's Success

a management style that is very family oriented and close to employees, everyone is free to share their ideas while respecting

Interparfums SA’s values.

Management attaches the utmost importance to ensuring that everyone understands and supports Interparfums

SA’s strategy.

briefings on business developments keep employees up to date with management and market expectations.

The flexibility of the organization,

which is essentially made up of small teams, means that it can constantly adapt to any changes or developments in the external

the "Interparfums SA spirit" also means that all employees adhere to and are aware of the Company'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 charter called the "Code of Conduct," to which each employee adheres, and which particularly focuses

on health, safety, discipline, risk prevention, harassment, respect for individual freedoms, sensitive transactions, fraud and

business confidentiality.

Diversity of profiles, cultures, ages and genders is a source of strength for our teams, the Company's

greatest asset.

2019, Interparfums SA has organized an annual disability awareness campaign.

In 2022, employees had the opportunity to take part

in a conference organized in partnership with the Café Joyeux Company, which employs people with disabilities, mainly

with Down's syndrome or autism.

Thanks to these discussions and testimonials, employees were able to talk about any obstacles

they might face and share their visions and experiences.

to these awareness-raising campaigns and local support from the Human Resources teams, three employees have been recognized as

disabled workers via the RQTH (Recognition as a Worker with a Disability).

quality of the work carried out by the teams is enhanced throughout the careers of our employees through training courses 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.

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

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.

addition, as part of the drive to prevent psychosocial risks, a counseling 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”).

CSR Executive Committee has therefore decided to set up a dedicated internal interactive platform:

Work for Good .

for Good is a socially responsible platform which, with just a few clicks of the mouse, aims to raise awareness among employees

and encourage them to think about their consumption habits, both at work and at home and also think about how our professions

need to change.

platform also provides year-round information on Interparfums’ strategy.

A number of modules will also be dedicated to understanding

climate change.

And for those who want it, turnkey training courses on environmental and social issues along with simple solutions

that are easy to integrate into everyday life.

SA adheres to the Middlenext corporate governance code and in this context is developing its governance in line with the ESG issues

identified in its materiality matrix above.

Since its listing on the Paris stock exchange, Interparfums SA has made every effort

to be as transparent as possible by regularly explaining its strategy, outlook and concerns, and by answering all its shareholders'

questions to the best of its ability.

2022, we set up an Individual Shareholders’ Consultative Committee to strengthen our communication and respond more effectively

to the legitimate expectations of our shareholders.

In 2023, the members of the Board of Directors attended information-sharing

sessions designed to help them anticipate future regulations, particularly in terms of climate change, business ethics and the

fight against corruption and forced labor.

At the 2023 Annual General Meeting, new Directors were appointed to achieve double

parity, with the Board of Directors now made up of 50% independent directors and 50% women.

SA does not engage in any lobbying activities.

Interparfums SA is a member of Middlenext to ensure that management is informed

and trained in new regulations.

business ethics charter formalized in 2022 was sent in the second half-year to supply chain suppliers via the Provigis

This will enable us to guarantee suppliers' regulatory compliance and monitor the electronic signature system that will

be put in place for the ethics charter.

Other suppliers and partners will also be involved.

In addition to distributing the ethics

charter, we have decided to provide anti-corruption training for all our employees.

Employees who are most exposed to risk will

benefit from a special, tailor-made training day led by an expert.

and Distribution

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.

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 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.

50% of our European based prestige fragrance net sales are denominated in U.S.

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.

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.

our United States 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 operations has become increasingly seasonal

as shipments are weighted toward the second half of the year.

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.

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

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.

United States 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 €14.7 million (approximately $16.2 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.

have never been the subject of any material product liability claims.

the Federal Food, Drug and Cosmetic Act, fragrance products are regulated as cosmetics, and fragrances include, but are not limited

to, perfumes, colognes, fragrance mists, body sprays and aftershave.

They must meet the same requirements for safety as other

cosmetic ingredients.

Compliance required of fragrance ingredients include being safe for consumers when they are used according

to labeled directions or as consumers customarily use them.

the Fair Packaging and Labelling Act, companies and individuals who manufacture or market cosmetics have the legal responsibility

to ensure the products are safe and labelled according to the Act.

fragrance products that are manufactured and marketed in Europe are also regulated as cosmetics and subject to EU Regulation 1223/2009,

and after Brexit, the United Kingdom regulation of The UK Schedule 34 to the Product Safety and Metrology Regulation 2019.

of the date of this report, Interparfums products are in compliance with these regulations.

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

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

various licenses and other agreements, we have the right to use certain registered trademarks throughout the world for fragrance

These registered trademarks include:

Abercrombie &

Donna Karan and

Dunhill (license expired September 30, 2023, sell off period until September 30, 2024)

Emanuel Ungaro

2 unchanged sentences

Oscar de la Renta

Van Cleef & Arpels

In addition, we are the registered owner

of several trademarks for fragrance and beauty products, including:

Human Capital

As of December 31,

2022, we had 527 full-time employees worldwide.

Of these, 306 are full-time employees of our European operations and its subsidiaries,

with 186 employees engaged in sales activities and 120 in administrative, production and marketing activities.

Our United States

operations have 175 full-time employees, and of these, 51 are engaged in sales activities and 124 in administrative, production

and marketing activities.

In addition, Interparfums Italia Srl, our wholly-owned subsidiary, has 46 full-time employees, with 21

engaged in sales activities and 25 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.

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.

Goals for our employees Company-wide are

- developing a team spirit and cross-functional collaboration;

- maintaining a high level of expertise;

- cultivating a culture that promotes our values of entrepreneurship, commitment, creativity and

Roberto Cavalli

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

June 2020, the 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.

of December 31, 2023, we had 607 full-time employees worldwide.

Of these, 334 are full-time employees of our European based operations

and its subsidiaries, with 90 employees engaged in sales activities and 244 in administrative, production and marketing activities.

Our United States based operations has 273 full-time employees, and of these, 85 are engaged in sales activities and 188 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.

Interparfums, we strongly believe in fostering a diverse and inclusive workplace free from discrimination of any kind, including

sexual or other discriminatory harassment, an environment where everyone feels safe, valued, respected, and empowered to reveal

their authentic selves.

This approach to diversity includes diversity of gender, ethnicity, ability, background, gender identity,

and sexual orientation and is recognized at the leadership level and throughout our whole organization.

for our employees Company-wide are:

- // cultivating

a culture that promotes our values of entrepreneurship, commitment, creativity and passion;

developing a respectful and inclusive work environment;

developing team spirit and cross-functional collaboration;

ensuring equal opportunity employment;

- empowering employees to develop their skills and grow their careers;

empowering employees to develop their skills and grow their career;

maintaining a high level of expertise;

maintaining a proper balance between professional and private life;

promoting dialogue between employees and management;

- offering quality working conditions;

offering quality of working conditions;

preserving the health and safety of all.

- maintaining a proper balance between professional and private life.

United States Operations

Our 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 senior officers have been with us for more than twenty years

(other than our CFO who just joined our company in September 2022), 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 and share the same values of entrepreneurship, commitment, creativity and passion.

States Based Operations

employees are one of our most valuable assets, and fostering long-term relationships is 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 a long-standing workforce benefits our company.

All of our executive officers have been with us for a long

time (other than our CFO and our head of HR who joined our Company in 2022), and we also have several senior members of staff

with years of experience at Interparfums.

These experienced executives and employees believe that our company and their co-workers

are an extended family and share the same values of entrepreneurship, commitment, creativity and passion.

Their efforts and dedication

are what allow our company to prosper.

Every year, United

States operations organizes two seminars over several days for all its global sales staff.

year, Interparfums organizes two seminars over several days for all its global employees.

This seminar provides an opportunity

to present all the Company’s brands and products and marketing strategies.

The 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

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

requirements.

As part of our increasing

benefits of working at our United States operations, we provide a comprehensive benefits package (medical, dental, vision, long-term

disability, accidental death and dismemberment insurance and life insurance, 401-K, commuter benefits), allow Friday remote working

arrangements for our employees, have shorter hours on Fridays during the summer months, offer various gifts and “goodie bags”

during various times of the year, have made available food choices for purchase in our lunchroom in New York from the “Fraîche

fridge,” and hold quarterly presentations showing financial results, updates on all departments, existing product lines,

as well as the development and launches of new products for all of our brands for all employees and consultants worldwide of United

States operations so that all are made aware of our operations, and invite comments from those in attendance at the presentations.

Interparfums Italia

The employees of our

wholly-owned Italian subsidiary, Interparfums Italia Srl, receive both benefits required under Italian law and certain additional

benefits that it provides.

Below are employee benefits provided as required by law.

○ Health insurance

for employees and family coverage

○ Supplementary voluntary

severance plan

○ Parental leave

○ Study leave

○ Training in health

and safety at work

○ Paid time off

○ Implementation of

Covid anti-contagion measures and protocol

Interparfums Italia

also provides these additional benefits for its employees:

○ Working remotely 2 days per

○ Flexible working hours

(different start and end times for employees’ workday)

○ Onboarding Process

– Welcome day (includes training on Company’s history and values, meeting with all teams, a gift and dinner with

the new hire’s team)

○ Welfare Plan –

€500 per year to each employee that can be used through a dedicated platform that encompasses a broad range of benefits and

services (transportation, education, health, culture and leisure time, supplementary pension, other fringe benefits)

○ Paid time off for medical checkups

- 10 hours per year

○ Restaurant voucher to cover

lunch expenses (value of €8 per each day worked)

○ Mobile phone and unlimited

internet connection for specific category of employees (based on role)

The following additional benefits

are also provided:

○ Event celebrations to actively

promote and build a sense of belonging

○ New office set up including

dining area to socialize and relax (free coffee, tea and biscuits)

○ Easter - Chocolate eggs

gift for charity purpose (AIL - Italian Association against Leukemia Lymphoma and Myeloma)

○ Christmas – Greeting

cards and gift sets baskets for charity purpose (ANT – Medical care at home for cancer patients)

European Operations

Interparfums SA’s

employees constitute its most important contributor for creating value.

For that reason, their professional fulfillment and motivation

are indispensable drivers for our development.

With a family-style

management culture that is close to its employees, everyone is free to share their ideas in a manner that respects the company’s

Management attaches great importance to ensuring that each employee fully understands and supports Interparfums SA’s

Through weekly memos

and regular information meetings on business developments and trends, employees are kept up-to-date on expectations of management

to present all the company’s brands, products and marketing strategies.

Italy, an onboarding process is deployed including a welcome day with training on the company’s history and values, meeting

with all teams and dinner with the new employee’s team.

We also have an onboarding program in the US, which includes a two-day

newcomers’ seminar, twice a year where new hires learn more about our Company, our vision, our brands, our teams, our ways

of working and have team building activities.

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 remained in place until June 2023, are in compliance with the Centers for

Disease Control guidelines and state requirements.

In Italy, the application of COVID-19 anti-contagion measures and protocol

are followed and as required by the law, we provide occupational health and safety training.

aim to provide an increasingly attractive employment package at our United States operations, this includes a comprehensive benefits

package (including Medical, Dental, Vision, basic and voluntary Life Insurance, AD&D Short-term and Long-Term Disability and

401K program (plus company match after 1 year of service, 50% of employee contribution, capped at 3%) parental leave and commuter

also allow Friday remote working arrangements for our employees, have shorter hours on Fridays during the summer months, and have

made available food choices for purchase in our lunchroom in New York from the “Fraîche” fridge.

the 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.

welfare plan is provided for employees in Italy, consisting of €500 per year, 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 and fringe benefit).

Ten paid hours per year are allocated for medical appointments.

Luncheon vouchers

worth €8 per day worked are given to cover lunch expenses.

Depending on the position in question, specific categories of

employees are entitled to a company mobile phone and unlimited internet access.

Italy, we also implemented remote working two days per week and flexible working hours (different start and end times for employee’s

Evaluation System

management was introduced in 2022.

It is designed mainly to drive individual performance and organizational effectiveness by aligning

individual and company objectives and to set clear, fair and transparent expectations for success.

Enabling and empowering all

employees to develop their skills and be in line with professional advancement possibilities is an integral part of this process.

Finally, the aim is to promote ongoing opportunities for employees and managers to exchange feedback on performance, milestones,

development, and build stronger work relationships.

process begins in January with goal setting and development planning.

Two check-ins are scheduled over the course of the year.

In November-December, an end-of-year review is carried out for performance assessment.

The latter represents a key step in the

career management of all our employees as it covers four main objectives:

provides an accurate evaluation on employee’s progress and performance against annual goals;

evaluates strengths and opportunity areas;

enables self-reflection;

rates overall performance.

Q3 of 2022, we conducted a Companywide Engagement Survey as we want to hear everyone’s voice and understand their expectations.

We want to build a culture where all our employees feel included, engaged, and motivated – a workplace where they can bring

their best to make things happen and achieve our collective goals.

Based on the survey’s feedback, we implemented various

People & Talent programs with a focus on onboarding, talent management, performance, learning, internal communications, and

company culture.

Some examples include more enhanced benefits, our Performance Management Program, LinkedIn Learning, our toolkit

for new hires, Employee Anniversary Rewards and community events.

nurture employee engagement, we hold quarterly presentations with all employees presenting Company results, function updates,

celebrate successes and open the floor to Q&As.

Italy, community and team building events are organized to actively promote and strengthen the sense of belonging (Interparfums

Italia’s birthday, 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) and Christmas cards and gift

baskets (for ANT - Home Medical Care for Cancer Patients).

Based Operations

SA’s employees constitute its most important contributor for creating value.

For that reason, their professional fulfillment

and motivation are indispensable drivers for our development.

a family-style management culture that is close to its employees, everyone is free to share their ideas in a manner that respects

the Company’s values.

Management attaches great importance to ensuring that each employee fully understands and supports

Interparfums SA’s strategy.

regular information meetings on business developments and trends, employees are kept up-to-date on expectations of management

and the market.

The organization’s flexibility largely made up of small teams facilitates its continuous adaptation to all

changes or evolving external conditions.

This sharing of the

“Interparfums” spirit, also entails a commitment to and understanding of its ethical values by each employee, the fulfillment

of employees at work and compliance with good working conditions.

This ethical commitment is formalized by a “Code of Good

Conduct” to which each employee subscribes, and that is focused in particular on health, safety, discipline, risk management,

preventing harassment, respecting individual freedoms, sensitive transactions, fraud and business confidentiality.

In 2017, Interparfums

SA adopted a Charter relating to the right to disconnect from digital devices that was accepted by each employee.

Every two to three

years, Interparfums SA organizes a seminar over several days for all its distributors from throughout the world.

This seminar provides

an opportunity to present all the company’s brands and products, meet with all distributors and involve them in Interparfums

SA’s development while giving the distributors an opportunity to meet with staff with whom they work closely on a daily basis.

The Human Resources

Department pays particular attention to ensuring equal opportunity and non-discrimination for each recruitment.

Only skills, experience,

qualifications and the personality of the candidates are taken into account in the selection process for new employees.

This diversity

in terms of profiles, culture, age and gender constitutes a decisive strength of its teams, the company’s most important

Women account for 72%

of Interparfums’ workforce and 52% of management positions are occupied by women in 2021.

Since 2019, Interparfums

SA has organized an annual disability awareness raising campaign.

In 2021, employees were given an opportunity to participate role-playing

workshop designed to give them a first-hand perspective of a person with a disability (hearing, visual, psychological, motor).

Thanks to these opportunities for exchange, employees were able to talk about their all possible impediments and share their views

and experiences.

Through these awareness-raising

campaigns and local support from the Human Resources teams, two employees were accorded the status of employees with disabilities

through a specific procedure available in France for that purpose (Reconnaissance de la Qualité de Travailleur Handicapé

Interparfums SA also

participates indirectly in promoting the employment of persons with disabilities and combating exclusion discrimination.

has chosen to use a sheltered work enterprise to package its perfume boxes and a global communications agency called “Les

Papillons de Jour” to organize the European Week for the Employment of People with Disabilities (EWPD).

In 2021, the total

cost for these services amounted to €974,094.

In addition, Interparfums

SA has adopted action plans promoting the employment of seniors and equal opportunity between men and women.

Compensation and

wage increases

Interparfums SA has

a compensation policy as well as a system of job classifications and performance evaluations applied to all employees.

These procedures

guarantee the principle of fairness as well as equal treatment of men and women employees.

All employees benefit from a combination

of fixed and variable incentive compensation benefits linked to Interparfums SA’s performance.

The organization’s flexibility, largely made up of small teams, facilitates its continuous adaptation to

all changes or evolving external conditions.

sharing of the “Interparfums” spirit also entails a commitment to and understanding of its ethical values by each

employee, the fulfillment of employees at work and compliance with good working conditions.

This ethical commitment is formalized

by a “Code of Good Conduct” to which each employee subscribes, and that is focused in particular on health, safety,

discipline, risk management, preventing harassment, respecting individual freedoms, sensitive transactions, fraud and business

confidentiality.

2017, Interparfums SA adopted a Charter relating to the right to disconnect from digital devices that was accepted by each employee.

two to three years, Interparfums SA organizes a seminar over several days for all its distributors from throughout the world.

This seminar provides an opportunity to present all the Company’s brands and products, meet with all distributors and involve

them in Interparfums SA’s development while giving the distributors an opportunity to meet with staff with whom they work

closely on a daily basis.

Human Resources Department pays particular attention to ensuring equal opportunity and non-discrimination for each recruitment.

Only skills, experience, qualifications and the personality of the candidates are taken into account in the selection process

for new employees.

This diversity in terms of profiles, culture, age and gender constitutes a decisive strength of its teams,

the Company’s most important asset.

account for 74% of Interparfums SA’s workforce and 60% of management positions are occupied by women in 2023.

2019, Interparfums SA has organized an annual disability awareness raising campaign.

In 2021, employees were given an opportunity

to participate in a role-playing workshop designed to give them a first-hand perspective of a person with a disability (hearing,

visual, psychological, motor).

Thanks to these opportunities for exchange, employees were able to talk about their possible impediments

and share their views and experiences.

these awareness-raising campaigns and local support from the Human Resources teams, two employees were accorded the status of

employees with disabilities through a specific procedure available in France for that purpose (Reconnaissance de la Qualité

de Travailleur Handicapé or RQTH).

SA also participates indirectly in promoting the employment of persons with disabilities and combating exclusion discrimination.

The Company has chosen to use a sheltered work enterprise to package its perfume boxes and a global communications agency called

“Les Papillons de Jour” to organize the European Week for the Employment of People with Disabilities (“EWPD”).

addition, Interparfums SA has adopted action plans promoting the employment of seniors and equal opportunity between men and women.

and wage increases

SA has a compensation policy as well as a system of job classifications and performance evaluations applied to all employees.

These procedures guarantee the principle of fairness as well as equal treatment of men and women employees.

All employees benefit

from a combination of fixed and variable incentive compensation benefits linked to Interparfums SA’s performance.

Profit-sharing

As required by French

law, a statutory employee profit-sharing agreement was implemented in 2001.

In April 2015, this agreement was amended to provide

more advantageous terms to employees, representing an important component of compensation and motivation for all staff and reviewed

Savings plan and

All employees of Interparfums

SA benefit from a company savings plan which proposes several types of funds corresponding to the specific projects of each.

2017, it has adapted its plan by proposing an Interparfums stock ownership fund allowing employees to take advantage of the growth

of Interparfums’ shares under favorable tax conditions.

The amounts employees pay into this fund are supplemented by an important

contribution by the company.

In addition, a group

retirement savings plan (Plan d’Epargne Retraite Collectif or PERCOL) is available to employees as a vehicle for preparing

for their retirement and to which the company contributes significantly.

Employees also can transfer a portion of their unused

annual vacation days into the Interparfums SA retirement savings plan.

Supplemental defined

contribution retirement plan contract (Article 83)

Management employees

benefit from a supplemental defined-contribution retirement plan.

required by French law, Interparfums SA maintains a statutory employee profit-sharing agreement, which represents an important

component of compensation and motivation for all staff and reviewed every year.

plan and pension plan

employees of Interparfums SA benefit from a company savings plan which proposes several types of funds corresponding to the specific

projects of each.

Since 2017, it has adapted its plan by proposing an Interparfums stock ownership fund allowing employees to

take advantage of the growth of Interparfums’ shares under favorable tax conditions.

The amounts employees pay into this

fund are supplemented by an important contribution from the Company.

addition, a group retirement savings plan ( Plan d’Epargne Retraite Collectif or “PERCOL”) is available

to employees as a vehicle for preparing for their retirement and to which the Company contributes significantly.

Employees also

can transfer a portion of their unused annual vacation days into the Interparfums SA retirement savings plan.

defined contribution retirement plan contract (Article 83)

employees benefit from a supplemental defined-contribution retirement plan.

Participation in this plan is mandatory.

This individual plan

is funded by monthly employee and employer contributions, with the breakdown of these latter contributions freely determined.

SA has decided to assist its employees in financing this supplemental retirement benefit, by assuming an important percentage of

these contributions itself.

This individual

plan is funded by monthly employee and employer contributions, with the breakdown of these latter contributions freely determined.

Interparfums SA has decided to assist its employees in financing this supplemental retirement benefit, by assuming an important

percentage of these contributions itself.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business