UNIVERSAL
REGISTRATION
DOCUMENT
2024
INTERPARFUMS
INCLUDING THE ANNUAL FINANCIAL REPORT


1 — CONSOLIDATED MANAGEMENT REPORT — 59
2 — CORPORATE SOCIAL RESPONSIBILITY — 79
3 — CONSOLIDATED FINANCIAL
STATEMENTS — 117
4 — CORPORATE GOVERNANCE — 149
5 — INFORMATION ON THE COMPANY
AND ITS CAPITAL — 181
6 — COMBINED ORDINARY AND EXTRAORDINARY
GENERAL MEETING OF APRIL 17, 2025 — 187
7—G  ROUP ORGANIZATION — 201
8—A  UDITORS, RESPONSIBILITY
STATEMENTS AND REPORTS — 203
UNIVERSAL REGISTRATION DOCUMENT 2024




This document is a free translation of selected sections of the original “Document d’Enregistrement Universel” or Universal Registration Document issued
in French for the year ended December 31, 2024 and filed on March 26, 2025 with the AMF (Autorité des Marché Financiers), the French financial market
regulator, as the competent authority under regulation (UE) 2017/1129, without prior approval pursuant to article 9 of said regulation. The Universal
Registration Document of the Company issued in French is available on the website of the issuer. As such, the English version has not been registered
by this Authority. Furthermore, because the English version of this document has not been audited by our Statutory Auditors, the English translations
of their reports are not included herein. In the event of any ambiguity or conflict between corresponding statements or other items contained in
INTERPARFUMS




these documents and the original French version, the relevant statement or item of the French version shall prevail and only the original version of
the document in French is legally binding and this translation may not be relied upon to sustain any legal claim, nor be used as the basis of any legal opinion
and Interparfums SA expressly disclaims all liability for any inaccuracy herein.
The Universal Registration Document may be used for the purposes of an offer to the public or admission of financial securities to trading on a regulated
market if it is supplemented by a securities note and, if applicable, a summary together with any amendments to the Universal Registration Document.
The resulting group of documents was approved in its entirety by the AMF in accordance with Regulation (EU) 2017/1129.



57
UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




58
1



1 — CONSOLIDATED
MANAGEMENT REPORT


1 — GROUP BUSINESS AND STRATEGY — 60
2 — CONSOLIDATED FINANCIAL DATA — 64
3 — RISK FACTORS — 65
4 — INTERNAL CONTROL AND RISK
MANAGEMENT PROCEDURES — 73
5 — CORPORATE SOCIAL RESPONSIBILITY — 75
6 — DIVIDENDS — 75
7 — PURCHASE OF OWN SHARES BY INTERPARFUMS SA — 76
8 — GROUP STRUCTURE — 77
9 — MARKET SHARE AND COMPETITION — 78
10 — POST‑CLOSING EVENTS AND SIGNIFICANT
CHANGES IN FINANCIAL POSITION — 78
11 — 2025 OUTLOOK — 78

UNIVERSAL REGISTRATION DOCUMENT 2024




Historical financial information
In accordance with article 19 of European Regulation (EU) 2017/1129, the following information shall be incorporated by reference in this Universal Registration
Document:
— The consolidated financial statements for the period ended December 31, 2023 and the corresponding audit report included respectively in part 3
and part 11 of the Universal Registration Document (No. D.24-0152) filed with the AMF on March 22, 2024) (https://www.interparfums-finance.fr/
pdf/rapports-annuels/Interparfums-RA2023.pdf).
— The consolidated financial statements for the period ended December 31, 2022 and the corresponding audit report included respectively in part 3
and part 11 of the Universal Registration Document (No. D.23-0185) filed with the AMF on March 30, 2023) (https://www.Interparfums-finance.fr/
INTERPARFUMS




pdf/rapports-annuels/Interparfums-RA2022.pdf).
Copies of this document are available free of charge from the Company’s registered office and also in digital format from the websites of the AMF
(www.amf-france.org) and the company (www.Interparfums-finance.fr/rapports-annuels/).
This document is a free translation into English of selected sections of the official French language version of the 2024 Universal Registration Document
including the Annual Financial Report prepared in XHTML format and available on the Company’s website.



59
1


1 — GROUP BUSINESS AND STRATEGY
This strategy is built around a portfolio of luxury brands,
1.1 — DESCRIPTION OF either under exclusive license agreements or owned by
THE BUSINESS the Group, in the fashion, leather goods, haute couture,
fine jewelry and accessories sectors.
The core business of the group consisting of Interparfums SA
The choice of brands is based on their reputation, global
and its subsidiaries (“Interparfums” or the “Group”) is the
positioning, their specific identifiable brand codes, rich
development of prestigious fragrance lines.
history and international recognition.
The Group manages the entire fragrance lifecycle, from
Each brand is developed within a selective distribution
creation up to distribution in France and international
network, by pursuing year after year a medium and
markets. It oversees all stages of the process, including
long‑term growth, driven by regular launches to build a
marketing, component manufacturing, product packaging,
diverse and evolving product offering.
choice of promotional tools and communication strategies,
whether for brands owned by the Group or under license
agreements with major haute couture , ready‑to‑wear, 1.2.1 — Development strategy
jewelry or accessories houses. Under the license agreement
Through close collaboration between the Group’s marketing
model, a brand grants Interparfums the right to use its brand
departments and the brands, which has grown over the
name in exchange for the payment of annual royalties linked
years, products are developed according to the needs and
to sales (see Note 6.2 for licensed brands and Note 6.3
collections of each brand to offer a unique fragrance that
for proprietary brands in the appendix to the consolidated
represents shared values.
financial statements in Part 3 of this Universal Registration
Document). The strong, long‑standing relationships with these
brands, combined with a deep understanding of their
The Group has chosen to outsource the entire manufacturing
brand universe, make the Group a unique partner in the
process to industrial partners, each providing specialist
industry. This strategy, formulated with the Executive
expertise in their respective fields, including fragrance
Committee and communicated to the teams responsible
formulation, glassware production, cap and packaging
for its implementation, enables the Group to continuously
manufacturing.
benefit from new business opportunities.
The Group distributes its products worldwide (see Note 5.2
in the appendix to the consolidated financial statements in
1.2.2 — Marketing strategy
Part 3 of this Universal Registration Document). Distribution
is carried out through wholly owned distribution subsidiaries For each brand and product line, the Group strives to
or joint ventures, independent companies, subsidiaries develop concepts tailored to the image and positioning
of major groups specializing in cosmetics, and duty‑free of each fashion house, ensuring that every creation “tells
operators. a story.”
Products are promoted and advertised by the Group’s Equipped with a comprehensive set of marketing tools
marketing teams. adapted to each line, the Group implements advertising
strategies tailored to each product line and country, ranging
The Group also owns the Rochas brand for fashion and
from traditional media plans to social media communication.
accessories, which it used to operate through license
agreements with partners for the design, production and
global distribution of women’s fashion, footwear and leather 1.2.3 — Industrial strategy
goods, men’s fashion, watches and jewelry and eyewear
The product development cycle, which typically takes 12
under the brand. The income made by royalties based on
to 18 months, is managed by the Group’s marketing and
a percentage of partners’ sales are included in the Group’s
development teams in partnership with licensors.
sales. In 2023, Interparfums laid the foundations for a new
business model, shifting to direct control over the creative, With over 40 years of industrial experience, the Group has
promotional and advertising processes for women’s fashion, established long‑term collaborations with all its key partners
footwear and leather goods. The Group has entrusted the (glass makers, packaging suppliers, fragrance producers
manufacturing and distribution processes to industrial and and packaging specialists) and maintains full control over
commercial partners, each providing optimum expertise its creation and production processes.
in their respective fields.
The trusted relationships built over the years with industrial
UNIVERSAL REGISTRATION DOCUMENT 2024




partners, combined with their high level of expertise, enables
the Group to implement innovative industrial processes
1.2 — STRATEGY and optimize performance.
The Group’s strategy is to become a major player in the The manufacturing strategy is also based on a diverse
global selective perfumery market through the creation network of industrial par tners, allowing for multiple
and long‑term development of fragrance lines for prestige production sites for the same product. As a result, the risks
brands. of subcontractor failure and the optimization of production
plans are kept under tight control. Particular attention is
paid to the Business Continuity Plan.
INTERPARFUMS




60
1


1.2.4 — Distribution strategy issues. To address these priorities, a CSR policy has been
implemented by the Group’s operational and functional
With a 36,000 sqm dedicated logistics warehouse in France
depar tments, involving all employees. This policy is
and with warehouses in the United States and Singapore,
supported by an action plan, performance indicators and
the Group benefits from a highly responsive supply chain,
targets to ensure precise operational monitoring.
with very short production times.
For many years, the Group has chosen to integrate a strong
The Group’s products are distributed in over 100 countries
social and societal dimension into its development, built
and 25,000 retail sales points, leveraging long‑standing
around an attractive policy of employee benefits and solid
partnerships with subsidiaries, agents and distributors. The
partnerships with its stakeholders.
Group works with high‑performing partners who meet
the quality standards of each brand. At the environmental level, while the Group does not
operate its own industrial facilities, it has always supported
Regular visits by a team of export managers to foreign
its manufacturing partners by setting high‑quality standards,
distributors and visits by a team of sales representatives
promoting best manufacturing practices and encouraging
for France are organized throughout the year to present
innovation. In recent years, considering the challenges
new products, marketing plans and in‑store promotional
related to climate change, biodiversity conservation and
campaigns. These visits allow the Group to be fully confident
circular economy, Interparfums aims to become a proactive
that its partners have a thorough knowledge of its products
contributor to environmental sustainability on a broader
and are fully aligned with the brand’s identity, heritage and
scale.
product universe.
Convinced that the sustainability of its business model
Every two to three years, Interparfums organizes a three‑day
depends on addressing sustainable development issues, the
seminar bringing together all its distributors from around
Group chose to adapt its approach and, in early 2021, on
the world. The most recent seminar, held in the spring
the initiative of Executive Management, created a dedicated
2024, was an opportunity to present all projects for 2025,
governance body ‑ the CSR Executive Committee. This
meet with distributors, and involve them closely in the
Committee, made up of the CSR, Finance, Supply Chain &
Group’s development. It was also a unique opportunity
Operations, Human Resources, Legal and Communications
for distributors to share engaging and inspiring moments
Departments, is responsible for formalizing and driving the
with the Interparfums teams with whom they collaborate
Group’s CSR strategy defined according to the following
closely on a daily basis.
policy:
— s trengthen its status as a responsible employer by
1.2.5 — Organizational strategy
formalizing and sharing a “Responsible Employer
The Group is committed to maintaining a family‑oriented Charter”, enhancing the employee training plan, and
culture and a flexible organization with efficient hierarchical assessing employee satisfaction levels;
relationships, enabling streamlined processes and quick — reduce its environmental footprint and engage suppliers
decision‑making. Equipped with specialized and experienced in this approach, notably by implementing “Optimized
teams, the Group strives to maintain a high level of expertise Eco-Design Specifications” which include packaging
across all areas including sales, marketing, production, reduction and the incorporation of recycled and
finance, Legal Affairs, information technology (IT), human recyclable materials in all developed products;
resources, and corporate social responsibility (CSR). — measure its carbon footprint using the GHG Protocol
methodology (Scopes 1, 2, and 3) to establish a
As the primary driver of value creation, the Group’s
low‑carbon trajectory in line with the Paris Agreement
employees are at the hear t of Interparfums’ strategy,
and validated by the Science Based Targets initiative
which is built upon its ethical values, fostering motivation,
(SBTi);
professional fulfilment, and a shared Interparfums ethos,
— s trengthen its sustainable development approach by
formalized in 2022 through the Responsible Employer
formalizing and distributing a Business Ethics Charter,
Char ter. Additionally, management attaches great
which is enforceable against operational stakeholders,
importance to ensuring that all employees understand and
and by tracking corruption risks.
are aligned with the Group’s strategy. Regular employee
engagement surveys are conducted to assess alignment This CSR Executive Committee meets on average once
with the Group’s culture and strategic direction. a month, or more frequently if necessary. In 2024, this
committee worked on all the topics listed above. It also
approved the materiality matrix presented in Part 2 of the
1.2.6 — Corporate Social Responsibility
Universal Registration Document and updated the risk factor
(CSR) strategy
matrix in Part 1 of the Universal Registration Document.
The Interparfums Group adopts a comprehensive approach Following a training session, it reviewed and finalized the
to CSR, encompassing social, environmental and ethical double materiality matrix, anticipating the requirements
UNIVERSAL REGISTRATION DOCUMENT 2024




considerations, while ensuring transparency through an of the new European sustainability reporting framework
assessment of related risks, including physical risks and under the Corporate Sustainability Reporting Directive
transitional risks linked to climate change. (CSRD). These developments are regularly monitored,
particularly in the context of the ongoing Omnibus Law. Its
To effectively manage risks and oppor tunities at the
members monitor Interparfums’ CSR performance, which
appropriate level, the Group has identified its key CSR
is regularly presented to the Board’s CSR Committee and
priorities in line with the requirements of the Corporate
subsequently to the Board of Directors. They also approve
Sustainability Reporting Directive (CSRD): Interests and
the CSR frameworks applied by Interparfums and the
perspectives of external stakeholders, environment, social
initiatives required to improve its CSR performance, as
with a focus on employees, value chain stakeholders,
assessed by non‑financial rating agencies.
INTERPARFUMS




consumers and governance including business ethics




61
1


June
1.3 — KEY EVENTS OF THE
— Launch of Lacoste Original
2024 FINANCIAL YEAR A subtle nod to the Lacoste Original fragrance launched
in 1984, this new scent embodies both authenticity and
January innovation. It elegantly reveals the brand’s iconic codes
while bringing a fresh dimension to its olfactory universe.
— Lacoste
Launch of distribution for existing Lacoste product lines. — Bonus share issue
Interparfums SA proceeded with its 25th bonus share
— Launch of Karl Lagerfeld Rouge for Women
issue, granting one new share for every ten shares held.
The name of this new scent directly echoes one of the
designer’s favorite shades and highlights the flamboyant
character of the new composition. July
— Launch of Eau de Rochas Orange Horizon — Launch of Jimmy Choo I Want Choo Le Parfum
Eau de Rochas Orange Horizon invites you on a fragrant Intense, vibrant and captivating, Jimmy Choo I Want
escape to the Mediterranean Riviera, featuring a sparkling, Choo Le Parfum celebrates the confidence of the Jimmy
juicy, and radiant orange. Choo woman.
— Launch of the Kate Spade New York Bloom — Launch of Karl Ikonik by Karl Lagerfeld
Eau de Toilette With the Karl Ikonik fragrance duo, Karl Lagerfeld
The new Kate Spade New York Bloom fragrance is a continues the legacy of the famous German designer,
joyful palette of pastel colors with a modern freshness. paying tribute to his unparalleled boldness and creativity.
— Launch of Modern Princess in jeans by Lanvin
February With Modern Princess in jeans, Lanvin reveals a new facet
of the brand, offbeat and resolutely in tune with the times.
— Launch of Montblanc Legend Blue
Montblanc Legend Blue embodies the charisma, quiet
strength, and wisdom of the Legend man through a woody, October
aromatic, and fresh fragrance that is both elegant, modern,
— New ESG performance recognition
and timeless.
Interparfums received a Platinum‑level rating from
— Launch of Encens Précieux from Van Cleef & Arpels’ Ethifinance agency.
Extraordinaire Collection
Encens Précieux is a rich, sophisticated woody amber
December
fragrance. This mysterious new scent seems to have captured
all the heat of the desert landscapes that inspired it. — Development of the Off-White™ brand
Interparfums SA has obtained all Off-White™ brand
names and registered trademarks for Class 3 fragrance
April
and cosmetic products, subject to an existing license that
— Launch of Montblanc Collection expires on December 31, 2025.
This exclusive collection, comprising four fragrances,
— Recognition in Time magazine’s “World’s Best
offers a unique sensory experience, inviting brand enthusiasts
Companies – Sustainable Growth” ranking
to discover Montblanc from a new olfactory perspective.
Interparfums ranked 44th globally in the first edition
— Launch of Mademoiselle Rochas in Paris of this ranking, which recognizes the 500 most exemplary
Mademoiselle Rochas in Paris embodies the joyful, companies for economic growth and environmental
mischievous spirit of Paris. A feminine and floral scent that commitment between 2021 and 2023.
invites you to embrace both the city and life to the fullest.
— Van Cleef & Arpels license
— Launch of Coach Dreams Moonlight
The new Coach fragrance is inspired by the power of Van Cleef & Arpels and Interparfums SA signed a new 9‑year
dreams, togetherness and the magical spark of friendship. license agreement, effective until December 31, 2033.
— Dividend
Interparfums SA paid a dividend of €1.15 per share
(€79.4 million, +20%), representing 67% of the consolidated
net income for 2023.
UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




62
1


Off-White™ c/o Virgil Abloh™ artistic expression of high‑fashion, the late creative Director
and designer Virgil Abloh explored concepts in the realm
Established in 2013, Off-White™ is defining the grey area
of youth culture in the contemporary context.
between black and white as a color. Under the brand
name, seasonal men’s and women’s clothing collections,
objects, furniture, and publications are articulating a current Annual operating highlights and 2024 key figures
cultural vision. Collections are embedded in a recurrent
With quarterly sales once again exceeding €200 million in
backstory, with an emphasis on creating garments that
the fourth quarter of 2024, Interparfums Group successfully
have an identity by design.
achieved its full‑year targets. Sales for 2024 amounted
With a design studio based in Milan, Italy, the label harnesses to €880.5 million, up 10.3% from 2023 at both current
the country’s history and craftsmanship, yet offers a global and constant exchange rates. This performance reflects
perspective on design and trends. Guided by a clear vision continued strong demand for the portfolio’s best‑selling
of splicing the reality of how clothes are worn with the brands and a very positive first year for Lacoste fragrances.


1.4 — PERFORMANCE BY BRAND
(€m and as a % of sales) 2020 2021 2022 2023 2024

Jimmy Choo 73.8 131.0 181.6 209.9 224.3
20.1% 23.4% 25.7% 26.3% 25.5%
Montblanc 100.0 142.3 184.0 205.6 203.4
27.2% 25.4% 26.0% 25.7% 23.1%
Coach 81.1 115.6 153.8 187.4 182.0
22.1% 20.6% 21.8% 23.5% 20.7%
Lacoste - - - - 78.7
(since 2024) -% -% -% -% 8.94%
Lanvin 32.9 52.4 50.3 48.3 45.5
9.0% 9.3% 7.1% 6.0% 5.2%
Rochas 29.7 35.3 37.7 41.0 41.9
8.1% 6.3% 5.3% 5.1% 4.8%
Karl Lagerfeld 11.4 16.9 21.0 25.5 26.9
3.1% 3.0% 3.0% 3.2% 3.1%
Van Cleef & Arpels 10.4 18.3 22.4 24.5 25.2
2.8% 3.3% 3.2% 3.1% 2.9%
Kate Spade 2.7 13.6 19.3 22.1 20.1
(4 months of activity in 2020) 0.7% 2.4% 2.7% 2.8% 2.3%
Boucheron 12.0 15.4 17.7 17.4 16.9
3.3% 2.7% 2.5% 2.2% 1.9%
Moncler - 4.9 14.0 12.0 12.2
(3 months of activity in 2021) -% -% 2.0% 1.5% 1.4%
Main brands 354.0 545.7 701.8 793.7 877.0
Other brands 13.4 15.1 4.8 4.7 3.5
Total sales 367.4 560.8 706.6 798.5 880.5


Following a 16% growth in 2023, Jimmy Choo flagrances Lacoste flagrances achieved sales of nearly €80 million in
recorded a new increase in sales of almost 7% in 2024, 2024, well ahead of expectations at the beginning of the
with continuing brand development initiatives thanks to year, and delivered a very promising first year of operations
the successful launch of the I Want Choo Le Parfum line, thanks to the solid performance of the L.12.12 lines and
UNIVERSAL REGISTRATION DOCUMENT 2024




which started last June. the successful launch of the Lacoste Original line, both in
France and abroad.
With yearly sales once again exceeding €200 million,
Montblanc flagrances consolidate their position, supported A return to normal business levels in Eastern Europe and
by the strength of the Montblanc Legend and Montblanc Asia in the second half of the year enabled Lanvin fragrances
Explorer lines. to limit the decline in sales in a year with no major launches.
Following strong sales growth in 2023, steady demand for Rochas flagrances posted modest growth, driven by strong
almost all of the Coach’s historical women’s and men’s lines results from the Eau de Rochas Citron Soleil and Eau de
enabled the business to remain robust in 2024, ahead of Rochas Orange Horizon lines, the first instalments of a new
the launch of two major new lines in 2025. collection inspired by the Eau de Rochas line.
INTERPARFUMS




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1.5 — EVOLUTION BY GEOGRAPHIC AREA
(€m) 2023 2024

Africa 4.8 6.1
North America 322.8 332.2
South America 66.2 74.9
Asia 116.0 125.2
Eastern Europe 70.2 76.1
Western Europe 124.5 155.4
France 43.2 55.5
Middle East 50.7 55.2
Total sales 798.5 880.5


In North America, following the strong acceleration in top‑selling brands and the takeover of Lacoste flagrances
sales in the recent years (+27% in 2022 and +13% in 2023), distribution prompted a return to growth in 2024.
driven by several highly successful launches of the Jimmy
Thanks to a 40% increase in sales in the second half of
Choo and Coach lines, the business remained positive in
2024, Western Europe achieved nearly 25% growth for
2024, with sales of more than €332 million in a consistently
the full year 2024, driven by the launch of the Jimmy Choo
buoyant flagrance market, particularly in the United States.
I Want Choo Le Parfum and Lacoste Original lines.
After a 29% sales increase in 2023, the positive trend
Sales in France exceeded expectations, driven by the
continued in South America with a 13% growth in 2024,
excellent performance of the Rochas and Jimmy Choo
bolstered by the takeover of Lacoste flagrance distribution
brands. This performance was further enhanced by the
and the strength of Montblanc flagrances.
remarkable contribution from the distribution of Lacoste
While some Asian markets are consolidating their activity flagrances and the mid‑year launch of the Lacoste Original line.
after three years of very strong growth (Australia) or are
Finally, in the Middle East, despite the continuing impact of
showing less promising momentum (South Korea), the
ongoing conflicts and a reduction in the number of points
overall trend remains positive in Singapore and Japan, as
of sale in several markets, performance remained positive
well as in China (+18%).
thanks to Montblanc, Jimmy Choo and Lacoste fragrances.
After a challenging first half in Eastern Europe, resumption
of shipments to certain markets, the solid performance of




2 — CONSOLIDATED FINANCIAL DATA

2.1 — EVOLUTION OF RESULTS
(€m) 2021 2022 2023 2024

Sales 560.8 706.6 798.5 880.5
% international sales 93.6% 94.4% 94.6% 93.7%
Current operating income 100.9 138.3 160.4 178.3
% of sales 18.0% 19.6% 20.1% 20.2%
Operating income 98.9 131.8 165.6 178.0
% of sales 17.6% 18.7% 20.7% 20.2%
Net income attributable to owners of the parent 71.1 99.5 118.7 129.9
% of sales 12.7% 14.1% 14.9% 14.7%
UNIVERSAL REGISTRATION DOCUMENT 2024




Moderate price increases implemented in early 2022 income was €178 million, up 11% from 2023. Current
and 2023 softened the impact of higher raw material and operating margin exceeded 20% for the second consecutive
packaging costs, and kept gross margins high in both 2023 year.
and 2024.
With a more standard tax rate, net income followed the
Interparfums continued its strategy of focusing on the same trend, reaching €130 million, up 10% from 2023,
sustainable development of its brands, by investing resulting in a net margin of nearly 15%, in line with the
€187 million, or more than 21% of sales, in marketing and previous year.
advertising. By controlling fixed costs, current operating
INTERPARFUMS




64
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2.2 — BALANCE SHEET HIGHLIGHTS
(€m) 2023 2024

Inventories 202.4 229.7
Cash and Current financial assets 177.7 190.6
Shareholders’ equity (attributable to owners of the parent) 641.0 697.0
Borrowings and financial liabilities 123.0 133.4


While shorter procurement lead times in recent months The Group’s financial position remains very strong, with
have reduced inventories from their peak in summer 2024, €57 million in cash net of borrowings and financial liabilities,
Interparfums intends to maintain high levels of finished goods and shareholders’ equity of nearly €700 million, or 66% of
so as to respond quickly and efficiently to customer demand, total assets at December 31, 2024.
particularly now that it has taken over the distribution of
Lacoste fragrances.




3 — RISK FACTORS
In accordance with Ar ticle 16 of European regulation into the risk matrix. These issues are also considered in
2017/1129, the Group has limited its presentation to risks the description and management of other risks.
that are specifically related to the Group, either by the
Considering the measures put in place by the Group to
nature of its business or by the specific nature of some
manage these risks, the mapping process resulted in a
of its operations.
classification of risks into four categories: business risks,
The generic risks of the Group are therefore excluded manufacturing risks, financial risks and legal and IT risks.
from this classification.
The risk categories listed below are not presented in order
The Group presents a map of risks organized according to of importance. However, within each category, the risk
their materiality and probability of occurrence. These risks factors are presented in a decreasing order of importance,
are presented schematically below to illustrate the issues at as determined by the Group at the date of this Universal
stake, without replacing the explanations that follow. Several Registration Document.
risks related to employment, environmental and social
Regarding the risks associated with the war in Ukraine, the
issues have been specifically identified and incorporated
Group has chosen to provide the following summary to
facilitate the understanding of the overall impact.


Risks related to the war in Ukraine
For many years, the Company’s products have been sold in the Russia, Belarus and Ukraine by an independent
agent with a network of retail outlets. Interparfums Group has no industrial or commercial facilities or employees
in these three countries.
In 2022, sales in Russia, Belarus and Ukraine represent less than 4% of total Group sales, with no outstanding
receivables at December 31. In 2024, sales in this region represented 3% of total Group sales, with no overdue
receivables at December 31.
Given its 30‑year commercial relation with its partner in the region, the Group has chosen to support its
partner by maintaining a minimum level of activity combined with receivables collection agreements, thereby
minimizing its exposure to risk while complying with the sanctions adopted by the European Union, in particular
the export restrictions set out in Council Regulation (EU) 2022/428 of March 15, 2022.
The war in Ukraine put strong pressure on the energy and raw materials markets in 2022, triggering a global
inflation which continued in 2023 and 2024. The Group’s exposure was particularly high due to the rising cost
UNIVERSAL REGISTRATION DOCUMENT 2024




of glassware and other components, although these increases stabilized in 2024. Higher sales prices in 2023
and tight control of fixed costs, including in 2024, enabled the Group to not only offset the effects of inflation
but also improve the net margin in 2024.
INTERPARFUMS




65
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3.1 — SUMMARY OF THE MAIN RISKS IDENTIFIED

— Sensitivity of shareholders’ equity
— Discontinuation of a major license
High




— Trademark protection/ — Changes in foreign exchange rate
intellectual property — Procurement and Production
— Image and reputation — Risks associated with the health,
Medium




— Product quality and safety political and economic environment
— IT - Cybersecurity

— Risks associated with human resources — Biodiversity loss — Effects of climate change
Risk level

Low




Low Medium High
Probability of occurrence




3.2 — BUSINESS RISKS
3.2.1 — Risks associated with the termination of a major license

Description of risk Assessment and management of the risk

The licensing system used in the perfume and cosmetics Several factors tend to mitigate or eliminate this risk:
industry consists of a brand name company for ready‑to‑wear,
— long‑term contracts (ten years or more);
jewelry or accessories granting the licensee (Interparfums)
— possibility of early renewal;
a right to use the brand name in exchange for royalty
— diversified portfolio of licensed brands;
payments linked to sales. The associated risk relates to
— Company specific factors (sophisticated marketing,
the possibility of the non‑renewal of agreements upon
distribution network, corporate organization, etc.);
expiration.
— limited number of potential licensees with a similar
profile;
— ongoing efforts to add new licenses (in class 3) to limit
the weight of existing brands in the portfolio.
Fur thermore, Interpar fums owns brand names and
international trademarks for Lanvin in class 3 (perfumes)
and Rochas in classes 3 (perfumes) and 25 (fashion), which
reduces the overall impact of the risk of the non‑renewal
of license agreements. In the same vein, at the end of
2024, InterparfumsSA acquired Off-White brand names
and registered trademarks for flagrance and cosmetic
products in Class 3, subject to an existing license that
expires on December 31, 2025, when InterparfumsSA will
begin commercial use of the flagrance brands. This strategy
also helps reducing the potential impact of the risk of
non‑renewal of license agreements
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3.2.2 — Risks associated with human resources

Description of risk Assessment and management of the risk

As in any business, the loss of a key employee represents This risk is managed through the Group’s recruitment and
a risk for Interparfums. It is crucial to maintain business talent management policies, which include customized
continuity and ensure organizational resilience in the face training and development programs.
of this type of loss.
Employees’ wishes and requests are collected as part of
their development interviews. A chart of our business
lines is kept up to date to anticipate recruitment needs.
To best prepare for a potential transition, the Executive
Committee was expanded in 2025 based on the professional
and interpersonal skills of its members.

3.2.3 — Risks associated with the health, political and economic environment

Description of the risk Assessment and management of the risk

With sales in more than 100 countries, the Group regularly In view of the Group’s collection policy, the monitoring
reassesses its exposure to country risks. of receivables and the quality of the financial health of
our distributors, no country risk provisions have been
The Group generates a significant percentage of its sales
recorded in the financial statements for the year ended
outside France, including 6.3% in the Middle East, 9% in
December 31, 2024.
South America and less than 3% in Russia, where geopolitical
instability is monitored by the department responsible for Furthermore, to limit the risk of insolvency and in the face
trade receivable collection. of growing geopolitical instability, the Group has obtained
credit insurance from Euler Hermes and Coface for a
In general, the Group constantly monitors all the markets
significant portion of its export‑related trade receivables.
in which it operates, particularly the US market.
The Group complies with the sanctions adopted by the
European Union against Russia, in particular with the export
rules defined by Council Regulation (EU) 2022/428 of
March 15, 2022.




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3.2.4 — Risks associated with the Group’s image and reputation

Description of the risk Assessment and management of the risk

The Group’s reputation plays an impor tant role in its The Group upholds strong values and maintains close
relationship with its licensees and other key stakeholders relationships with its licensors, external stakeholders
(customers, suppliers, employees and job applicants). (customers and suppliers) and employees.
Damage to the Group’s image and reputation, whether Regarding employees, the Group’s good reputation is
based on proven facts or not, regardless of its nature or reflected in the large number of external applications it
origin, whether internal or external (social networks, press), receives when vacancies are posted.
in good or bad faith, would adversely impact the Group’s
Thanks to the quality of its products, the choice of suppliers
image and therefore ultimately its sales, relationships with
and industrial facilities, the choice of a selective distribution
licensees, activities and development.
network and local management of employees, the Group
effectively limits the risk of negative information being
spread against it. The implementation of a whistleblowing
hotline, open to both internal and external stakeholders,
allows anyone to express their concerns within the legal
framework. An engagement survey is also conducted
regularly, ensuring that the voice of employees is heard.
In addition, the Group’s partners have signed the “Business
Ethics Charter” and the Group employees enforce its
“Responsible Employer Charter”. These two charters greatly
reduces the likelihood of this risk and limits the potential
adverse impact if it does occur. The Group also enforces
the Middlenext anti‑corruption Code of Conduct. The
Group has also drawn up a corruption risk map and raised
awareness of the issue among all its employees.
The implementation of a supplier traceability platform
based on the risks associated with their activity will also
help to mitigate this risk.


3.2.5 — Risks associated with the image and reputation of licensees

Description of the risk Assessment and management of the risk

Interparfums’ reputation is also defined by the image of its The Group ensures that its licensees have a code of business
brands, which are part of the Group’s intellectual capital. ethics or a code of good conduct.
Major damage to the image and reputation of a licensee
The Group also maintains close relationships with its
would affect Interparfums’ image and could affect its ability
licensees, which facilitates the joint management of any
to continue its activities and development.
potential risk situations.
Finally, the Group’s licensees are major players in the
world of jewelry, ready‑to‑wear and accessories and are
subject to regulatory and legal constraints in terms of due
diligence, which Interparfums shares as an integral part of
its value chain.
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3.3 — INDUSTRIAL RISKS
3.3.1 — Risks associated with sourcing and production

Description of the risk Assessment and management of the risk

Interparfums’ Production Department is responsible for To mitigate this risk, the Group implements production
supplying raw materials to partner factories. Production plans early in the process in partnership with manufacturers.
risks result from the possibility that manufacturing partners These measures are supplemented by securing multiple
may not be able to manufacture products on time for supplies of molds for bottles and related items, as well as
their distribution. multiple production sites used.
In view of the risks associated with climate change and Production line launch plans are regularly updated and
biodiversity loss, the Group specifies that none of the areas monitored with component suppliers, combined with the
where its packing service facilities are located, mainly in use of multiple suppliers selected by the Group, which
France and Europe, are subject to identified environmental limits the risk of supply chain disruptions.
risks.
The Group constantly seeks new suppliers and ensures the
existence of alternative procurement sources to prevent
risks of dependency.
The Group also refers to the CSR assessments of its suppliers
provided by the Ecovadis platform. Their performance levels
are closely monitored by the Supply Chain & Operations
department and corrective action plans are proposed where
necessary. The implementation of a supplier traceability
platform, based on the risks associated with their activity,
will also help to mitigate this risk.
Using the Thinkhazard tool, the Group has analyzed the
exposure of its packing service providers to the risks of
coastal flooding, water scarcity and extreme heat. The
level of risk is considered to be low to medium. In addition,
none of the Group’s strategically impor tant sites are
located in protected Natura 2000 areas or areas under
the responsibility of the Fédération des Conservatoires
d’Espaces Naturels.

3.3.2 — Risks associated with product quality and safety

Description of the risk Assessment and management of the risk

The commitment to the safety of consumers using the The Group systematically and strictly complies with the
Group’s products is fundamental to the manufacturing regulations and laws of the countries in which it operates.
process. A case of legal or regulatory non‑compliance of The Regulatory department within the Production and
products throughout the manufacturing process could Supply Chain department is responsible for controlling
result in the destruction or recall of the products under the formulations of our products. The Quality department
investigation. constantly monitors subcontractors throughout the
production chain for defects and non‑compliance.
Cosmetovigilance is carried out by the regulator y
department.
The constant monitoring of regulations developments,
with the help of the Professional Association of Cosmetics
Manufacturers, enables Interparfums to ensure strict
compliance with regulations, particularly with regard to
molecules present in formulas, for example in the event
of a ban. The Group is able to exclude them from its
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products within a limited timeframe in relation to the
perfume development cycle.
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3.3.3 — Biodiversity loss

Description of the risk Assessment and management of the risk

The Group uses ingredients of natural origin in the The Group works closely on these issues with its perfume
composition of its fragrances taking into account the suppliers, who are all major players in the perfume industry.
sustainability of these ingredients in a context of global The latter have confirmed their ability to ensure continuity
warming and decreasing access to these resources. of supply based on their varietal selections and agricultural
management, particularly in terms of water supply and usage.


3.4 — FINANCIAL RISKS
3.4.1 — Risk of sensitivity of shareholders’ equity and net income

Description of the risk Assessment and management of the risk

A significant share of the Group’s assets consist of intangible Should a change occur in the underlying assumptions on
assets representing upfront license fees or the purchase which this valuation is based, a reduction in the value
price of own brands, whose value largely depends on future of shareholders’ equity through profit or loss would be
operating performances. recorded.
The valuation of intangible assets also implies recourse to However, the 3 main brands in the portfolio, accounting
objective judgments and complex estimates concerning for 69% of sales, either did not have an upfront license
items uncertain by nature. fee or had a negligible carrying value after amortization
at December 31, 2024.
The risk of impairment is therefore limited to the other
brands and in particular to the company’s own brands.
However, the Group has a resilient business model that
allows it to adjust variable costs to preserve the net margin
should production costs increase or sales decline. The risk
of having to recognize a significant impairment charge for
our fragrance brands is therefore limited.

3.4.2 — Foreign exchange risk

Description of the risk Assessment and management of the risk

A significant portion of the Group’s sales is denominated in The Group’s foreign exchange risk management policy aims
foreign currencies, primarily in US Dollars (50.2% of sales) to hedge trade receivables for the year in US dollars and
and, to a lesser extent, in British Pounds (4.2% of sales). pounds sterling. To achieve this, the company uses forward
foreign exchange contracts, following strict procedures
prohibiting speculative transactions.
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3.4.3 — Financial risks related to climate change

Description of the risk Assessment and management of the risk

In light of the nature of its business and the diversity Conscious of its impact with regards to greenhouse gas
of its suppliers’ and customers’ geographical locations, emissions, notably by purchasing goods and its logistics
Interparfums does not foresee any risk resulting from operations, the Group is committed to limiting its carbon
physical changes associated with climate change which footprint.
could have a material financial impact for the Group in
To this end, the Group has decided to address all impacts
the medium term.
associated with its value chain and to introduce a low‑carbon
However, regulatory developments in this area, both at trajectory which will include the action plans of its major
national and European level, may require the Group to suppliers.
adapt certain procedures.
This information, including the measurement of greenhouse
gas emissions (scope 1, 2 and 3), is provided below in
Part 2 of this Universal Registration Document.
The Group thus intends to comply with future regulations,
including those related to carbon neutrality. It follows the
recommendations of the TCFD (Task Force on Climate-
Related Financial Disclosures) and reports to the CDP
to share its climate‑related data with all its stakeholders.
To align with the industry best practices, the Group is
working on establishing a transition plan in line with the
trajectory defined by the Paris Agreement, which will also
be submitted to SBTi (Science-Based Targets initiative).


3.5 — LEGAL AND IT RISKS
3.5.1 — Intellectual property

Description of the risk Assessment and management of the risk

Interparfums’ brands are strategic intangible assets for Prior ar t or novelty searches and monitoring of the
the Group and are protected in the countries where its registration and renewal over the lifespan of the brand
products are sold. constitute the main measures of the Group to protect its
intellectual property and are the subject of specific oversight
The commercialization of a product for which the brand
by a dedicated department within the legal division.
is already used by other companies or the non‑renewal of
the protection of important brands of the portfolio could This department, equipped with highly efficient tools,
result in disputes followed by requests for the destruction manages and defends its intellectual proper ty rights
of the corresponding inventory. worldwide.



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3.5.2 — IT – cybersecurity risks

Description of the risk Risk assessment and management

In an environment of digital transformation and constantly The IT Department has established strict security rules for
evolving technologies, the Group’s activities are dependent infrastructures, applications and access rights.
on increasingly automated digital processes.
It has also installed equipment and tools to protect and
As a result, a dysfunction or shutdown of systems or loss of update security against intrusions, cyber‑attacks and system
data could have a significant impact on the Group’s business. obsolescence. It carries out regular penetration testing.
InterparfumsSA also organized training sessions in 2024
on the prevention of cyber‑attack risks for all employees.
New employees are systematically trained in the subject.
In addition, the Group adopted an IT Char ter that
defines the rights and duties of employees, as users of
the information system, to ensure that the information
technology resources are used in a secure environment
complying with the procedures of internal control. A specific
Charter for the protection of personal data sets out all
the best practices in this area, and the Group’s approach
is based on training its employees in the subject.
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4 — INTERNAL CONTROL AND RISK
MANAGEMENT PROCEDURES
The system is in turn based on five components:
4.1 — RISK MANAGEMENT SYSTEM
— t he control environment describes a set of standards,
The Group has implemented risk management measures processes, and structures that provide the basis for
based on the 2007 AMF reference framework, updated carrying out internal control across the organization;
in July 2010. — the analysis of risks;
— control activities;
The purpose of risk management procedures is to:
— information and communication;
— s afeguard the value, assets and reputation of the Group — a system for monitoring and evaluating internal control.
and its brand licenses;
No internal control system can provide an absolute
— secure the Group’s decision‑making and other processes
guarantee of achieving these Group objectives. The
to achieve its objectives, by analyzing potential threats
probability of achieving such objectives is subject to limits
and opportunities;
inherent in any system of control, related notably to
— d eploy and motivate Group’s employees around a
uncertainties concerning the external environment, the
common vision of the main risks.
exercise of judgment or problems that may arise in response
The system is based on a three‑step process: to human error or simple error, or the need to perform
cost‑benefit analysis before implementing any controls.
— identifying risks;
— a nalyzing risks on a yearly basis to examine potential The internal control system is operated by a team of
consequences; managers and senior executives working under the authority
— handling the risk management with the objective of of Executive Management, which reports to the Board
defining the most appropriate action plan for the of Directors.
Company, by weighing up the opportunities and costs
of risk management measures.
4.2.1 — Organization of the Company
Risk management responsibilities are exercised at every
The Company is organized into two divisions:
reporting level of the Group. Furthermore, the limited
number of levels in the decision‑making process and the — t he operational division comprised of the departments
contribution of line management to strategic considerations for Expor t Sales and French Sales, Marketing and
facilitates the identification and handling of risks. Production and Development;
— and the division for support functions which includes
This assessment is per formed annually and involves
the Finance, Human Resources, Information Technology
identifying assets of key importance, analyzing potential
and Legal Affairs and Corporate Communications
risks, existing or emerging, by type of tasks assigned to each
departments.
department concerned and meetings with the Operating
Departments concerned. The Group’s three foreign operating subsidiaries apply
internal procedures relating to the preparation and
The Board of Directors is informed of the features of this
processing of accounting and financial information.
risk mapping as well as the remedial action plans.

4.2.2 — Internal control tools
4.2 — INTERNAL CONTROL These features are based on documentary tools and
SYSTEM awareness raising initiatives for management bodies and staff
about the internal control and risk management principles
The Group’s internal control system is based on the adopted within the Group. Accordingly, the Group has
international COSO 2013 framework and complies with implemented the following tools:
the provisions of Section 404 of the Sarbanes-Oxley Act,
applicable to the US parent company because it is listed on — Internal Regulations
NASDAQ. The COSO framework objectives are divided
It outlines the professional conduct to be adopted, notably in
into three distinct areas:
the areas of compliance with laws and regulations, preventing
— e nsuring compliance with applicable laws and regulations; conflicts of interest and financial transparency in order to
UNIVERSAL REGISTRATION DOCUMENT 2024




— operational efficiency and optimization; prevent situations of fraud.
— the reliability of financial information.
— Information Systems Charter
This document defines the rights and obligations of
employees, users of the information system, to ensure
that the information technology resources are used in a
secure environment complying with the procedures of
internal control.
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— W
 histleblowing procedure and The relevance and effectiveness of procedures are regularly
collection of internal reports reassessed, and new procedures are introduced to provide
a framework for deploying new tools to produce accounting
All Interparfums employees and stakeholders have access
and financial information.
to an internal whistleblowing website. This platform, which
is secure and guarantees the confidentiality and security The internal control guidelines rely significantly on the
of exchanges, enables anyone to report any situation that integrated SAP ERP. This enterprise tool makes it possible to
might appear to be in breach of the Group’s ethics. automate a significant number of controls, thus strengthening
their effectiveness.
Its introduction was accompanied by information detailing
the procedure for filing a repor t, as well as the data
confidentiality policy in accordance with the General Data 4.2.5 — Preparing accounting and
Protection Regulation (GDPR). financial information
More generally, a Data Protection Officer (DPO) is
4.2.5.1 — Production of accounting data
responsible for ensuring compliance with all RGPD-related
measures. The implementation of internal control process for
the production of accounting data is based on planned
Should an incident the reported, an Ethics Committee
procedures for account closings, close collaboration between
made up of the General Counsel, the Human Resources
the different support functions and operational departments,
Director and the Corporate, Compliance & DPO Officer,
analysis of the relevance of reported information and a
is responsible for conducting the relevant investigations
detailed review of the accounts by Executive Management
and, if necessary, calling on the services of a specialized
for the purpose of their validation before the final closing.
outside firm to deal with the matter.
Meetings are organized to coordinate activity with the
— Insider list different departments concerned in order to ensure the
exhaustive nature of information provided to prepare
In application of Article 18 of Regulation (EU) No. 596/2014
the accounts.
(the Market Abuse Regulation or MAR), employees having
access to inside information and all Directors are registered
4.2.5.2 — Accounting closings and the production
on the company’s list of insiders. These persons undertake
of consolidated financial statements
to respect the limits imposed by Article 8 of this regulation
regarding the disclosure of inside information and the Procedures for accounting closings are based on instructions
acquisition and/or sale of the Company’s securities, directly and a timetable originating from the Finance Department
or indirectly. A list has also been drawn up of persons outside which assigns precise tasks to each participant in this process.
the company with access to inside information within the This timetable is distributed to all Group subsidiaries in order
framework of their professional relations with the issuer. to ensure that deadlines for the production of consolidated
financial statements are met.
4.2.3 — Key players in internal The production of interim and annual financial consolidated
control management financial statements is based on IFRS guidelines.
The internal control system is implemented at every level of The consolidated financial statements produced by the
the Company. This system is spearheaded by the following: Consolidation Department are analyzed by the Management
the Board of Directors, the Executive Management, the Control Department in relation to its forecasts and then
Executive Committee, The Finance Depar tment, and validated by the Finance Department. The group’s main
par ticularly the Internal Control Depar tment, which entities are also audited by an outside firm at least once
reports to the latter. a year.

4.2.5.3 — Financial communication
4.2.4 — Internal control procedures
The financial communications process is subject to a clearly
Internal control procedures are designed to secure the
defined reporting schedule for information destined for
different processes used to achieve the objectives set by
financial markets and market authorities. This schedule
the Company.
ensures that communications comply with the requirements
These procedures are built around the main areas identified of applicable laws and regulations relating to financial
as potential risks: key operational, accounting and financial disclosures both concerning the nature of information
processes such as the sales/accounts receivable cycle, to be disclosed, the required deadlines and compliance
purchasing/accounts payable cycle, inventory management, with the principle of equal access to information by all
cash management, fixed assets, taxes, personnel expenses, shareholders. The Legal and Finance Departments ensure
preparation of financial information and information systems that disclosures are made within the required deadlines
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management. and in compliance with all applicable laws and regulations.
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4.3 — MONITORING THE INTERNAL CONTROL SYSTEM
Internal control tests are performed annually in compliance The results are reported jointly to the Finance Department
with Section 404 of the US Sarbanes-Oxley Act. and General Management, who bring them to the attention
of the Board of Directors.
These effectiveness tests are performed at the Group’s
two main entities: Interparfums SA and its US subsidiary T he ex te r nal audi tor s of t he par e nt company
Interparfums Luxury Brands Inc. The coverage is considered Interparfums Inc., based in the United States, conducts
satisfactory by the Group’s financial and management teams. a yearly audit on the internal control of the Group
Interparfums Inc. within the framework of Article 404 of
If processes and the associated controls do not exist
the US Sarbanes-Oxley Act, that includes the subsidiaries
or are not sufficiently formalized, a remediation plan is
Interparfums SA and Interparfums Luxury Brands.
implemented and monitored by the manager concerned.




5 — CORPORATE SOCIAL RESPONSIBILITY
Information on corporate responsibility presenting Group’s commitments in employee‑related, social and environmental
areas is provided in Part 2 of this Universal Registration Document.




6 — DIVIDENDS
The dividend payout policy, introduced in 1998, ensures In 2025, the Board of Directors will propose to the General
that shareholders receive a return on their investment, Meeting the distribution of a dividend of €1.15 per share
while at the same time associating them with the Group’s for the year ended December 31, 2024.
expansion.
In April 2024, for the 2023 financial year, the Company
paid a dividend of €1.15 per share, representing 67% of
the net income for the year (€1.05 for the previous year).

Dividend for financial year: 2020 2021 2022 2023
Paid in: 2021 2022 2023 2024

Historical dividend per share €0.55 €0.94 €1.05 €1.15
Dividend adjusted for bonus share issues €0.38 €0.71 €0.95 €1.05
Annual change of the adjusted dividend n/a +87% +34% +11%




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7 — PURCHASE OF OWN SHARES
BY INTERPARFUMS SA
Pursuant to Articles 241‑1 et seq. of the AMF General
Regulations, this paragraph describes the share buyback
7.2 — MAXIMUM PROPORTION
program that will be submitted for authorization to the OF CAPITAL – MAXIMUM
General Meeting of April 17, 2025.
PURCHASE PRICE
Extract from the fifteenth resolution submitted for the
7.1 — OBJECTIVES OF THE NEW approval of the General Meeting of April 17, 2025:
SHARE BUYBACK PROGRAM The General Meeting, having reviewed the report of the
Board of Directors, authorizes the Board, for a period of
In the fifteenth resolution, the General Meeting of 17 April
eighteen months, in accordance with Articles L. 22‑10‑62
2025 is asked to renew the authorization given to the Board
et seq. and L. 225‑210 et seq. of the French Commercial
of Directors to implement the share buyback program in
Code, to proceed, on one or more occasions and at the
order to achieve the following objectives:
times it deems appropriate, with the repurchase of the
— to suppor t liquidity and enhance the secondary Company’s own shares, up to a maximum number of shares
market activity of Interparfums shares through an representing no more than 2.5% of the total share capital
investment services provider under a liquidity contract as of the date of this Meeting, subject to adjustment to
in accordance with applicable regulations, provided that account for any capital increases or reductions that may
for the purpose of calculating the above‑mentioned occur during the term of the program.
limit, the number of shares taken into account shall
The maximum purchase price is set at €80 per share.
correspond to the number of shares purchased, less
In the event of a capital operation, particularly a stock
the number of shares resold;
split, reverse stock split or the free allocation of shares to
— to hold the repurchased shares for subsequent use as
shareholders, the aforementioned amount will be adjusted
consideration or payment in the context of mergers,
in the same proportions (a multiplier coefficient equal to
demergers, asset contributions or external growth
the ratio between the number of shares composing the
transactions;
capital before the operation and the number of shares
— to cover share option plans and/or bonus share plans
after the operation).
(or similar plans) benefiting employees and/or corporate
officers of the group, including Economic Interest The maximum amount of the operation is set at
Groups and affiliated companies, as well as allocations €152,232,400.
of shares under an employee or group savings plan
(or similar schemes), profit‑sharing schemes or any
other form of share allocation to employees and/or 7.3 — DURATION OF THE
corporate officers of the group, including Economic
Interest Groups and affiliated companies;
BUYBACK PROGRAM
— to cover securities that grant rights to receive shares of
In accordance with the fifteenth resolution submitted to the
the Company, in accordance with applicable regulations;
General Meeting of April 17, 2025, this buyback program
— to cancel the repurchased shares, subject to the
may be implemented for a period of 18 months from the
authorization granted or to be granted by the
date of the meeting, i.e. no later than October 16, 2026.
Extraordinary General Meeting;
— in general, to implement any market practice that
may be permitted by the AMF and, more generally,
to carry out any other transaction that complies with
7.4 — REVIEW OF THE
the regulations in force. PREVIOUS SHARE
BUYBACK PROGRAM
Transactions relating to the share buyback program in
2024 are described in Note 3.10.3 “Treasury shares” to
the consolidated financial statements.
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8 — GROUP STRUCTURE
The breakdown of Interparfums Inc. shareholders as at December 31, 2024 is as follows:


Philippe Benacin
Jean Madar Public




44% 56%


Interparfums Inc.
(Nasdaq – New York) Public




72% 28%


Interparfums SA
(Euronext – Paris)




100% 100% 100% 51% 25%

Interparfums Interparfums Interparfums Parfums Divabox
Asia Pacific Luxury Suisse Sarl Rochas SAS
Pte Ltd Brands Inc. Spain Sl
(Singapore) (United States) (Switzerland) (Spain) (France)




Details of the percentages of voting rights are given in Chapter 2.3 “Ownership of Interparfums capital stock and voting
UNIVERSAL REGISTRATION DOCUMENT 2024




rights” in Part 5 “Information on the Company and its capital”.
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9 — MARKET SHARE AND COMPETITION

9.1 — MARKET SHARE
In France, Interparfums attained roughly a 5% share of the selective distribution market of prestige perfumes. In some
foreign countries, such as the United States, the United Kingdom, Mexico and China, the Group’s estimates its share of
the selective perfume market at between 2% and 5%. The global selective perfume market is estimate at approximately
US$30 billion (internal source).


9.2 — COMPETITION
Interparfums operates in a sector dominated by about ten major historic players in the perfume and cosmetics market
that have fragrance divisions with billions of euros in sales. There exist around ten mid‑size players like Interparfums
also operating in this segment with sales ranging between €100 million and €1‑2 billion.
The main groups operating in this sector are L’Oréal, Coty, Shiseido or Euroitalia for mainly brands under license and
LVMH (Christian Dior, Guerlain, Givenchy, Kenzo, Bulgari), Estée Lauder, Chanel and Puig for mainly own brands.
While Interparfums has also developed a brand portfolio in the luxury universe, the approach it applies is fundamentally
different. Its own business model is based on methodical long‑term development focused on creation and building
customer loyalty rather than volume and advertising.




10 — POST‑CLOSING EVENTS AND SIGNIFICANT
CHANGES IN FINANCIAL POSITION
None.




11 — 2025 OUTLOOK
The company has once again had an excellent year. Our growth was primarily driven by Lacoste fragrances, in the first
year devoted to taking over the distribution and relaunching the brand. In 2025, we expect to maintain our growth
with a sales target now set at between €930 and €935 million, following the recent appreciation of the US dollar..
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2 — CORPORATE SOCIAL
RESPONSIBILITY


1 — SUSTAINABLE VALUE CREATION — 80
2 — INTERESTS AND VIEWPOINTS
OF EXTERNAL STAKEHOLDERS — 85
3 — ENVIRONMENT — 89
4 — SOCIAL — 99
5 — GOVERNANCE — 108
6 — TABLE OF CSR INDICATORS — 113




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1 — SUSTAINABLE VALUE CREATION
Since its very beginnings, the Group has sought to create Responsibility (CSR) approach was therefore a natural step
value for all its stakeholders. The success of Interparfums in demonstrating the Group’s non‑financial performance
is built on offering high‑quality products to consumers and implementing it in a pragmatic way. This strategy is
worldwide, ensuring they align with the identity of based on a materiality matrix and incorporates objectives
each licensed brand. Formalizing a Corporate Social aligned with the best industry practices.


1.1 — BUSINESS MODEL

OUR RESOURCES
Human
— 353 employees located in several countries
— A diverse range of skills
— Experienced teams
— An agile organization
— A “Responsible Employee” charter



A creative process
Intangible reflecting a
— A portfolio of 12 higly selective brands responsible vision
integrating brand and
— Expertise in creating, developing and
consumers expectations
distributing selective fragrance and cosmetic products
— An entrepreneurial culture



Industrial & Commercial
— Around one hundred industrial partners
— 91% of sourcing in Europe
Distributing from
— Close monitoring of industrial partners warehouse located
— An international distribution network as close as possible
to the purchasing
areas

Social
— Long-standing relations with all stakeholders
— A “responsible purchasing charter” A global player in
— Sponsorship and patronage initiatives the fragrance and
cosmetics industry,
well known for its
ethical business
Environmental practices and
— Integrating the environmental footprint transparent
in the product design process communications
— A 36,000 sqm HQE warehouse
near the manufacturing sites
— Thow warehouse close to the consumer markets
(North America and Asia)
— An “optimized eco-design” charter
UNIVERSAL REGISTRATION DOCUMENT 2024




Governance
— Ethical practices based on a “Business Ethic Charter”
— Adoption of the Middlenext Communication
Corporate Governance Code tools respecting
— Existence of a CSR Executive Committee consumer values
and a CSR board Comittee
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Financial
— A very strong balance sheet
with a net cash position of €57m
— Listed on Euronext Paris compartment A,
controlled by the founders


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Perfume industry trends
OUR VALUE CREATION
— Growing importance for citizens
and brands of environmental
considerations Human
— Multi-channel communication
— A motivating compensation policy linking employees
— Increasingly restrictive regulations
to the company’s performance
— €67m paid to our employees in the form
of compensation in 2024
— Performance share plans every 2/3 years
— A recommandation rate of 91.4% assessed
by an internal survey among employees
— 85/100 gender equality index score (France scope)
— Average employee age: 40
— Average employee seniority: 7.6 years




Industrial
— 77% of relationships with our suppliers are more than 10 years old
— €256m of industrial purchases in Europe in 2024
Choice of bottles
and cardboard
packaging integrating
environmental
considerations

Social
— €354k of expenses allocated to patronage initiatives
and donation in 2024




Environmental
— 91% of purchases made with Ecovadis business
sustainability rated suppliers
— 70.6 : Average Ecovadis score of our suppliers
— 242 (in kg of CO2 per k€ of turnover) carbon footprint
(scope 1, 2 and 3) in the low range of our sector
— Commitment to SBTi
UNIVERSAL REGISTRATION DOCUMENT 2024




Application of Good
Manufacturing Practices
(GMP) with a network Financial
of selected partners
— 2024 sales : €880m
— 2024 operating margin: 20.2%
— Dividends distributed to shareholders in 2024: €80.3m
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— 34.6m bottles and 4.2m gift sets shipped in 2024
— Integration in the SBF 120 and CAC Mid 60 indexes




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1.2 — CSR APPROACH
In a constantly evolving environment, mapping all of 2. Internally, employees express their expectations during
Interparfums’ stakeholders helps to better identify CSR annual appraisals and through regular engagement
challenges and expectations across the entire value chain. surveys. In France, social dialogue is formalized in
The key stakeholders identified are licensors, employees, accordance with regulations, providing a structured
suppliers and subcontractors, distributors and the broader channel for employees to communicate potential
financial community. This approach creates solid links with concerns and expectations. Job candidates share their
each stakeholder group. expectations during interviews with operational teams
and the HR department.
1. Interparfums engages with external stakeholders
(including industrial partners and licensors) through 3. The financial community benefits from numerous
close relationships, which allow the Group to gather opportunities for engagement through meetings and
regular feedback. investor questionnaires. Additionally, the establishment
of a Consultative Committee of Individual Shareholders
strengthens regular dialogue with shareholders.

Stakeholder mapping:

Employees
– Sense of belonging
– Skills development
– Equal opportunities
– Social dialogue
– Working conditions
Civil society
Licensors – Ecological footprint
– Synergy – Local economy
– Mutual involvement – Educational
– Shared values partnerships
– Philanthropy




Suppliers and subcontractors Distributors
– Responsible purchasing policy – Satisfaction
– Product traceability and – Trusted relationships
security – Long-term partnerships
– Trust-based, long-term
relationships
– Industrial synergies Shareholders, financial community
and AMF
– Regular, transparent
and trusted relationships
UNIVERSAL REGISTRATION DOCUMENT 2024




Consumers
– Health & safety
– Packaging recycling
– Reputation
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1.3 — MATERIALITY MATRIX
Interparfums has identified its CSR challenges based on the model’s sustainability. With a view to aligning with peers,
expectations of its stakeholders and the market. A simple the simple materiality matrix below presents the ESRS
materiality analysis was then carried out to highlight the (European Sustainability Reporting Standards).
priorities to be addressed in the coming years to ensure the
Very high




 ESRS G1 Business conduct
 ESRS S1 Working conditions  ESRS S4 Consumers
and end users




 ESRS E1 Climate change  ESRS S1 Equal treatment
mitigation and equal opportunities for all
 ESRS E5 Circular economy

 ESRS E4 Biodiversity
and ecosystems



 ESRS S2 Workers in
the value chain
 ESRS S3 Affected
communities
Importance for stakeholders




 ESRS E3 Aquatic and
marine resources



 ESRS E2 Pollution
 ESRS E1 Energy  ESRS E1 Climate change
adaptation
Low




Low Very high
Importance for Interparfums

CSR issues according to ESRS:  Social and societal  Environment  Governance


The CSR issue assessment was conducted by the CSR the Supply Chain & Operations, Human Resources, Finance,
Executive Committee, the governance body responsible Legal, and Communications departments, this committee
for leading the Group’s CSR strategy. The action plan and met six times in 2024. After formalizing the Group’s CSR
indicators presented in the Annual Report are aligned strategy under the leadership of General Management,
with this matrix. the Committee is responsible for its implementation and
oversight, with the ambition to:
Before the Omnibus Law, under the Corporate Sustainability
Reporting Directive (CSRD), work on the double materiality — r educe its environmental footprint and engage suppliers
matrix was undertaken in project mode throughout 2024. in the initiative, notably through the implementation
This was presented to the CSR Executive Committee of an “Optimized Eco-Design Charter”. This includes
and subsequently to the CSR Board Committee in reducing packaging and incorporating recycled and
November 2024, before final approval by the Board of recyclable materials in all newly developed products;
Directors in November 2024. — measure its carbon footprint using the GHG Protocol
methodology (Scopes 1, 2, and 3) in order to establish
a low‑carbon transition plan aligned with the Paris
1.4 — CSR STRATEGY Agreement dated December 12, 2015 and validated
by the Science Based Targets initiative (SBTi).
UNIVERSAL REGISTRATION DOCUMENT 2024




Interparfums has adopted a comprehensive approach to — r einforce its status as a responsible employer, in
integrating social, environmental, societal responsibility par ticular by formalizing a “Responsible Employer
and transparency into its business operations. The Group Charter” and strengthening the employee training plan;
continues to develop its Corporate Social Responsibility — r einforce its sustainable development strategy by
(CSR) policy year after year, implemented by its Operational introducing a Business Ethics Charter addressed to
and Functional Divisions with the involvement of all operational stakeholders.
employees. It identifies its key priorities, structured
A CSR Committee has also been set up within the Board of
around several key areas: responsibilities towards external
Directors. Ms. Caroline Renoux (see her profile in Section
stakeholders, environmental impact, employees, and
5.2 - CSR Governance) was appointed as an independent
consumers, all in alignment with the Corporate Sustainability
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director and Chair of the CSR Committee, which met twice
Reporting Directive (CSRD).
in 2024. Its role is to ensure that CSR remains a major and
To support this approach, a CSR Executive Committee central focus within the Board of Directors, particularly by
was set up at the beginning of 2021 at the initiative of overseeing climate transition strategies, biodiversity loss
General Management. Comprising representatives from issues, and supply chain resilience. The Committee is also

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highly attentive to social issues, both within Interparfums they attended two training sessions, one on the double
and across its upstream value chain. Its members receive materiality matrix and the other on biodiversity. They also
regular training on the issues covered by the ESRS. In 2024, attended a Climate Fresk workshop.


1.5 — CSR OBJECTIVES
In line with our Corporate Social Responsibility strategy, the table below sets out the main objectives set by the Group
and compares them with the UN Sustainable Development Goals (SDGs) and the ESRS.

ESRS SDG Our 2025 objectives Our progress in 2024

Offer products and their packaging that integrate environmental and societal issues
ESRS E4, E5 Working with partners with a 2025 target achieved: Average score
CSR performance according of suppliers scored by Ecovadis: 70.6/100
ESRS S2, S3, S4
to Ecovadis > 70/100
ESRS E5 Offer 85% recyclable packaging 83% of our packaging is recyclable




ESRS E5 Circulate the eco‑design Charter to all 100% since 2022



Initiate a low‑carbon trajectory
ESRS E1 Reduce carbon emissions in Reduction in emissions of -9%
scopes 1 and 2 by 3%/year(a). between 2021 and 2024
Achieve carbon neutrality for Reduction in carbon emissions intensity
scopes(b) 2, 1.2 and 3 by 2030. of -22.4% between 2021 and 2024
Continuing contribution projects Initiate a first project in 2023
(carbon sequestration)
More than 90% of industrial 25% of suppliers are CDP-committed,
purchases are made from suppliers covering 62% of 2024 purchases
on a low‑carbon trajectory
Attract, support and develop talented people
ESRS S1 Implement the Responsible Completed in 2023
Employer Charter

Train 70% of employees per year 2025 target achieved: 91.8%
of employees trained
Train employees in CSR 93% of employees trained
Raise employee awareness Annual presentation by an
about disability engaged association/speaker
and participation in Duoday
Act ethically and in compliance
ESRS G1 Deploy the Business Ethics 61% of partners have signed the
Charter across all stakeholders business ethics Charter (industrial
suppliers) on Provigis, covering 95%
of the 2024 purchase amount
UNIVERSAL REGISTRATION DOCUMENT 2024




Raise awareness among all employees 93% of IPSA employees received
anti‑corruption training

(a) Base year: 2021.
(b) Scope 1 covers direct energy‑related greenhouse gas emissions, in this case gas consumption for heating and fuel for company vehicles. Scope 2
covers indirect energy‑related greenhouse gas emissions, i.e. those relating to electricity and the heating network to which the new head office
on rue de Solférino is connected. Scope 3 refers to indirect emissions in an organization’s supply chain, i.e. those that are indirectly linked to its
activity, both upstream and downstream.
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2 — INTERESTS AND VIEWPOINTS OF
EXTERNAL STAKEHOLDERS
Through its operations and business development, The small scale of Interparfums’ teams and our permanent,
Interparfums has identified the following key stakeholder privileged contacts mean we develop perfect knowledge
priorities: of the universe, maintained over the years to offer brands
quality products that support their brand image. It is in
— m aintain strong relationships with licensors through
understanding their world and proposing products that
synergy, mutual involvement, and shared values;
respect the unique codes of each brand that the relationship
— u pstream of its value chain, develop long‑term
becomes unique and privileged.
partnerships with its suppliers and subcontractors
through close collaboration in information exchange, As each continent and region of the world has its own
in particular about their CSR approach, their carbon tastes, identity and olfactory culture, as well as its own
footprint and their trajectory; sensibility and attachment to a brand, there is no single
— d ownstream of its value chain, develop long‑term, destination for a perfume.
trust‑based relationships with its distributor customers;
Interparfums has developed long‑standing relationships
— m aintain trust with the financial community and
with its distributors in each of the countries or regions
shareholders.
in which the Group operates. 132 employees use their
expertise in France, the United States and Singapore to
distribute its fragrances in over 100 countries.
2.1 — BUILD TRUSTED
Every two to three years, Interparfums organizes a three‑day
RELATIONSHIPS WITH seminar for all its distributors from around the world. The
LICENSORS AND last seminar, organized in spring 2024, was an opportunity
to present all the 2025 projects, to meet all the distributors
DISTRIBUTORS and to involve them closely in the Group’s development.
It was also a special time for distributors to share warm,
welcoming and inspiring moments with the Interparfums
teams with whom they work closely on a daily basis.
IMPACT ON THE VALUE CHAIN

Upstream In-house operations Downstream
at Interparfums 2.2 — FORGE LASTING
INDUSTRIAL PARTNERSHIPS
Supplier specifications, the supplier portal, the Responsible
Risks and opportunities
Purchasing Charter and the Business Ethics Charter form the
basis of the Group’s commitments to working closely and
Low Medium High Very high constructively with suppliers and partners. The Responsible
Purchasing policy formalized at the end of 2024 and available
on the website https://www.interparfums-finance.fr/specifies
 Very high  High  Medium  Low  N/A Interparfums’ expectations, particularly in terms of CSR,
in order to engage them to a joint progress approach.



Since signing its f irst licensing agreement in 1988,
Interparfums has developed a substantial portfolio of luxury
brands under license. Engagement with fashion houses
(Maisons) is always initiated by senior management, who
cultivate and maintain close relationships with licensors.
Through close collaboration between the Group’s 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
UNIVERSAL REGISTRATION DOCUMENT 2024




that represents shared values.
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2.2.1 — Share information with industrial partners
Most of the subcontractors’ factories and the warehouse for storing finished products are in Haute Normandie (France).
The activity generated by Interparfums thus contributes to the development of the local economy.

— Geographical origin of purchases made by the Supply Chain & Operations Department

2022 2023 2024

France 58% 54% 63%
Europe (excluding France) 25% 31% 28%
Asia 17% 11% 4%
America -% 4% 5%


— Typology of suppliers by company size communication through the use of this supplier portal. It
(scope of suppliers assessed by Ecovadis) makes it possible to identify the needs of the Group and
its suppliers and to decide on the appropriate measures
to ensure that these needs are met. The Group supports
its suppliers in their efforts to improve services if their
contributions do not meet expectations.
Through the specifications and the portal, the Group and
its suppliers commit to achieving a common objective,
consisting in particular of:
— innovating through improved service quality and added
29% Large value;
37% Average — increasing the solidity of products, reducing defects
26% Small and reducing the need for after‑sales service;
— researching and developing new techniques to create
8% Very small
new products or improve existing ones.


2.2.2 — Lead a quality management 2.3 — ASSESS THE CSR
system with confidence
PERFORMANCE
The Group maintains very long‑term relationships of quality
and trust with the majority of its suppliers, subcontractors
OF SUPPLIERS
and other service providers. They are essential partners for
As part of its CSR strategy, Interparfums teamed up with
the Group in meeting its needs for raw materials, packaging
Ecovadis to assess the CSR performance of its supply
and promotional products. Due to quality and performance
chain and suppliers. Ecovadis operates a global platform
requirements, the choice and then management of relations
for assessing and sharing CSR performance, and their
with its partners in the field of production represent a
assessment method is based on international CSR standards.
major challenge for the Group.
In 2024, 127 suppliers were assessed or in the process
As well as working with them to manage costs, quality
of being assessed, representing 91% of Interparfums’
and innovation, the Group is committed to developing a
purchasing activity (stable compared to 2023). As part of a
sustainable and responsible partnership with them that
continuous improvement approach, Interparfums’ objective
respects social and environmental issues. The Group has
is to monitor and encourage the CSR performance of its
implemented a set of specifications for purchasing, logistics
suppliers in 4 major areas: Environment, Social and Human
and Good Manufacturing Practice (GMP) standards for its
Rights, Ethics and Responsible Purchasing.
subcontractors.
In 2025, supplier assessment will be expanded using the
In addition, the Group has drawn up a Business Ethics
following approach:
Charter which is enforceable against its partners in order
to ensure that they comply with the rules of ethics, morality — u se of the IQ Plus module to access the most
and law to which the Group is committed. This Ethics personalized and robust risk classification for the entire
Charter was shared with them in the second half of 2023, supply base;
UNIVERSAL REGISTRATION DOCUMENT 2024




using a tracking platform and an electronic signature. Its — simple, free questionnaires sent to suppliers with a
deployment can thus be measured and improvement plans country or sector risk profile identified in the previous
can be requested from partners. By the end of 2024, 62% stage;
of suppliers, representing 95% of the amount of direct — d eployment of the Ecovadis Ratings module as at
purchases, had signed the Business Ethics Charter. They present, particularly for industrial suppliers.
are systematically contacted by the monitoring platform.
This step‑by‑step approach will further improve the coverage
The framework that the Group has set itself for its actions rate of suppliers engaged in Interparfums’ Responsible
with suppliers and subcontractors includes commitments to Purchasing approach and extend it to new types of suppliers
optimize performance and to ensure fluid and transparent (communication and marketing agencies, etc.).
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2.3.1 — Results of Ecovadis evaluations

Average score
Social Responsible
Average score Environment and Human Business Purchasing
Number of suppliers assessed (overall score) score Rights score Ethics score score

127 70.6/100 73.2/100 71.2/100 64.3/100 68.3/100


The target set by Interparfums for 2025 in terms of average Ecovadis score was reached at the end of 2024. The aim
now is to maintain it over time, which is a new target in itself, given the strengthening of the rating and the emergence
of other sub‑topics such as those relating to the living wage.

2.3.2 — Comparison between the CSR performance of Interparfums’ suppliers
and that of all the companies assessed by Ecovadis


60%

50%

40%

30%
Scores (/100)
for companies
20%
assessed by Ecovadis
10% Scores (/100)
for Interparfums
0% suppliers
0-24 25-44 55-64 65-84 85-100


The scores obtained by Interparfums’ partners show an excellent performance in all areas covered by the Ecovadis
assessment. They are well above the average performance of suppliers assessed by Ecovadis worldwide.

2.3.3 — Breakdown of purchases (as a % of total purchases in 2024),
according to suppliers’ Ecovadis score (score out of 100)


100


75


50


25
Purchases as
0 a % of sales
0-24 25-44 45-64 65-84 85-100
UNIVERSAL REGISTRATION DOCUMENT 2024




It is important to note that since the end of 2024, 99.78% of supplier selection. All our industrial suppliers are now
of purchases made by Interparfums from suppliers assessed engaged in CSR initiatives, either voluntarily or as a result
by Ecovadis are from suppliers with a score ≥ 45/100, of discussions initiated with them.
illustrating the relevance of the approach taken in terms
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2.3.4 — Progress of Interparfums’ suppliers in terms of Ecovadis score (between two assessments)

Increase
Increase Increase in Increase in Increase in in average
in average average average Social average Responsible
Proportion of suppliers Ecovadis score Environment & Human Business Purchasing
reassessed during the period (overall score) score Rights score Ethics score score

97% +2.5 points +1.7 points +3.4 points +2.9 points +2.1 points


Across all areas assessed by Ecovadis, suppliers have
demonstrated significant improvements in their scores,
2.4 — MAINTAINING TRUST
reflecting their growing commitment to CSR topics at an WITH THE FINANCIAL
appropriate level.
COMMUNITY AND
2.3.5 — Focus on Interparfums’ top ten suppliers
SHAREHOLDERS
The Group’s top ten suppliers accounted for 38% of There are numerous opportunities to explain Interparfums’
purchases in 2024. We thought it would be relevant to CSR strategy, performance, and risk management to
look specifically at their CSR performance. Seven suppliers stakeholders within the financial community. This ongoing
report to the CDP Climate program, but not all publicly dialogue helps Interparfums understand and address investor
disclose their performance. The Group will therefore be expectations and fosters long‑term trust.
specifically questioning them on all CSR-related issues and
Responsibility for investor relations lies with the newly
asking them to share their ambitions in terms of climate
created position of Head of Investor Relations & Analysts,
strategy. Six suppliers have committed to the Science-Based
supported by the CSR team. Interparfums receives frequent
Targets initiative (SBTi), aligning with a 1.5°C trajectory by
inquiries from investors, a trend expected to increase as
2035, validated for four of them.
new brokerage firms initiate coverage of the company.
Additionally, given the close working relationship with our As a reminder, since Interparfums joined the SBF 120 and
logistics provider at the Criquebeuf warehouse (France), CAC Mid 60 indices, its stock has been covered by French,
we requested data on workplace accidents resulting in lost Italian, and Anglo-Saxon brokerage firms.
time among their employees. The provider reported two
The growing importance of sustainability topics, driven by
such workplace accidents in 2024.
investors, financial and non‑financial rating agencies, and
the upcoming implementation of the CSRD, will further
accelerate this trend. Interparfums’ objective is to provide
high‑quality, transparent information, aligned with market
best practices and compliant with new CSR standards and
frameworks, such as the TCFD.
Since its listing on the Paris Stock Exchange, Interparfums
has demonstrated its commitment to transparency by
regularly explaining its strategy, outlook and concerns, and
by providing shareholders with the best possible answers
to their questions, notably at the Annual General Meeting,
but also throughout the year with the publication of the
shareholder newsletter and various presentations of annual
and half‑year results.
To fur ther enhance engagement and better meet
shareholder expectations, a Consultative Committee of
Individual Shareholders was set up in early 2022. Consisting
of twelve shareholders, including two employees, the
committee met once in 2022, once in 2023, and twice
in 2024.
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3 — ENVIRONMENT
The Group does not directly manage industrial sites 3.1.2 — Measure the carbon footprint
but is involved in developing an environmental policy of our activities
in collaboration with its subcontracting par tners and
Since 2021, a full scope 1, 2 and 3 carbon footprint has
suppliers, throughout its value chain notably for logistics
been calculated using the GHG protocol method and either
and distribution, particularly in the following areas:
emission factors available in databases, monetary ratios with
— c limate change mitigation; a high degree of uncertainty, or data shared by suppliers.
— consumption and management of water resources; 2021 is therefore the base year chosen by Interparfums
— protection of biodiversity and ecosystems; for its low‑carbon trajectory.
— c ircular economy with regards to the choice of
At the end of 2023, Interparfums formally committed to the
ingredients, techniques and materials, and measures
Science-Based Targets initiative (SBTi), with the objective
for recycling and waste disposal.
of having its climate trajectory validated in 2025.
In addition, for the second time, the CDP Climate Change
3.1 — CLIMATE CHANGE questionnaire was completed in 2024 and Interparfums’ level
of maturity was identified as taking coordinated action on
climate issues with a C rating, enabling us to set out areas
3.1.1 — Climate change mitigation
for progress, particularly in terms of seeking opportunities
and value chain commitment.
IMPACT ON THE VALUE CHAIN As indicated below (scope 3 decarbonization levers),
suppliers have made great efforts to calculate their own
Upstream In-house operations Downstream carbon footprints, so it has been decided to recalculate
at Interparfums scope 3 for 2023 using the same methodology as for
2024. This is based on carbon data available from 95% of
suppliers in number and representing 98.3% of the amount
of purchases, 19% of which are calculated on the basis of
Risks and opportunities average emissions by sector of activity. This greatly improves
the uncertainty rate.
Low Medium High Very high


 Very high  High  Medium  Low  N/A




Change
2021 2023 2024 2023‑2024

Carbon footprint (scope 1, 2 and 3) (in tCO2e) 174,940 244,498 213,171 -12.8%


Interparfums’ carbon intensity per k€ of sales remains in the low range for its sector. In addition, given Interparfums’
business, it seems interesting to look at the evolution of carbon intensity per liter of perfume manufactured during the
year. As a reminder, the base year is 2021.

Change
2021 2023 2024 2021‑2024

Carbon intensity (in kg of CO2 per k€ of turnover) 312 279 242 -22.4%
Carbon intensity (in kg of CO2 per L of perfume) 77 68 66 -14.6%


Interparfums 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), as shown in
UNIVERSAL REGISTRATION DOCUMENT 2024




the table in section 3.1.5.
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Scope 1 and 2 (France), the offices of the Paris head office and, from
2024, the offices located in a building adjoining the head
The Group has calculated its carbon footprint for scopes 1
office. The scope is therefore different between 2024 and
and 2 since 2020. Scope 1 covers direct greenhouse gas
previous years.
emissions (gas consumption by the warehouse and the new
site adjoining the head office, fuel for company vehicles), The Group also has 21 company cars dedicated to the
while Scope 2 covers indirect emissions associated with sales force. The new vehicles are equipped with petrol or
energy (electricity consumption and the head office heating hybrid engines. Charging stations have also been installed
network). The sites studied are the Criquebeuf warehouse in the car park, in addition to spaces for bicycles.

Change
(in tCO2e) 2021 2023 2024 2021‑2024

Scope 1 226 202 194 -14%
Scope 2 29 38 39 34%
Total 255 240 233 -9%


Levers for decarbonizing Scopes 1 and 2 Normandy region of France, in order to limit the transport
of finished products. In 2018, a warehouse in Singapore
In 2022, the Group moved its head office to BREEAM
was put into operation to promote short circuits in the
and HQE-certified premises, which help reduce energy
Asia Pacific region.
consumption. In addition, the use of renewable energies and
the Paris heating network are improving this performance.
Scope 1 and 2 emissions fell by 9% between 2021 (base Scope 3
year, 255 tCO2e) and 2024, enabling the Group to meet
Unsurprisingly, the largest emissions item is purchases
its trajectory in this area. Additional insulation work was
of goods and services, given that Interparfums does not
carried out on the top floor in July 2024, reducing energy
have its own production plant and subcontracts all its
consumption and improving employee well‑being. The
manufacturing to partners.
warehouse has also made effor ts in terms of energy
efficiency. The new site is currently heated by natural Preparations for major launches in 2025 has contributed to
gas, and it is planned to replace this fossil fuel with a less the increase in Scope 3 emissions. Finally, the upward trend
carbon‑intensive energy source such as electricity in the in the amount of royalties paid (translated into monetary
short term. ratios) also has an impact on the carbon footprint. The
increase in “fixed assets” emissions is linked to property
The Group has established its main warehouse in a region
transactions and technical investments, particularly in new
located at the crossroads of its subcontractors in the
moulds and tools.

(in tCO2e) 2021 2023 2024

Scope 3 Upstream
Products and services purchased 166,934 227,508 196,512
Fixed assets 2,668 3,965 5,379
Emissions from fuels and energy not included in Scope 1 or 2 55 60 59
Upstream freight transport and distribution 729 1,911 1,890
Waste generated 17 24 29
Business travel 494 585 355
Commuting to work Negligible Negligible Negligible
Upstream leasing assets - - -
Other indirect upstream emissions - 2 22
Scope 3 Downstream
Downstream freight transport and distribution 129 4,842 5,211
End of life of products sold 3,659 5,360 3,481
Downstream leasing assets - - -
Total scope 3 174,685 244,258 212,938
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Levers for decarbonizing Scope 3 the value chain of customers affected by these regulations
(such as CSRD), they will initiate the process of measuring
— Purchases of goods their carbon footprint. If they so wish, the Group will
support them in terms of methodology so that they can
Once the carbon footprint had been measured, it was
make progress on these crucial issues.
found that 38% of direct purchases linked to production
were made from suppliers committed to the SBTi initiative. Given the scale of the emissions linked to packaging, which
63% are carried out by partners who have completed the are spread across the manufacturing and end‑of‑life stages, it
CDP Climate Change questionnaire. is important to deploy the “Optimized Eco-Design Charter”,
which sets out guidelines for optimizing the weight of glass
A par ticular focus is placed on the trajectories of the
in bottles, integrating PCR (Post Consumer Recycled) glass,
Group’s 10 largest suppliers, who account for 38% of direct
eliminating certain less recyclable materials, etc.
production purchases. It should be noted that nine of
them respond to the CDP Climate Change questionnaire. In terms of cardboard and box design, the REDUCE project
Six suppliers have committed to the Science-Based Targets led by the Supply Chain & Operations teams is working to
initiative (SBTi), aligning with a 1.5°C trajectory by 2035, reduce the size and weight of packaging. An initial diagnostic
validated for four of them. Nine suppliers use innovative phase on existing product lines revealed that some packaging
processes and renewable energies. inserts were overly complex, requiring manual folding
operations. For example, a study on the packaging of a major
The Group firmly believes that actively involving its
product line resulted in a 20‑gram reduction per finished
suppliers in its sustainability efforts is essential for making
product in the weight of both the cardboard box and insert,
progress towards a low‑carbon trajectory. In this context,
i.e. more than 7 tons of cardboard saved annually for this
Interparfums initiated efforts in 2024 to help suppliers who
reference alone. Another beneficial effect was observed
are slightly behind in addressing climate‑related issues to
in the size of shipping boxes, as the optimized packaging
bridge the gap quickly. The Group has strengthened its
design allowed for an increased number of finished products
dialogue and collaboration with them to ensure collective
per box. The new packaging insert, requiring fewer manual
progress on this critical issue.
steps, has also resulted in social benefits, along with time
100% of suppliers assessed by Ecovadis in 2023 confirmed savings, ultimately leading to a reduction in packaging costs.
that they are implementing energy‑saving measures and Additionally, over 6 tons of CO2 equivalent per year, per
62% of them use one or more renewable energy sources. product reference, could be avoided through the use of
94% of suppliers now track their carbon footprint (a 22% this optimized packaging. This initiative will be extended
increase compared to 2023) and 91% have conducted to other product references and is expected to result in
a full carbon assessment (1, 2 and 3). This indicator has a further reduction in cardboard usage in 2025 and 2026.
risen sharply.
The decar bonization measures implemented by
In any case, 92% of procurement for production‑related Interparfums’ suppliers and teams will therefore directly
goods is sourced from European suppliers. As the latter benefit the Group’s commercialized products – for example,
are either subject to reporting regulations or are part of through the electrification of furnaces in glass manufacturing.

— Order of magnitude of components’ carbon footprint (in TeqCO2)


20,000


15,000


10,000


5,000


0
Glass Paper/cardboard Plastic Metal
2022 2023 2024 2022 2023 2024 2022 2023 2024 2022 2023 2024


Manufacture End-of-life
UNIVERSAL REGISTRATION DOCUMENT 2024




— Logistics Europe and sea transport for America, Asia and the Middle
East. The Group makes very limited use of air transport,
Actions undertaken in collaboration with the warehouse
reserving it for unavoidable emergencies. Some promotional
and goods dispatch manager as part of the improvement
products manufactured in Asia are sent directly to American
and optimization of inter‑plant transport and the logistics
distributors without being imported and stored in France.
platform have contributed to a reduction in the number
To raise awareness among teams about modal shift and
of lorry turnarounds.
its impact on climate change, a Freight Fresk workshop
INTERPARFUMS




Regarding the modes of transport to distributors, the was tested. Given its relevance, it will be more widely
Group uses road transport for shipments in France and implemented in 2025.




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Regarding promotional gift sets, which have already The Group continuously monitors energy consumption
undergone size optimization as outlined in Section 3.4.3, indicators and also relies on regulatory energy audits,
an additional step has been taken with the rationalization with the next audit scheduled for 2025, to determine
of grouping boxes. By increasing the number of gift sets per oppor tunities for improving energy efficiency. These
box, it is now possible to optimize the number of boxes per opportunities focus on lighting, heating, and ventilation
pallet. The benefits can be seen at several levels (materials across the logistics site, including the modulation of
and logistics), both economically, with a 50% reduction in ventilation flow rates and the implementation of weekend
the cost of manufacturing boxes and the number of pallets, heating and ventilation slowdown schedules.
and in terms of carbon footprint, with a 50% reduction in
In this context, the Group plans to introduce an automatic
emissions linked to shipping by sea or road.
lighting shut‑off in the warehouse when employees take
breaks outside and to maintain a warehouse temperature of
3.1.3 — Energy 11°C to optimize heating efficiency. Energy control measures
also include the scheduled recharging of electric forklifts
In addition to its head office, whose renovation has been
during off‑peak night hours, reducing energy consumption
awarded HQE Sustainable Building (High Quality for
from 600 kWh during the day to a maximum of 280 kWh
the Environment) level excellent and BREEAM Excellent
at night. Monthly electricity consumption reports are drawn
certification, Interparfums uses a warehouse that is also
up and in the event of significant peaks in consumption,
HQE-certified for its logistics and storage needs. This
the Group analyses the causes of this over‑consumption
cer tification specifically covers improved insulation,
in order to remedy the situation where necessary. Finally,
motion sensor‑activated lighting, Ecolabel‑certified finishing
to help preserve the environment, it installed dedicated
materials, centralized technical management for energy
parking spaces for bicycles and electric terminals for cars
control, rainwater harvesting and an efficient waste sorting
on the logistics site.
and recycling system.

(in kWh) 2022 2023 2024

Energy consumption 1,845,715 1,696,084 1,682,325
Total fossil fuel energy consumption 680,917 578,263 465,317
(and % of total consumption) (37%) (34%) (28%)
Solar energy generated and used at Solférino 6,000 4,881 6,841
Proportion of renewable and recovered energy consumed nd 9% 11%


3.1.4 — Carbon sequestration program also committed to a low‑carbon approach, with the aim of
reducing and sequestering carbon to the tune of 960 tCO2e
At the end of 2022, Interparfums teamed up with Agoterra,
over 5 years, with national certification through the Low
a young French company with a mission to connect farmers
Carbon Label. This project is being closely monitored
committed to the ecological transition and companies
by Interparfums, which sees it as a pilot for its climate
wishing to contribute to the global goal of climate neutrality
strategy. Sysfarm’s first visit showed that the sequestration
by 2050. An initial regenerative agriculture project was
balance for 2023 was slightly better than expected, due to
selected, offering a large number of environmental
the significant benefits in terms of carbon storage, thanks
co‑benefits (improved water and air quality, increased
to the use of plant cover crops. The second visit verified
biodiversity, improved soil fertility, etc.) and social benefits
that the operation was in line with the initial trajectory.
(local investment, additional income for farmers, a healthier
The operator’s efforts are therefore ongoing and part of
diet, etc.).
a medium‑term vision.
The first farm supported is in the Loiret region (France),
By 2030, all businesses will be obliged to reduce their
where the farmer grows sugar beet, durum wheat, grain
greenhouse gas emissions by 40%. Action is urgently needed.
maize and a mixture of grasses and pulses. Support for beet
This requires a strategy of reduction, avoidance and carbon
growing is consistent with Interparfums’ use of beet alcohol
sequestration to rapidly turn the curve.
in all its fragrances. The farmer, supported by Sysfarm, is
UNIVERSAL REGISTRATION DOCUMENT 2024
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3.1.5 — Reporting in accordance with the principles of the TCFD
(Task Force on Climate-Related Financial Disclosures)

Topics TCFD recommendations 2024 actions Areas of work for 2025

Governance
Describe the a. D
 escribe the Board’s The CSR Department keeps Definition of the
organization’s oversight of climate‑related the Board of Directors regularly climate trajectory
governance of risks and opportunities. informed of the risks and before validation
climate‑related opportunities relating to climate by SBTi.
b. D
 escribe the role
risks and change and biodiversity. They
of management in Drawing up a
opportunities. were given a presentation on the
assessing and managing transition plan in
consequences of the introduction of
climate‑related risks and line with the Paris
the CSRD (Corporate Sustainability
opportunities. Agreements.
Reporting Directive) on these
issues, with a focus on double Regular Executive
materiality. A CSR Committee Committee briefings
within the Board has been created on climate and
and is responsible for monitoring biodiversity‑related
climate issues in particular. The risks and opportunities.
chair of the CSR Committee is
Strengthen the
responsible for climate‑related
Executive Committee’s
issues, in particular physical and
expertise on
transition risks.
key climate and
The Executive Committee has biodiversity issues.
been informed of the steps taken
to formalise the CSR strategy.
They were given a presentation
on progress on climate issues.
The Directors and members of the
Executive Committee participated
in a Climate Fresk workshop to raise
their awareness of the topic.
Describe the a. Describe the climate‑related Interparfums has identified a low Interparfums will
existing and risks and opportunities level of vulnerability to the risks continue work on
potential impacts that the organization has associated with climate change and climate‑related risks
of climate‑related identified for the short, responded to the CDP Climate and opportunities
risks and medium and long term. questionnaire in 2024 with and will share them
opportunities on a C-rating. by responding to the
b. Describe the impacts of
the organization’s CDP questionnaire in
climate‑related risks and Interparfums is committed to
activities, strategy 2025 and submitting
opportunities on the the Science Based Target initiative
and financial its climate trajectory
organization’s activities, (SBTi).
planning, insofar as to the SBTi.
strategy and financial
the information is
planning.
relevant.
c. Describe the resilience of the
organization’s strategy, taking
into account different climate
scenarios, including a scenario
of 2°C or less.

Risk management
Describe how a. Describe the organization’s Interparfums has identified a low Interparfums will
the organization processes for identifying and level of vulnerability to the risks continue to engage
UNIVERSAL REGISTRATION DOCUMENT 2024




identifies, assesses assessing climate‑related risks. associated with climate change. its suppliers who
and manages are furthest behind
b. Describe the organization’s Interparfums has interviewed the
climate‑related on these issues,
processes for managing perfumers with whom the Group
risks. in particular a
climate‑related risks. works to discuss the risks and
number of packaging
opportunities relating to climate and
c. D
 escribe how the processes manufacturers.
biodiversity that concern them jointly.
for identifying, assessing
and managing climate‑related
risks are integrated into
the organization’s risk
INTERPARFUMS




management system.




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Topics TCFD recommendations 2024 actions Areas of work for 2025

Indicators and targets
Describe the a. Describe the indicators Interparfums publishes its full Following on from
indicators and used by the organization carbon footprint since the 2021 the measurement
targets used to to assess climate‑related financial year. exercise carried out,
assess and manage risks and opportunities, Interparfums will
climate‑related in relation to its strategy be working on its
risks and and risk management objectives in terms of
opportunities, process. carbon trajectory and
insofar as the aligning them with the
b. Publish greenhouse gas
information is SBTi benchmark.
(GHG) emissions for
relevant.
Scope 1, Scope 2 and,
where relevant, Scope 3,
and the corresponding risks.
c. D
 escribe the objectives
used by the organization
to manage climate‑related
risks and opportunities,
and its performance in relation
to these objectives.


3.2 — WATER: AN ISSUE CLOSELY MONITORED BY INTERPARFUMS
Given Interparfums’ business model, water is only a key
topic for some of its partners. Water consumption for
IMPACT ON THE VALUE CHAIN
the company’s direct operations is for sanitary use in the
offices and warehouse and cleaning use in the warehouse.
Upstream In-house operations Downstream
These two sites are not located in water‑stressed areas. at Interparfums
In terms of direct operations, in 2021 and 2022, two
water leaks were responsible for the over‑consumption
of water resources at the warehouse. They were resolved
Risks and opportunities
and consumption returned to a reasonable level in 2023,
which was further reduced in 2024.
Low Medium High Very high


 Very high  High  Medium  Low  N/A




2022 2023 2024

Water consumption (in m³) 3,949 1,301 1,014
Water intensity (in m³/k€) 0.006 0.002 0.001
Water withdrawals (in m3) 3,949 1,301 1,014


Water is a material issue for some of Interpar fums’ Sugar cooperatives make the alcohol used in our perfumes,
partners. These include sugar cooperatives and perfume mainly from sugar beet. They have long incorporated
manufacturers upstream of the value chain. resource conservation into their CSR strategies. Best
practices have been introduced, such as water recycling.
A few rinsed products are distributed in certain boxes
Industrial sites supply nearby farmers with water from sugar
(shower gels), but in small numbers and therefore with no
UNIVERSAL REGISTRATION DOCUMENT 2024




mill ponds to irrigate their fields. This activity, known as
major impact on the downstream value chain.
fertigation, also has the added benefit of adding mineral
In 2023, the Group responded to the CDP Water elements to the soil. Another cooperative reuses 100% of
Security questionnaire and obtained a C-rating, reflecting the water contained in the beet it processes. This technique
Interparfums’ level of awareness of the issue. All perfumers enables it to avoid withdrawing 5 million m³ of water a
collaborating with Interparfums also participate in the CDP year. Agricultural practices are evolving in parallel and
Water Security questionnaire, with the six major suppliers the cooperatives’ member farmers are following the SAI
achieving an A- rating. They all have a risk assessment Platform (Sustainable Agriculture Initiative) guidelines. Over
approach to managing and anticipating the water stress 75% of the beet grown by these cooperatives is certified
zones in which they operate. Their action plan is based gold or silver SAI worldwide. Cooperative farmers are
INTERPARFUMS




as much on varietal selection of the plants they grow or supported in their efforts to improve their farming practices,
have grown as on adapted farming practices, particularly particularly with regard to water management.
in terms of irrigation.



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be implemented, either through direct collaboration with
3.3 — BIODIVERSITY AND the supplier or with the support of external experts. By
ECOSYSTEMS leveraging the CSR strategies of its partners, Interparfums
upholds its duty of care, striving to enhance transparency and
Perfumes are designed with the help of proposals developed engage in a continuous improvement process throughout
by our perfume partners, whose shared objectives are to its supply chain.
reduce the pressure on endangered natural resources,
For instance, the essential oil of neroli is sourced from two
using biotechnology and upcycling.
primary regions, Tunisia and Morocco. In Tunisia, bitter
orange trees are cultivated in small family‑owned plantations,
with each family tending an average of 40 trees in the
IMPACT ON THE VALUE CHAIN Nabeul region. In Morocco, the green belt between Fez and
Marrakech is home to larger‑scale bitter orange plantations,
Upstream In-house operations Downstream where most of the neroli‑producing factories own their
at Interparfums own orchards. Our partner orange groves in Morocco
are all certified organic. The perfumer has committed to
responsible sourcing, verified through a UEBT audit (1) in
2023, and has since maintained an ongoing improvement
Risks and opportunities
program with local partners.
The mandarins with the specific quality sought by the
Low Medium High Very high
partner is supplied from Italian family businesses located
in southern Italy. With know‑how handed down from
generation to generation, they produce essential oils and
Very high High Medium Low N/A
natural citrus juices of the highest quality, made from fruit
    


grown in this part of Italy (Calabria and Sicily), where the
best Italian citrus groves are located. The factories, audited
in accordance with the SMETA standard (2), are located close
to the land where the fruit grows in order to minimize the
3.3.1 — Biodiversity risk analysis
distance between the natural resource and its extraction.
The Group’s head office is located in the centre of Paris, More than a thousand local farmers are involved in growing
in a protected area of the 7th arrondissement, which takes these mandarins. These projects enable Les Nouveaux
into account the ambitions of the Paris Climate and Energy Rendez‑vous to take a holistic approach.
Plan and the promotion of a heritage policy that integrates
Present in the following fragrances in particular: Sunrise pour
19 th and 20 th century architecture, developing a historical
Homme by Moncler, Black Meisterstück by Montblanc, Coach
and ecological culture of city gardens, while refining existing
Dreams Moonlight by Coach and L.12.12 White by Lacoste,
protections. To this end, the Group has installed beehives
patchouli is closely linked to Indonesia. Growing patchouli is
and nesting boxes in addition to vegetation adapted to
tricky because of autotoxicity, i.e. the plant releases organic
pollinators. The Group ensures that none of its packaging
substances that harm and inhibit its own growth. This
sites is located in a protected area in terms of biodiversity
phenomenon of autotoxicity is one of the factors behind
(either in France or in Italy). None of our partners is located
the migration of patchouli cultivation from island to island,
in a Natura 2000 area or managed by an association affiliated
which has been observed for several years in Indonesia, as
to the Fédération des Conservatoires des Espaces Naturels.
soils become unsuitable for growing patchouli. In Indonesia,
This mapping was based on the precise addresses of the
production sites have gradually moved from the island of
sites in question.
Nias to Sumatra, then Java, and now Sulawesi. Taking the
In 2023, Rochas introduced Citron Soleil, a collection that ecosystem into account is therefore at the heart of the
reinterprets the iconic ingredients of Eau de Rochas, blending perfumers’ strategy to guarantee a sustainable supply of
joyful and sophisticated fragrances. Staying true to the patchouli. Further information on social responsibility can
Mediterranean landscapes so dear to Marcel Rochas, the be found in section 4.2 – Employees in the value chain.
collection expanded in 2024 with the launch of Orange
To guarantee a supply that limits deforestation and preserves
Horizon in 2024. These Nouveaux Rendez‑vous fragrances are
ecosystems and biodiversity, transparent monitoring of
composed of responsibly sourced ingredients, such as lemon,
supply chains is an important step. With this in mind, and
orange, neroli and mandarin. The Sourced Responsibly
based on the contributions proposed by the Cosmetics
commitment from the perfumer reflects a thoughtful
working group of the National Biodiversity Strategy 2030,
sourcing process, ensuring that each natural ingredient is
Interparfums has decided to begin work on mapping its
purchased with full awareness of its social and environmental
supply and value chain via the Transparency-One platform.
impact. This is achieved through due diligence questionnaires
Implementing this traceability will ultimately facilitate
UNIVERSAL REGISTRATION DOCUMENT 2024




that assess potential risks. Depending on the level of risk
the implementation of measures aimed at reducing the
identified, specific actions or monitoring measures may
socio‑environmental impact of our products.
INTERPARFUMS




(1) UEBT (Union for Ethical BioTrade) is an internationally recognised voluntary sustainability standard dedicated to regenerating biodiversity and securing
a better future for local communities through the ethical sourcing of natural ingredients.
(2) The Sedex SMETA (Members Ethical Trade Audit) audit protocol is the standard for inclusion in the Supplier Ethical Data Exchange (Sedex).

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3.4 — CIRCULAR ECONOMY
At every stage of the purchasing process, Interparfums An “optimized eco‑design” Charter was formalized in 2022
looks at the exact requirements and the need to reduce and shared both internally and externally to ensure that the
unnecessary costs and wasted resources to: possible options in this area are clear to all stakeholders.
The aim of this Charter is to highlight the Group’s best
— reduce waste at the product’s manufacturing,
practices for optimizing the eco‑design of the products it
consumption and end‑of‑life stages;
develops, and it has been rolled out to 100% of the Group’s
— recycle imper fect products, par ticularly at the
industrial partners. The objectives by product category
manufacturing stage;
are presented: glass, decoration, covers, wedges, cases.
— r epair to extend the life of the material or product,
Promotional products are not forgotten either with boxes,
particularly pallets;
tubes and point‑of‑sale advertising. This is a comprehensive
— and, above all, roll out the eco‑design Charter.
approach that also enables the Group to comply with the
In 2024, Interparfums joined the Circul’R coalition to explore regulatory requirements of the French AGEC Law.
the reuse of perfume bottles as part of its commitment to
circular economy practices. This initiative will be piloted in
3.4.2 — Improve the environmental
two retail chains in France starting in summer 2025, focusing
impact of products
on Eau de Rochas. One of the key challenges lies in the
cleaning process after bottles are collected from retailers. As Action to prevent environmental risks and pollution begins
a pioneering project, this trial will assess consumer interest with the choice of techniques and materials, which must be
in perfume bottle reuse while ensuring compliance with optimized. To reconcile the quality and aesthetic appeal of
France’s AGEC law (Anti-Waste and Circular Economy Act). its products with environmental imperatives, the Group
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
IMPACT ON THE VALUE CHAIN
disposed of under optimum conditions.
Upstream In-house operations Downstream To reduce the impact of its activities, some of the
at Interparfums bottles produced by the Group 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,
Risks and opportunities
the Group is pursuing its objective of gradually phasing out
the use of “solvent‑based” lacquers, with a view to using
Low Medium High Very high “water‑based” lacquers to reduce emissions of Volatile
Organic Compounds into the air. Furthermore, some glass
subcontractors have electro‑filters to limit dust and smoke
 Very high  High  Medium  Low  N/A emissions, as well as wastewater recycling systems.
The Group has also phased out the use of thermosets in
its bath/shower lines in favor of recyclable plastics. Carbon
black is being phased out of plastic tubes because it cannot
be recycled.
3.4.1 — Propose packaging that takes account
of environmental and social issues Recyclable glass bottles are manufactured using a system that
recovers, crushes and remelts the waste The introduction of
waste management indicators in 2013 has helped the Group
Policy
improve its monitoring of waste rates for its glass bottle
The Group has no industrial activity and entrusts the decorators. Its primary objective is to adopt a continuous
manufacturing process to par tners, each offering the improvement approach and reduce its waste rates over
best expertise and commitment in their respective fields: time. The second objective is to reprocess this waste and
fragrance, glassmaking, packaging. The Group asks them reintroduce the bottles into the production circuit.
about their CSR strategies, in addition to the Ecovadis
The Group has also put in place measures to recover
assessment, and works with them to incorporate the
subcontractor waste resulting from excess production or
environmental issues identified at each stage, in particular
from components on discontinued products. The recovered
the choice of materials used in components, waste treatment
components are then recycled before being destroyed.
and reducing the carbon footprint.
Finished products are also donated to charities.
UNIVERSAL REGISTRATION DOCUMENT 2024




Results to end December 2024

Share of launches (by number) over 2025 incorporating PCR glass 74%
Share of launches (by number) over 2025 incorporating FSC cardboard in cases and boxes 100%
INTERPARFUMS




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3.4.3 — Promotional products integrated are now used in the majority of our boxes. With regard
into the CSR approach to the plastic tubes used for the brands’ scented bath/
shower products, a study has been carried out based on the
In‑depth work has been carried out on promotional
components: skirt, head and cap, to reduce the quantity of
products, which represent a significant volume of units:
plastic used and ensure that they are eligible for recycling.
over 4.7 million gift sets and almost 3.2 million gifts with
The replacement of virgin plastic in the boxes has begun,
purchases. The aim was to challenge each of the components
with the essential steps of testing compatibility with the
in these segments throughout their lifecycle. It turns out
formulas. By 2023, 60% of tubes will be made from PCR
that all the components are produced and assembled in
PE, saving 16 tons of virgin PE plastic. Lastly, more than
France, Spain and Italy. 46% of our GWPs are labelled
50% of tubes are recyclable, and more than 2 million of
Made in France (candles, kits, etc.).
them contain no or no more carbon black (making them
Initial results: The packaging for our boxes and cases has long difficult, if not impossible, to recycle).
been made from FSC-certified cardboard and paper. The
Another action aimed at reducing the consumption of
transport crates have also been FSC-certified since 2022.
unnecessary packaging is to discourage its use (particularly
Promotional products are not forgotten either with boxes, polybags) and replace it. In 2024, with the exception of
tubes and point‑of‑sale advertising. This is a global approach fragile products, promotional products were wrapped in
that will enable the Group to comply with the regulatory Kraft paper rather than plastic. In addition, 623,000 polybags
obligations of the French AGEC law (anti‑waste law for a were optimized, saving 148,000 50cl plastic bottles and
circular economy), which will have an effect on production. 10.6 tons of CO2. When the use of recycled kraft strips is
not possible, biodegradable polybags will be used.
The design of the boxes also takes environmental concerns
into account, with a choice of two formats, each with 3 bowl This drive to improve our product offering continues
heights to match the volume of fragrance. In addition, without compromising on quality and is based on proposals
because of new specifications from certain distributors, the from suppliers. Gifts with purchases are a major driver of
boxes will be subject to further developments. The new consumer decisions. The CSR initiative extends to their
configuration will enable us to reduce our use of polystyrene selection. Our five suppliers of gifts with purchases are
by more than 200 tons and our use of 100% recycled aPET already assessed by Ecovadis, and their average score is
plastic by 40 tons. The wedges in the boxes must be sturdy 77.6/100 (4 are Platinum and 1 Gold according to the 2022
for transport and resistant when stored in damp or hot ranking), which is well above the average score for their
conditions. Proposals for recyclable APET wedges have sector (which is either 39 or 47, depending on the company).
been made for certain Rochas lines and cardboard wedges

3.4.4 — Waste
Action to prevent environmental risks and pollution begins In‑house operations
with the choice of techniques and materials, which must
The Group closely monitors its waste production at
be optimized.
warehouse level in France. In 2024, 56 tons of waste were
recycled through various channels (plastic, pallets, paper and
cardboard, alcohol). In addition, 8 tons of non‑hazardous
waste were incinerated with heat recovery. No hazardous
waste was disposed of in 2024.

(in tons) 2022 2023 2024

Quantity of waste produced 42.3 30 64
Percentage of waste recycled 63% 90% 88%
Quantity of hazardous waste 10 0 0


POS displays
Although Interparfums’ production of plastic displays is committed to eco‑design and dismantling possibilities. In
not comparable to that of a make‑up company, the Group addition, the Group has launched a reverse logistics test
participates in the Selective Perfumery working group led in partnership with a retailer to recover obsolete plastic
by the Institut du Commerce, which aims to mobilize brands displays and find a recycling channel for it. This will be all
and distributors around the issue of collecting and recycling the more possible if the displays are made from a single
in‑store displays in France. This collective approach also material.
UNIVERSAL REGISTRATION DOCUMENT 2024




brings together in‑store advertising manufacturers already
INTERPARFUMS




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Whenever possible, Interparfums plans to reduce the weight of materials, particularly on in‑store tester displays. In
addition, in‑depth work is being carried out to identify the origin of the materials used by our partners, with priority
given to European sourcing. Interparfums’ commitments in terms of in‑store advertising design are presented below:

Lifecycle stages Theme Achievements 2024 2025 objectives

Production Material In 2024, 91% of in‑store displays 2025 objectives: 80% of in‑store
separability were designed with materials displays must allow materials to be
separable at the end of their life. separated at the end of their life
(change in scope with broadening of
the product base).
Mono‑material A few of our achievements. Increase the number of references
design compared to 2025.
Mechanical 78% of in‑store displays are 80% of in‑store displays will be
assembly assembled mechanically assembled mechanically.
(limiting the use of adhesives,
screws and magnets).
Logistics Flat pack 75% of in‑store displays are 80% of in‑store displays will be delivered
delivery currently delivered flat‑packed. in flat packs.
Packaging 75% of our point‑of‑sale advertising 100% of plastic packaging will be
uses no plastic packaging. eliminated (any remaining plastic will
be recycled and recyclable, used only
for protecting certain materials during
transport).
Transport 98% of in‑store displays are 98% of in‑store display deliveries to
delivered by boat, train or truck the storage warehouse (Criquebeuf)
(from the supplier to the warehouse will be made by boat, train or lorry.
in Criquebeuf).


A study was carried out to compare the environmental impact of two PFSUs (storage columns) from one of the brands,
using life cycle analyses (LCA). One is single‑use, the other incorporates a reusable structure. The design is common
to both PFSUs. The freestanding PFSU consists of an MDF (medium density fiberboard) structure and a cardboard
cover, both of which are single‑use. The reusable PFSU consists of a steel structure that can be reused and a single‑use
cardboard cover. The results show that after two uses, the steel PFSU is preferable overall to the disposable PFSU,
with the exception of two key indicators. From five uses onwards, the reusable version demonstrates no negative
environmental trade‑offs. The next step involves discussing storage options with retailers to determine feasible solutions
for extending product lifecycles. Moving forward, eco‑design requirements for these units will be fully integrated into
their specifications, with the goal of minimizing environmental impact.

3.4.5 — Help consumers recycle their packaging
3.5 — ENVIRONMENT IN
Cardboard packaging for perfumes sold by Interparfums
can be recycled if the correct procedure is followed.
THE VALUE CHAIN
The Optimized Eco-Design Charter recommends using
traditional glass (i.e. soda‑lime glass), which is recyclable, and Policy
avoiding technical glass (i.e. boro‑silicate glass), which is not.
As part of its responsible purchasing policy, all of Interparfums’
Since January 2022, French regulations have made it direct suppliers are subject to a CSR assessment using the
compulsory to display the Triman logo with instructions on Ecovadis platform.
how to recycle waste. This has been done for all products
In addition, depending on the risk analysis carried out
sold by Interparfums. Interparfums has set up a web page
for direct suppliers, their performance against other
(myproducts.Interparfums.fr) which allows consumers to
standards is also monitored. 100% of perfumers respond
browse by product and adapt their recycling according
to the CDP Climate Change questionnaire. Their 2023 (1)
to the type of packaging. This site is currently available in
UNIVERSAL REGISTRATION DOCUMENT 2024




ratings are above B, which is a reassuring performance
French and Italian for reasons of legislation in these two
for Interparfums. This means that they are dealing with
countries. It will be translated into English to inform as
climate change and biodiversity at the right level. Ratings
many consumers as possible.
of this level reflect a mature analysis of climate risks and
Some retailers have launched individual initiatives to opportunities. In addition, 75% of the perfumers contacted
collect packaging for cosmetics and perfumes, rewarding are ISO 14001 certified, which covers 95% of the amount
consumers who return them. These channels are monitored of purchases made from perfumers.
and traceable by the brands. The Group encourages such
virtuous initiatives.
INTERPARFUMS




(1) At the date of publication of this report, as the 2024 data had not been published, it was not possible to update these elements.

98
2


The Forests questionnaire is also important for Interparfums, areas and considers it essential not to introduce raw
which pays close attention to the management of natural materials responsible for deforestation in any country.

Percentage
of suppliers
assessed by
Ecovadis Increase
who are in average
Environment ISO 14001 Environment
Number of suppliers with a completed assessment score certified score

98 73.2 43% +1.70



— Breakdown of perfumes according to the scores obtained by perfumers in the CDP 2023 questionnaires


CDP Climate Change
CDP Forests
CDP Water Secutity

-% 20% 40% 60% 80% 100%

A A- B C




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


4.1 — INTERPARFUMS EMPLOYEES
4.1.1 — Details of the workforce

— Workforce by business line

Present at 12/31/2022 12/31/2023 12/31/2024

General management 5 5 4
Production & Operations 58 60 64
Marketing 69 77 83
Export 78 88 94
Distribution France 38 38 38
Finance & Legal 67 63 65
Rochas fashion 2 3 5
Total 317 334 353



— Workforce by geographic region(1)
UNIVERSAL REGISTRATION DOCUMENT 2024




Present at 12/31/2022 12/31/2023 12/31/2024

France 228 233 247
North America 70 77 82
Asia 19 24 24
Total 317 334 353

(1) All the Group’s employees work in countries that respect the International Labor Conventions (ILO).
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— Workforce by age

Present at 12/31/2022 12/31/2023 12/31/2024

Under 25 13 19 21
Between 25 and 34 92 98 106
Between 35 and 44 94 97 100
Between 45 and 54 77 79 80
55 and over 41 41 46
Total 317 334 353


The average age of our employees is 41.
The average length of service of our employees is 7.6 years.
The staff turnover rate is 13% for 2024, down sharply and back to pre-Covid levels. A large number of older people left in
2022 and 2023 as a result of professional retraining or new career paths initiated during the health crisis. As the Group is
growing, it is also taking on new employees. Among the observed departures, one‑third is attributed to mutually agreed
terminations within Interparfums SA (France). These departures are primarily linked to individual or professional projects.
The absenteeism rate, which remains consistently low, is a key indicator for measuring employee engagement and
motivation.

2022 2023 2024

Total absenteeism rate 2.34% 2.29% 2.01%
Absenteeism rate excluding maternity and paternity leave 1.21% 1.80% 1.27%


4.1.2 — Working conditions: A caring employer every employee, Interparfums takes action on a daily basis,
committed to everyone’s success right from the recruitment process and throughout the life
of the employment contract, by striving to:
— p reserve everyone’s quality of life at work;
IMPACT ON THE VALUE CHAIN — give all employees the best possible chance of success.
Interparfums is committed to living its values on a daily basis:
Upstream In-house operations Downstream
at Interparfums respect and benevolence, creativity, trust, commitment
and loyalty.

Employee support
Risks and opportunities
In addition to annual performance reviews aimed at
gathering feedback from all employees, regular engagement
Low Medium High Very high
surveys are conducted. In 2023, the survey covered the
France‑based workforce, achieving a participation rate of
81.9% and a recommendation rate of 80.4%, which led to
Very high High Medium Low N/A
the company being awarded the HappyIndex ®At Work
    


label. An action plan was launched to meet employee
expectations. As part of this initiative, smart refrigerators
were installed to provide employees with healthy, seasonal
and cost‑effective meal options. Internal communication
Key challenges
has also been improved with the regular publication of
The main challenges identified by the Group with regard newsletters. The survey was repeated at the beginning of
to working conditions are as follows: 2025 on a Group‑widescale. It closed with a participation
rate of 82.5% and a recommendation rate of 91.4%. All
—  eveloping a sense of belonging;
d
results were up on the previous year, whatever the theme.
— respect for social dialogue;
— quality of working conditions;
UNIVERSAL REGISTRATION DOCUMENT 2024




— concern for the health and safety of everyone; Job security, working hours and wages
— work‑life balance.
Interparfums has put in place pay rules as well as job
classification and performance evaluation systems applied
Policy to all employees, which help guarantee fairness and equality
between men and women. Interparfums is committed to
All these challenges were formalized in 2022 in the
paying all its employees a salary that enables them and
“Responsible Employer” Char ter, which was brought
their families to enjoy a better standard of living than the
to the attention of all employees and is available on the
national average in the country in which they work. In this
www.interparfums-finance.fr website. The purpose of this
context, the pay of Interparfums employees includes a fixed
INTERPARFUMS




document is to set out a framework within which everyone
and a variable component, as well as exceptional bonuses
can operate. Attentive and committed to the success of
paid on the basis of the Group’s results.




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Recognizing that well‑structured remuneration can be a positive work environment. Additionally, it aims to prevent
powerful motivator and performance driver, Interparfums internal tensions related to perceived inequalities in salary
conducted a remuneration study in 2024. The study ensured treatment, fostering a harmonious and fair workplace
that its remuneration policies align with the company’s culture.
strategic objectives, uphold pay equity, and help maintain a

Salary level 2022 2023 2024

Percentage of employees paid above the living 100% 100% 100%
wage in the countries where they work
Average remuneration of employees (excluding corporate officers) €81,126 €85,273 €88,607
Median remuneration of employees (excluding corporate officers) €60,190 €61,071 €63,580
Average national wage (France, United States, Singapore) €55,532 €59,497 €60,178
according to OECD (https://www.oecd.org/fr/data/indicators/
average-annual-wages.html) and Singapore data
(https://stats.mom.gov.sg/Pages/Income-Summary-Table.aspx)



Workforce by type of contract 2022 2023 2024

Permanent staff 307 323 336
Non‑permanent staff 10 11 17
Creation of permanent jobs 19 23 15


Health insurance Shareholder” fund are accompanied by a substantial
matching contribution from the company.
In France, Interparfums pays 100% of the cost of the “base”
health insurance scheme for all employees (permanent, In addition, a Collective Retirement Savings Plan enables all
fixed‑term, apprenticeship or professional training contracts). employees (France scope) to prepare for their retirement
It applies to each employee as soon as he or she joins the and to benefit from a substantial company contribution.
workforce, with no waiting period. A “supplementary” Employees also have the option of transferring part of
health insurance plan is also offered to all employees, with their unused leave to the Collective Retirement Savings
no waiting period, as soon as they join the workforce. As the Plan each year.
claims/contributions ratio has been positive for several years
Employees also benefit from a supplementary pension
(due to compliance with the obligations of the responsible
contract with defined contributions and compulsory
contract described in the Social Security Financing Act and
enrolment. This individual contract is funded by monthly
the specifications established in 2019 with the 100% health
employee and employer contributions, which are freely
reform, among others), certain consumption items have
allocated. The Group has chosen to help its employees
been significantly improved in 2023 in favor of employees.
build up this pension, which complements their retirement,
In Singapore and the United States, specific healthcare
by paying a significant proportion of the contributions. As
arrangements have been put in place. We therefore offer
part of the development of its remuneration and benefits
100% employees a contribution to their healthcare costs.
policy, this scheme has been extended to all employees
(management and non‑management) since January 1, 2024,
Profit sharing with the addition of an employer’s contribution on salary
band A for all employees in addition to the band B and C
In accordance with French law, a profit‑sharing agreement
contributions already defined.
was signed in 2001. For 2024, as in previous years, a
significant gross amount of more than €4.3 million was Special pension arrangements are available for employees
redistributed to employees at the beginning of 2025, an in Singapore and the United States.
increase of 10% compared with 2023.
In addition, and in order to develop employee share
ownership, the Group in December 2018 and then in
Company Savings Plan and Collective March 2022, the group set up two plans for the allocation
Retirement Savings Plan of performance shares intended for all employees.
UNIVERSAL REGISTRATION DOCUMENT 2024




The Group offers all its employees working in France (after
3 months’ with the company) a Company Savings Plan to Social dialogue
encourage employee savings by offering several types of
For employees working in France, elections for staff
funds to suit individual projects. Since 2017, Interparfums
representative organizations are held every four years, as
has upgraded its scheme by offering an “Interparfums
required by law. The Social and Economic Committee (CSE)
Shareholder” fund, enabling them to benefit from changes in
was renewed in June 2023. It is made up of 4 managerial
the value of the Interparfums share within an advantageous
staff, including a harassment officer. The CSE meets once
tax framework. These payments into the “Interparfums
a month to be informed and consulted on strategic and
organizational issues that have an impact on the employees.
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Following the return of the CSE in June 2023, the “Health A number of workplace first aiders are trained every two
and Safety at Work” committee was re‑established as a years, and health advisers have also been appointed since
continuation of the previous Hygiene, Safety and Work the Covid pandemic star ted in 2020. The size of the
Conditions Committee. The committee is made up of two structures in Singapore and the United States means that
non‑executive employees and usually meets once every six informal social dialogue between management and staff is
months. An employee designated as responsible for health, encouraged, given the absence of regulatory requirements
safety and working conditions has been appointed internally. in these countries.

2022 2023 2024

Percentage of employees covered by a collective
agreement in accordance with regulations 72% 70% 70%
Percentage of employees covered by formal social
dialogue or an independent trade union 72% 70% 70%
Percentage of employees covered by social dialogue (formal or informal) 100% 100% 100%


Health and safety In addition, the Group is particularly sensitive to the issue of
good posture at work and the prevention of musculo‑skeletal
In 2024, two work accidents were recorded, neither of
risks. Mobile employees are provided with good quality
which resulted in sick leave. No occupational illnesses have
company cars and all have IT equipment tailored to their
been reported. As Interparfums has no production site,
needs. Interparfums has also implemented a number of
the risk of work‑related accidents is non‑significant. In
measures to maintain good working conditions for its
addition, the Group’s activities do not create safety hazards.
employees, its service providers and, in particular, those
Our employees, who work mainly in the offices at our Paris working permanently in its logistics warehouse. These
head office, enjoy excellent working conditions. In 2022, include: a warehouse heated to 11°C with the provision of
the premises were transferred to a single site on rue de suitable clothing, individual changing rooms and showers,
Solférino, in a building renovated to the latest standards premises with natural light, a dedicated and well‑maintained
in terms of user comfort. Smart systems mean everyone lunch area, etc. Following the mapping of workstations
can manage their own lighting and ventilation. The site is designed to measure difficult working conditions, no
easily accessible by public transport, and its car park has workstations have been identified as difficult.
bicycle spaces and two vehicle charging points.

France scope (2022 and 2023) and Group scope for 2024 2022 2023 2024

Number of lost‑time accidents 1 1 0
Number of lost‑time accidents while commuting 0 0 2
Frequency index (number of work accidents with
lost time per million hours worked) 2.48 1.87 0.00
Severity rate (number of days of accident‑related
absence per thousand hours worked) 0.03 0.01 0.00
Number of occupational illnesses 0 0 0


In addition, as part of the drive to prevent psychosocial 4.1.3 — Involve employees in high‑impact
risks, a counselling and psychological support service is philanthropic initiatives
available to employees via a dedicated toll‑free number, in
The Group is also developing initiatives aimed at civil society
partnership with the Institut d’Accompagnement Permanent
in the following areas:
Psychologique et de Ressources (IAPR). The Group is closely
monitoring issues relating to the prevention of psychosocial — d evelopment of the local economy;
risks, and in 2025 will be launching initiatives to inform — relations with educational establishments;
employees on subjects such as sleep quality, relaxation — funding for community projects.
techniques and reducing mental workload.
€354,000 was allocated to sponsorship for 2024, not
including product donations made to associations such as
Dons Solidaires without any consideration or value added. In
addition, this year Interparfums employees enthusiastically
UNIVERSAL REGISTRATION DOCUMENT 2024




rallied round to bring a little comfort to those who need it
most. The Solidarity Christmas Boxes collection resulted in
a large number of gifts being donated to the association La
fabrique de la solidarité. Interparfums also included miniature
perfumes and shower gels in each box, adding an extra
touch of elegance and care.
INTERPARFUMS




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2


On another front, Interparfums decided to support the 4.1.4 — Equal treatment and equal
Société des Amis des musées d’Orsay et de l’Orangerie from opportunities for all: Attract, support
2024. These museums are ideally located next to the Group’s and develop talented people
head office, and their programs should enable employees to
broaden their knowledge, arouse their curiosity and even
Key challenges
discover new sources of inspiration as part of a cultural
breather. Thanks to this partnership, they can discover the The main issues identified in this area are as follows:
exhibitions and rich permanent collections of these two
— m aintaining a high level of expertise;
museums free of charge.
— equal opportunities;
Still on a cultural level, Interparfums wanted to participate — professional equality.
in the Cercle Montherlant-Académie des Beaux-Arts prize,
which is awarded each year to a French‑language work of
art. In 2024, it was awarded to the book “Jean Luce et le
IMPACT ON THE VALUE CHAIN
renouveau de la table française, 1910‑1960” by Sung Moon
Cho, published by Norma. Sung Moon Cho is a researcher
Upstream In-house operations Downstream
in contemporary decorative arts, specializing in 20 th-century at Interparfums
ceramics and glass and the history of tableware.
The Group supports charities and institutions working in
the fields of solidarity, children, fighting against exclusion,
Risks and opportunities
healthcare and more by providing financial aid to help
them carry out their projects. Since 2018, through the
Givaudan Foundation, Interparfums has helped install Low Medium High Very high
10 school infrastructures in Sulawesia, the Indonesian
island where the patchouli specific to Montblanc Explorer
Eau de Parfum comes from. More than 1,200 children and  Very high  High  Medium  Low  N/A
110 school teachers benefited from this initiative. In 2024,
Interparfums renewed its partnership with the Givaudan
Foundation. Its contribution enabled the implementation of
a digital library program in four schools, offering access to
quality educational resources via digital devices, benefiting Policy
386 schoolchildren and including the training of 45 teachers.
With a management style that is very family‑oriented
In 2024, support was once again given to the CEW to and close to employees, everyone is free to share their
finance social beauticians caring for women suffering from ideas while respecting the company’s values. Management
cancer, and to EliseCare, which helps civilian populations attaches the utmost importance to ensuring that everyone
affected by war. understands and supports the Group’s strategy.
In addition, as par t of its commitment to sharing its The flexibility of the organization, which is essentially made
experience and training future generations, the Group is up of small teams, means that it can constantly adapt to
regularly involved in training in its businesses, in particular any changes or developments in the external environment.
by giving talks on marketing and finance at a number of
Sharing the “Interparfums spirit” also means that all
various prestigious schools (business schools, SciencesPo,
employees adhere to and are aware of the Group’s ethical
École Supérieure de Parfumerie). Interparfums also regularly
values, as well as ensuring that employees feel fulfilled at
welcomes interns and apprentices. Since 2022, Rochas
work and respect good working conditions.
has partnered with the Fondation Institut Français de la
Mode, supporting its social inclusion policy by funding its This ethical commitment has been formalized in a “Business
social scholarship fund. Ethics Charter”, to which everyone adheres and which
par ticularly focuses on health, safety, discipline, risk
Additionally, 1% of the revenue from Rochas Girl has
prevention, harassment, respect for individual freedoms,
been allocated to the international collective 1% For The
sensitive transactions, fraud and business confidentiality.
Planet, which funds various organizations dedicated to
environmental conservation. This initiative will continue Since 2017, a Charter on the right to disconnect has also
with a contribution from the sales of Citron Soleil, part of been in place, and every employee has signed up to it.
the «Les Nouveaux Rendez‑vous» collection by Rochas.
Interparfums also reinforced its commitment to ocean
conservation in 2023 by funding the construction of a vessel
designed to collect floating plastic waste in coastal areas
UNIVERSAL REGISTRATION DOCUMENT 2024




and river mouths. The Mobula 8.2, deployed in Malaysia,
was officially inaugurated in February 2025, thanks to the
joint efforts of like‑minded companies. This support for
The SeaCleaners Swiss association reflects Interparfums’
commitment to tackling global environmental challenges,
particularly plastic pollution, which threatens not only marine
ecosystems but also human health.
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Equal treatment and skills development the company, interactive workshops, and an immersive
workplace experience. The afternoon was dedicated to
The Human Resources Department is particularly vigilant
creative activities, such as engraving, bottle setting, and an
in each of its recruitments. Only the skills, experience,
olfactory discovery session. This first edition of DuoDay was
qualifications and personality of candidates are taken into
a resounding success, reflecting Interparfums’ commitment
account when selecting new recruits. Diversity of profiles,
to inclusion and diversity. It served as a powerful reminder
cultures, ages and genders is a source of strength for our
of the importance of embracing different talents and the
teams, the company’s greatest asset.
value that diversity brings to the workplace.
Since 2019, Interparfums has organized an annual disability
Thanks to these awareness campaigns and close support
awareness campaign. In 2024, during the European Week
from the Human Resources team, four employees in France
for the Employment of People with Disabilities, Interparfums
have been officially recognized as workers with disabilities
had the privilege of participating for the first time in DuoDay
through an RQTH (Recognition of the Status of Disabled
on November 21, 2024. This national initiative offers
Worker).
individuals with disabilities the opportunity to experience the
corporate world firsthand. At Interparfums, six duos were Additionally, the Group contributes indirectly to the
formed, pairing participants with employees from marketing, employment of individuals with disabilities and actively
development, and commercial teams to explore different fights against exclusion and discrimination. One of its key
career paths. This enriching day was a valuable opportunity initiatives includes par tnering with a disability‑friendly
to share expertise, challenge perceptions of disability, and company, for the packaging of its perfume boxes.
break down preconceived notions. The day’s programme
In 2024, the total cost of these outsourced services was
included a morning session featuring an introduction to
€1,121,474.

2022 2023 2024

Overall workforce gender parity (M/F) M 26% - F 74% M 26% - F 74% M 25% - F 75%
M/F parity in management positions M 35% - F 65% M 39% - F 61% M 37% - F 63%
M/F parity on the executive committee M 73% - F 27% M 73% - F 27% M 58% - F 42%
M/F parity on the Board of Directors M 55% - F 45% M 50% - F 50% M 45% - F 55%
Professional Equality Index score (France) 84/100 84/100 85/100


Training indicators tackled in 2024. Climate Fresks have been set up with
regular workshops, so that everyone can incorporate climate
The quality of the work carried out by the teams is enhanced
change and biodiversity issues into their daily lives. Training
throughout the careers of our employees by training in
in business ethics has been provided to all employees via an
order to maintain a high level of competence in all business
e‑learning module on a Group‑wide basis. With the same
categories. To this end, Interparfums offers all its employees
objective in mind, dedicated cybersecurity modules have
development plans enabling them to broaden their technical,
been introduced to raise awareness of this fundamental issue
managerial and personal skills.
among our teams. They will be renewed on a regular basis.
While continuing its training efforts on topics such as office
These impact‑driven training sessions have already reached
automation, management, language learning, business
32% of employees in France, who participated in a Climate
training and personal development, new subjects were
Fresk workshop.

France scope in 2022, 2023 and Group scope in 2024 2022 2023 2024

Percentage of employees who attended at least
1 training course during the year 50% 55% 92%
Number of hours of training 1,591 hours 2,635 hours 2,347 hours
Average number of training hours per employee 6.98 hours 11.31 hours 6.65 hours
UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




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4.2 — EMPLOYEES IN THE VALUE CHAIN
4.2.1 — Policy

Interparfums’ business model is based on a value chain that
is expected to be exemplary. As part of the roll‑out of our
IMPACT ON THE VALUE CHAIN
“business ethics charter” and our “responsible purchasing”
policy, we do not tolerate any failure on the part of our
Upstream In-house operations Downstream
at Interparfums suppliers to respect human rights. They are therefore asked
to ensure that no child labor takes place in their immediate
value chain, and that they undertake to pay a decent wage
to the adults involved. Particular attention is paid to the
Risks and opportunities activities of perfumers who operate in certain regions of
the world where these issues are prevalent.
Low Medium High Very high Upstream licensors are also very concerned by these issues,
and downstream consumers are increasingly interested.

 Very high  High  Medium  Low  N/A




2023 2024

Percentage of suppliers assessed by Ecovadis and certified ISO 45001/OHSAS 18001 28% 27%
Percentage of suppliers assessed by Ecovadis and certified
ISO 45 001/OHSAS 18 001 as a % of purchases 36% 39%


4.2.2 — Focus on flowering plants For example, Interparfums favors vertical sourcing from
perfumers because of better control over practices and
In recent years, articles and reports have described potential
supports their initiatives in terms of traceability (such as
human rights violations in various supply chains for plants
the sector’s establishment of a multi‑brand coalition in the
used in perfumes. Interparfums is working with its partners
case of jasmine in Egypt). An appropriate traceability tool
on these issues, aware of their complexity and the difficulty
has been chosen and will be deployed in 2025 to monitor
of resolving them quickly.
the sectors identified as at risk following the analysis work
carried out.
In addition, the approach presented in § 2.3 will make it
possible to extract indicators aligned with the ESRS S2
(Employees in the value chain) of the future CSRD.




UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




105
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In the list of regulated substances used by Interparfums
4.3 — CONSUMERS (RSL), no ingredient is classified as a known endocrine
disruptor(1).
The Group is responsible for marketing the cosmetic
products it sells and for assessing their safety. It also relies The Group has taken the initiative of contacting its various
on information provided by perfumers, who assess the subcontractors and suppliers to ensure that they effectively
safety of the raw materials used to make the fragrances. The comply with the necessary registrations, notifications and
product quality, safety and compliance policy accessible via requests for authorization from those upstream in their
the https://www.interparfums-finance.fr/website describes supply chain. Interparfums has asked all its suppliers to
Interparfums’ commitments in this area. commit to supplying ar ticles 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
IMPACT ON THE VALUE CHAIN
Interparfums. The Ecovadis platform is used to assess the
performance of suppliers, particularly perfumers, on issues
Upstream In-house operations Downstream
at Interparfums relating to consumer health and safety, and in particular
the absence of substances of concern or controversial
substances.
A regulatory monitoring procedure, with the help of
Risks and opportunities
the FEBEA (Federation of Beauty Companies), enables
Interparfums to ensure strict compliance with regulations,
Low Medium High Very high particularly with regard to the monitoring of molecules
present in formulas during a ban, for example. The ban
on the use of lilial from March 1, 2022 meant that all
 Very high  High  Medium  Low  N/A perfumes containing this molecule had to be redesigned,
in conjunction with the perfumers. New documents were
filed at the end of this process.
As a result, Interparfums is in the process of replacing all
the substances present in its perfume concentrates whose
4.3.1 — Ensure the health and safety of consumers
classification is likely to be upgraded to CMR 1B. These
The Group carries out skin safety tests on the products substances include heliotropin, galaxolide, tonalide and
it markets. In accordance with EC regulation 1223/2009, the “lilial like” substances mentioned above.
none of these tests are carried out on animals. The skin
No PFAS (perfluoroalkylated and polyfluoroalkylated
safety tests were carried out on healthy adult volunteers.
substances) are present in products marketed by
The Group has taken account of the REACH regulation (EC
Interparfums.
Directive No. 1907/2006 of December 18, 2006) on the
registration, evaluation and authorization of chemicals with
all its suppliers. All the technical and organizational measures 4.3.2 — Cosmetovigilance procedure
required to comply with REACH have been implemented
Cosmetovigilance is a system for monitoring and recording
within the Group. It is not subject to registration as a
undesirable effects associated with the use of cosmetics
downstream user of substances. However, it wanted to
in humans. It concerns any undesirable effect, serious or
proactively communicate with its suppliers to ensure that
otherwise, which has occurred under normal or reasonably
the registrations went smoothly and that the compliant
foreseeable conditions of use of a cosmetic product or
chemical substances in its products continued to be supplied.
which is likely to result from misuse. Interparfums processes
Perfumes contain alcohol (> 78%). This ingredient is not and analyses the cosmetovigilance cases reported to it. A
classified as an endocrine disruptor and is tolerated in procedure defining the steps to be taken when a complaint
cosmetics because of a favorable opinion from the SCCS is received is systematically applied and corrective measures
(Scientific Committee on Consumer Safety), an independent are systematically deployed.
research body commissioned by the European Commission.
UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




(1) These 16 families of products, the list of which is published by the ECHA (European Chemicals Agency), are banned and, of course, are not present in
our products.

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4.3.3 — Organization
The two‑person regulatory department within the Supply This team of scientists continually monitors evolving
Chain & Operations Division is responsible for checking ingredient data and works with perfumers and industry
the formulations of our products. The eight‑strong Quality peers through FEBEA (French professional organization
department constantly monitors subcontractors throughout of beauty companies) to assess the safety of ingredients
the production chain for defects and non‑compliance. used in our products.

Cosmetovigilance is carried out by the regulatory department.

2023 2024

Number of claims per million products sold 0.015 0.995


4.3.4 — Informing consumers 4.3.5 — Favoring a high level of naturalness
Interpar fums has set up a web page (myproducts.
interparfums.fr) where users can browse by product and Nature, a source of inspiration
check whether or not it contains chemicals of concern.
Interparfums uses only plant‑based alcohol in all its fragrance
Particular attention is paid to disclosing the presence of
lines, essentially beet alcohol, 99.5% of which is natural. The
allergens. As a result of the publication of Regulation (EU)
remainder is made up, depending on the line, of a variable
2023/1545, from July 16, 2023, 82 allergens must now
proportion of natural ingredients. It is worth specifying that
be indicated on packaging (rather than 26 as previously).
all the perfumers the Group works with have concentrates
Since 2013, all our packagers have been implementing the with a proportion of ingredients certified to ISO 9235
ISO 22716 international standard on Best Manufacturing or ISO 16128. The proportion of natural fragrances is
Practices, which sets out guidelines for the production, therefore over 80%.
checks, packaging, storage and dispatch of cosmetic
For aftershave balms, hand creams, shower gels and body
products. It is the practical development of the Quality
lotions, the Group uses between 79% and 88% natural
Assurance concept, through the description of the plant’s
ingredients.
activities.
Moonlight Rose from the Collection Extraordinaire by
Against this regulatory backdrop, regular audit campaigns of
Van Cleef & Arpels is an Eau de Parfum made with
all packaging plants carried out by the Quality department
62.8% ingredients of natural origin according to the
in accordance with the ISO 22716 standard have been
ISO 16128 standard and 8 upcycled ingredients. Green
introduced. The purpose of these audits is to ensure
chemistry principles have also been used for 3 other
that packagers maintain a good level of traceability and
ingredients.
quality. All plant activities have been reviewed, including
the processes for receiving raw materials and packaging The latest Coach Man Green launch includes a perfume
items, manufacturing, packaging and quality control. These made with 31.3% ingredients of natural origin according to
reports have demonstrated that the Group’s subcontractors the ISO 16128 standard. In addition, 34.2% of the perfume,
comply with ISO 22716 Best Manufacturing Practices and i.e. 10 ingredients, comes from upcycled raw materials.
in par ticular the traceability required for all fragrance
production.
Interparfums is able to design fragrances that comply with
the specifications of certain distributors so that they can
promote them at points of sale using the logos they create.
Numerous expectations are emerging in different countries
around the world, illustrating the importance of this issue
for consumers.
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5 — GOVERNANCE
Interparfums adheres to the Middlenext corporate governance code (an independent French professional association
representing mid‑cap listed companies) and as such is developing its governance in line with the CSR challenges identified
in its materiality matrix presented in section 1.3.
In view of the Omnibus Law, the Interparfums Group is not subject to the regulation on taxonomy, Regulation (EU)
2020/852 of the European Parliament and of the Council of the European Union of June 18, 2020.
In terms of taxation and tax payments, the Group complies with local regulations in all the countries in which it operates
and does not engage in tax evasion. The Audit Committee presents the tax breakdown to the Board of Directors
each year.


5.1 — MOBILIZED AND COMMITTED GOVERNANCE
In 2024, the members of the Board of Directors attended Interparfums does not engage in any lobbying activities.
information‑sharing sessions designed to help them The Group is a member of Middlenext to ensure that
anticipate future regulations, particularly in terms of climate management is informed and trained in new regulations,
change, business ethics and the fight against corruption in particular those relating to CSRD. Interparfums is a
and forced labor. They have been specifically trained in member of the FEBEA and UNIFAB to ensure that the
the fight against corruption. They have been trained in the Group is supported in the development of its activities.
process of drawing up the dual materiality matrix so that Rochas participates in the activities of the Comité Colbert
they can validate it with sufficient expertise on the subject. and the Fédération de la Haute Couture et de la Mode.
A second training session on biodiversity was organized
The members of Interparfums’ Executive Committee are
given the importance of this topic for Interparfums. They
trained in CSR by following a programme that covers the
also attended a Climate Fresk workshop.
Group’s main challenges: climate with the Climate Fresco,
In 2024, the Governance, Nominations and Remuneration CSRD and reporting, business ethics, duty of care, etc.
Committee was created.

Composition of the Board of Directors (2024)

— Gender distribution — Director’s areas of expertise(1)




5 Finance
& accounting
5 Perfume sector
4 Distribution
4 In-depth
knowledge
of the Group
3 CSR
55% Women
2 Media & digital
45% Men


— Seniority in office
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36.4% -4 years

27.3% +16 years

27.3% 12 to 15
years
9% -4 to
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11 years




(1) Number of Directors with the relevant expertise.

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Portrait of Caroline RENOUX,
5.2 — CSR GOVERNANCE Chair of the CSR Committee
The Sustainable Development Department reports to the Caroline has extensive experience and expertise in CSR. A
Finance in order to take CSR issues into account at the graduate of ESSCA in Angers and of the Collège des Hautes
highest level CSR issues at the highest level and to think Études de l’Environnement et du Développement Durable
in terms of the company’s overall performance. (CHEDD) Centrale Paris, she founded Birdeo in 2010, a
leading recruitment and HR consultancy firm specializing
A CSR Executive Committee comprising all internal
in positive‑impact jobs and sustainable development. It
stakeholders was set up in 2021. It has 9 members,
has held the B Corp label since 2015 and has been a
4 of whom are members of the Interparfums Executive
Mission Company since 2021. Driven by a real ecological
Committee: the Chief Financial Officer, the Director of
awareness and convinced that the new economic, social
Human Resources, the Director of Legal Affairs and the
and environmental challenges will generate a revolution
Executive Director of Supply Chain & Operations. It also
at least equivalent to the digital revolution, she decided
includes the Finance Department, the Head of Corporate
in 2019 to go even further and created People4Impact
& Compliance/DPO, the Communications Department and
by Birdeo, which she now heads up, the first community
the Shareholder Relations Department. This committee is
of freelance experts and interim managers specializing
led by the Sustainable Development Director.
in sustainable development issues. Caroline also works
This CSR Executive Committee reports regularly on its work with Management Committees and Boards of Directors
to Philippe Benacin, Chairman and CEO of Interparfums, as on the organization of CSR skills and professions within
well as to the CSR Committee of the Board of Directors companies. In 2024, she also published a book entitled
created in 2024. «5 étapes pour se reconvertir dans la RSE» (5 steps to a
new career in CSR).
She is also Chair of the edutech Ecolearn Mission
Committee, a member of the “des Enjeux et des hommes”
Mission Committee and a member of the Havas France
Stakeholder Committee.




CSR Committee
On the Board of Directors
chaired by Caroline Renoux
Meets 2 to 4 times a year




CSR Executive Committee
Executive Committee
Composed of 9 people, including 4 members
Trained in CSR issues and kept regularly
of the Executive Committee
informed of strategy progress
Meets between 8 and 10 times a year




Sustainable Development Department
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5.3 — VARIABLE REMUNERATION POLICY FOR THE
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Details of the remuneration policy for the Chairman and subject to the same quantitative and qualitative criteria
Chief Executive Officer are provided in section 2.1.1 of being met as in 2024, to which will be added for 2025
Part 4 of this document. For greater transparency, this an environmental criterion relating to the reduction of
section sets out the non‑financial criteria for the CEO’s greenhouse gas emissions, on the recommendation of the
variable remuneration policy, which will be put to the Governance, Remuneration and Appointments Committee
vote at the forthcoming Annual General Meeting. The (CGNR) and approved by the Board of Directors. This
target variable remuneration remains unchanged from remuneration will be paid at the close of the 2026 Annual
2024. The payment of this variable remuneration will be General Meeting.
The variable annual remuneration of the Chairman and Chief Executive Officer is calculated on the basis of financial
and non‑financial criteria. The latter accounted for 40% in 2024 and 50% in 2025. They break down as follows:

2024 2025

Qualitative criteria Quality and balance of relationships with stakeholders 10% 10%
(brands, customers, suppliers, etc.)
Management of subsidiaries (United States, Singapore) 10% 10%
New sustainable development initiatives (CDP, 5% 5%
SBTi membership, non‑financial ratings)
Quantitative criteria % of women on the Executive Committee at 31/12 of the year 5% 5%
% of employees who attended training during the year 5% 5%
% reduction in carbon intensity between year N and N-1 - 10%
% of independent Directors at 31/12 of the year 5% 5%



5.4 — ETHICS AND COMPLIANCE
5.4.1 — Middlenext Business Ethics Charter and
Anti-Corruption Code of Conduct
IMPACT ON THE VALUE CHAIN
As part of its ethics and compliance policy, in line with
its CSR strategy, the Group is committed to conducting Upstream In-house operations Downstream
its internal and external activities with integrity and at Interparfums
responsibility. It has therefore decided to adopt the
Middlenext Anti-Corruption Code of Conduct in order
to express its convictions on this subject and share them
Risks and opportunities
with all its employees and with all third parties with whom
it works. This Code of Conduct sets out the guidelines to
be applied by all employees, whether in France or abroad. Low Medium High Very high
The aim is to ensure that all Group employees behave
ethically in the course of their work within the Group.
In addition, a business ethics Charter has been drawn up  Very high  High  Medium  Low  N/A
and is enforceable with its partners to ensure that they
comply with the rules of ethics, morality and law to which
the Group is committed. This ethical Charter has been
shared with them, using the Provigis monitoring platform
launched in October 2023 and an electronic signature
mechanism. Its roll‑out can be measured and improvement
plans can be requested from partners.
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2023 2024

Number of suppliers registered on the Provigis platform 113 110
Percentage of suppliers who have signed the ethics Charter 51% 61%
Percentage of suppliers who have signed the ethics Charter nd 95%


In addition to distributing the “Business Ethics Charter”, it was decided to train all employees in anti‑corruption through
an e‑learning module. Employees who are most exposed to risk will benefit from a special, tailor‑made training day led
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5.4.2 — Whistleblowing and reporting mechanism In the event of a whistleblowing report, an Ethics Committee
consisting of the Legal Director, the Human Resources
Interparfums makes available to its employees and all its
Director, and the Head of Compliance & DPO is responsible
stakeholders a reporting platform provided by EQS Group,
for handling the reports by conducting investigations and,
an independent service provider, accessible via the link
if necessary, engaging an external specialist firm.
https://Interparfums.integrityline.app/. Set up at the end of
2023, this platform – which is secure and guarantees the No reports were received in 2024.
confidentiality and security of exchanges – enables anyone
to report any situation that appears to breach the Group’s
5.4.3 — Training
ethics. In the past, alerts were received by other means, and
no alerts were received in 2023. The introduction of this By the end of 2023, the Board of Directors and the
platform was accompanied by communication specifying Executive Committee had received training in the fight
the procedure for filing a report and the data confidentiality against corruption. Then, during 2024, all employees took
policy in accordance with the General Data Protection an e‑learning module on the fight against corruption.
Regulation (GDPR, see paragraph 5.4.5). More generally,
Finally, employees identified as being at risk (within the
a Data Protection Officer (DPO) is responsible for all
Group) will follow a face‑to‑face training module planned
measures relating to GDPR.
for 2025.

2023 2024

Percentage of employees trained in the fight against corruption 3% 93%


5.4.4 — Duty of care 5.4.5 — Protection of personal data
As par t of the par tnership relations established with Interparfums is committed to protecting personal data
suppliers, an action plan to prevent economic dependence and the right to privacy of all its stakeholders, including
with the Group’s partners has been implemented. customers, licensors, employees, candidates, and partners
in the value chain (suppliers and subcontractors).
This duty of care is applied in particular to partners who
may be exposed because of their size and infrastructure. Since 2019, Interparfums has adopted a set of personal
The Group has set up a monitoring system to identify data protection rules, including a Personal Data Protection
companies that could, in the long term, become economically Charter concerning the processing of employees’ personal
dependent, thereby jeopardizing their relationship. data and a Personal Data Usage and Protection Charter,
which informs employees about best practices for handling
The Group’s duty of care also takes the form of transparent
personal data in the course of their professional duties.
communication that helps its partners prevent this risk of
dependence. It provides medium and long‑term visibility The Interparfums Privacy Policy, available and accessible
on its forecast levels of activity, its development strategies to all on the website https://www.interparfums.fr/fr/
and its needs in terms of innovation, so suppliers can build politique-confidentialite/, defines the principles of data
their own strategy and develop their capacity to adapt, in protection and the framework governing the way in which
order to achieve the desired objectives. individuals’ personal data is processed. Individuals include
all of Interparfums’ stakeholders, i.e. its customers, digital
Over the last few years, the Group has also been securing
users, employees, staff, subcontractors and suppliers, and
its purchases of a number of critical components for our
job applicants. The principles set out in the Privacy Policy
strategic lines. This meant that the moulds and tools had
and the Personal Data Usage and Protection Charter must
to be sourced from two different suppliers.
be adhered to by all employees of the Group. Under the
Generally speaking, as part of its duty of care policy in supervision of the Group’s Data Protection Officer (DPO),
terms of the risk of economic dependence, the Group a mandatory e‑learning training course was conducted in
encourages its suppliers to regularly diversify their customer early 2025 to ensure an appropriate level of awareness
base. Similarly, a supplier who has developed an innovative of the applicable data protection requirements within
technique that gives it a monopoly may also put the Group the Group and to reinforce the principles outlined in the
at risk in terms of supply. The Group may therefore agree aforementioned policies and charters. More broadly, the
with it to seek a second source of supply. Data Protection Officer (DPO) is responsible for informing
and advising the Group on its legal and regulatory obligations
regarding personal data, thereby assisting the Group in
complying with the principles of the GDPR.
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5.4.6 — Cybersecurity
Beyond data and system protection, Interpar fums’ The human factor is one of the most exposed vulnerabilities
cybersecurity initiatives ref lect its maturity in risk in the security chain, making it essential to train them
management and its ability to ensure business continuity. in cybersecurity best practices. A dedicated training
programme was implemented in 2024 within the French
Cybersecurity risks are constantly evolving and can have
operations.
major consequences for companies, including reputational
damage, financial losses, operational disruptions and the Cybersecurity must be an ongoing process. It is important
theft of sensitive data. A dedicated governance framework to monitor systems for anomalies and conduct penetration
has been established, led by the Chief Information Officer testing to identify vulnerabilities.
(CIO), who reports directly to the Deputy Chief Executive
Finally, an incident response plan is in place to minimize
Officer and the Chairman & CEO in the event of a suspected
damage in the event of an attack and restore the original
crisis. This governance framework is responsible for
situation.
identifying potential vulnerabilities and threats in order to
implement appropriate protective measures. This includes By implementing appropr iate secur ity measures,
the implementation of network and asset protection tools, Interpar fums signif icantly reduces its exposure to
intrusion detection systems and more. cyberattacks, protects the integrity and availability of data
and strengthens stakeholder confidence.
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6 — TABLE OF CSR INDICATORS
Reporting scope: the content of this report and the indicators presented in the following pages, unless otherwise stated,
cover the Group (France, United States and Singapore) and are consolidated for the year 2024 (i.e. from January 1
to December 31, 2024). No subsidiary is excluded from this reporting scope. The non‑financial scope covered by this
report is identical to the financial scope. All Interparfums operations are therefore covered in this report.

SDG
Indicators 2022 2023 2024 ESRS references GRI

Environment
Emissions Total annual greenhouse 235 221 233 ESRS E1 305‑1,
gas emissions 305‑2
Scope 1 and 2 (in tCO2e)
Total annual greenhouse 152,937 191,252 213,171 ESRS E1 305‑1,
gas emissions 305‑2
Scope 1, 2 and 3 (in tCO2e)
Carbon intensity 216 240 242 ESRS E1 305‑1,
(in kg CO2/€k sales) 305‑2

Number of carbon 1 1 1 ESRS E1 305‑1,
contribution projects 305‑2

Total energy consumption 1,754 1,696 1,682 ESRS E1 305‑1,
(in MWh) 305‑2

Self‑produced renewable nd 4.88 6.84 ESRS E1 305‑1,
energy consumption (in MWh) 305‑2

Water Water consumption 3,949 1,301 1,014 ESRS E3 303‑5
(warehouse) (in m³)

Biodiversity Tier 1 supplier production None None None ESRS E4 304‑8
sites located near a protected
natural area for biodiversity
Packaging Percentage of PCR (recycled) 37% 78% 78% ESRS E5 301‑2
glass used in product packaging

Intensity of PCR glass usage 11.3 7.8 7.9 ESRS E5 301‑2
(in tons/€M sales)


Percentage of FSC cardboard 10% 88% 100% ESRS E5 301‑2
used in product packaging
(gift boxes and cartons)
FSC cardboard 3.20 1.98 1.80 ESRS E5 301‑2
intensity (in tons/€M)

Intensity of plastic used 1.91 1.77 1.47 ESRS E5 301‑1
in product packaging
(in tons/€M sales)
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Waste Quantity of waste produced 42.3 30 64 ESRS E5 306‑3
(warehouse) (in tons)

Percentage 0.83 0.9 0.88 ESRS E5 306‑5
of waste recycled

Quantity of hazardous 8.8 0 0 ESRS E5 306‑4
waste produced (in tons)
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SDG
Indicators 2022 2023 2024 ESRS references GRI

Pollution Amount of financial 0 0 0 ESRS E2 2‑27
penalties and fines paid
for breaches of current
environmental regulations

Social
Employment Total permanent workforce 317 334 353 ESRS S1 2‑7
(Group‑wide)

Workforce France 228 233 247 ESRS S1 2‑7
by geographic
United States 70 77 82 ESRS S1 2‑7
region
Asia 19 24 24 ESRS S1 2‑7
Workforce Permanent 307 323 336 ESRS S1 2‑7
by type of
Non‑permanent 10 11 17 ESRS S1 2‑7
contract
Creation of 19 23 15 ESRS S1 401‑1
permanent jobs

Percentage of employees 72% 70% 70% ESRS S1 402‑1
covered by a collective
agreement
Loyalty and Breakdown Under 18s 0% 0% 0% ESRS S1 405‑1
absenteeism of employees
18 to 24 4% 5.7% 5.9%
by age
25 to 34 29% 29.3% 30.0%

35 to 44 29.7% 29% 28.3%

45 to 54 24.3% 23.6% 22.7%

55 and over 13% 12.4% 13.0%

Average employee age nd 41.0 40.8 ESRS S1 405‑1



Average seniority 8.1 7.5 7.6 ESRS S1


Turnover 19% 22% 13% ESRS S1



Total absenteeism rate 2.34% 2.29% 2.01% ESRS S1



Absenteeism rate excluding 1.21% 1.80% 1.27% ESRS S1
maternity and paternity leave
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SDG
Indicators 2022 2023 2024 ESRS references GRI

M/F parity in Women 74% 74% 75% ESRS S1 405‑1
Diversity
the permanent
and inclusion
workforce
Men 26% 26% 25% ESRS S1 405‑1


M/F parity in Women 65% 61% 63% ESRS S1 405‑1
management
positions
Men 35% 39% 37% ESRS S1 405‑1



Professional equality index score 84/100 84/100 85/100 ESRS S1 405‑2



Number of employees 3 3 4 ESRS S1 405‑1
recognized as disabled workers

Number of trainees 4 0 1 ESRS S1 405‑1



Training Percentage of employees who 32% 55% 92% ESRS S1 404
attended at least 1 training
course during the year
Number of training hours 1,591 2,719 2,347 ESRS S1 404



Average number of training 5 8 7 ESRS S1 404‑1
hours per employee

Safety Number of lost‑time accidents 1 1 0 ESRS S1 403‑9


Number of lost‑time 0 0 2 ESRS S1 403‑9
accidents while commuting

Frequency index (number of 2.48 1.87 0 ESRS S1 403‑9
work accidents with lost time
per million hours worked)
Severity rate (number of days 0.03 0.01 0 ESRS S1 403‑9
of accident‑related absence
per thousand hours worked)
Number of occupational illnesses 0 0 0 ESRS S1 403‑10



Number of employees who died 0 0 0 ESRS S1 403‑9
as a result of a work accident
UNIVERSAL REGISTRATION DOCUMENT 2024




Number of calls to the 0 1 1 ESRS S1 403‑4
counselling service

Percentage of employees 100% 100% 100% ESRS S1 13.21.1
paid above the living wage

Consumer Number of claims per 0.04 0.02 0.99 ESRS S4 416
safety million products sold
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SDG
Indicators 2022 2023 2024 ESRS references GRI


Percentage of independent 45% 50% 55% ESRS G1 2‑9
Directors
Percentage of women 45% 50% 55% ESRS G1 2‑9
on the Board

Shareholders Advisory Yes Yes Yes ESRS G1 2‑9
Committee
CSR Committee No No Yes ESRS G1 2‑9
Attendance rate of Directors 98% 99% 93% ESRS G1 2‑9



Number of employees identified nd 72 0 ESRS G1 205
as at risk of corruption

Effective tax rate 24.8% 26.9% -% ESRS G1 205


Percentage of employees trained nd 3% 93% ESRS G1 205
in the fight against corruption

Number of incidents 0 0 0 ESRS G1 205
reported through the
whistleblower procedure
Percentage of suppliers who -% 51% 62% ESRS G1 414
have signed the ethics Charter

Personal data protection Yes Yes Yes ESRS G1 418
policy (DPO)

nd: Not defined.

Report compliant with GRI standards (self‑declaration)

Requirements 1, 2 and 7: Interparfums aligns its reporting process with the GRI (Global Reporting Initiative)
guidelines. Performance indicators are mapped against this framework to ensure
alignment with the recommended criteria for GRI-compliant reporting.
Requirement 3: A materiality analysis has been conducted.
Requirements 4 and 5: Material topics, including policies, action plans, indicators and
objectives, are detailed throughout this document.
Requirement 6: Interparfums discloses all information exhaustively.
Requirement 8: As specified above.
Requirement 9: Interparfums’ report has been submitted to the GRI since the 2024 edition.
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3 — CONSOLIDATED
FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS — 118
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — 123
1 — ACCOUNTING PRINCIPLES — 124
2 — PRESENTATION PRINCIPLES — 128
3 — NOTES TO THE BALANCE SHEET — 129
4 — NOTES TO THE INCOME STATEMENT — 141
5 — SEGMENT REPORTING — 144
6 — OTHER INFORMATION — 144




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CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT

(€ thousands except earnings per share expressed in units) Notes 2023 2024

Sales 4.1 798,481 880,493
Cost of sales 4.2 (273,462) (302,706)

Gross margin 525,019 577,787
% of sales 65.8% 65.6%

Selling expenses 4.3 (330,518) (364,621)
Administrative expenses 4.4 (34,054) (34,886)
Current operating income 160,447 178,280
% of sales 20.1% 20.2%

Other operating expenses 4.5 - (3,700)
Other operating income 4.5 5,113 3,469
Operating income 165,560 178,049
% of sales 20.7% 20.2%

Financial income 7,437 6,970
Interest and similar expenses (7,389) (6,757)
Net finance income/(costs) 48 214
Other financial income 11,274 9,123
Other financial expenses (13,567) (13,133)
Net financial income 4.6 (2,245) (3,796)

Income before tax 163,315 174,253
% of sales 20.5% 19.8%

Income tax 4.7 (43,935) (44,391)
Effective tax rate 26.9% 25.5%
Share of profit/(loss) in associates 293 425
Net income 119,673 130,287
% of sales 15.0% 14.8%

Non‑controlling interests 931 419
Net income attributable to owners of the parent 118,742 129,868
% of sales 14.9% 14.7%

Basic earnings per share (1) 4.8 1.71 1.79
Diluted earnings per share (1) 4.8 1.71 1.79

(1) Restated on a prorated basis for bonus share grants.
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(€ thousands) 2023 2024

Net income 119,673 130,287
Available‑for‑sale assets - -
Foreign exchange hedges 110 (2,801)
Deferred tax on foreign exchange hedges (28) 723
Foreign exchange translation differences (3,268) 4,933
Items that may be reclassified to profit or loss (3,186) 2,855

Actuarial gains and losses (571) 1,562
Deferred tax on items that may not be reclassified to profit or loss 147 (403)
Items that may not be reclassified to profit or loss (424) 1,159
Total other comprehensive income (3,610) 4,014

Comprehensive income for the period 116,063 134,301

Non‑controlling interests 931 419
Comprehensive income attributable to owners of the parent 115,132 133,882




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CONSOLIDATED BALANCE SHEET
Assets

(€ thousands) Notes 2023 2024

Non‑current assets
Trademarks and other intangible assets, net 3.1 235,215 240,397
Property, plant and equipment, net 3.2 148,599 143,763
Right‑of‑use assets 3.3 14,370 13,226
Long‑term investments 3.4 2,509 2,656
Non‑current financial assets 3.4 4,726 2,654
Investments in joint ventures and associates 3.5 12,467 12,893
Deferred tax assets 3.13 19,403 20,964
Total non‑current assets 437,289 436,553

Current assets
Inventories and work‑in‑progress 3.6 202,387 229,722
Trade receivables 3.7 139,452 164,198
Other receivables 3.8 11,018 11,515
Corporate income tax 326 294
Current financial assets 3.9 39,987 7,561
Cash and cash equivalents 3.9 137,734 183,077
Total current assets 530,904 596,367

Total assets 968,193 1,032,919


Liabilities

(€ thousands) Notes 2023 2024

Equity
Share capital 207,590 228,349
Share premiums - -
Reserves 314,670 338,805
Net income for the year 118,742 129,868
Total equity attributable to owners of the parent 641,002 697,022

Non‑controlling interests 2,672 1,536
Total equity 3.10 643,674 698,558

Non‑current liabilities
Provisions for liabilities and expenses (more than one year) 3.11 8,781 4,791
Borrowings and financial debt (more than one year) 3.12 98,689 95,912
Lease liabilities (more than one year) 3.12 12,100 10,821
Deferred tax liabilities 3.13 7,956 6,507
Total non‑current liabilities 127,526 118,031

Current liabilities
Trade payables 3.14 110,659 105,249
Borrowings and financial debt (less than one year) 3.12 24,306 37,518
Lease liabilities (less than one year) 3.12 3,014 3,219
Provisions for liabilities and expenses (less than one year) 3.11 - -
Corporate income tax 9,070 8,034
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Other liabilities 3.14 49,944 62,311
Total current liabilities 196,993 216,331

Total equity and liabilities 968,193 1,032,919
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STATEMENT OF CHANGES IN CONSOLIDATED EQUITY

Total equity
Other Non‑
Number Share Share comprehen- Reserves Group controlling
(€ thousands) of shares capital premiums sive income and results share interests Total


At December 31, 2022 (1) 62,816,231 188,718 - 10,596 393,145 592,459 2,183 594,642


Bonus share issues 6,290,597 18,872 - - (18,872) - - -
2023 net income - - - - 118,742 118,742 931 119,673
Change in actuarial gains and
losses on retirement provisions - - - (424) - (424) - (424)

Change in fair value of
financial instruments - - - 82 - 82 - 82

2022 Dividend Paid in 2023 - - - - (65,944) (65,944) (442) (66,386)
Change in scope - - - - - - - -
Own shares (44,622) - - - (645) (645) - (645)
Translation differences - - (3,268) (3,268) - (3,268)
At December 31, 2023 (1) 69,062,206 207,590 - 6,986 426,426 641,002 2,672 643,674


Bonus share issues 6,919,657 20,759 - - (20,759) - - -
2024 net income - - - - 129,868 129,868 419 130,287
Change in actuarial gains and
losses on retirement provisions - - - 1,159 - 1,159 - 1,159

Change in fair value of
financial instruments - - - (2,078) - (2,078) - (2,078)

2023 Dividend Paid in 2024 - - - - (79,402) (79,402) (931) (80,333)
Change in scope - - - - - - - -
Own shares (21,357) - - - 1,192 1,192 - 1,192
Translation differences - - - 6,431 (1,498) 4,933 - 4,933
Other - - - - 348 348 (625) (277)
At December 31, 2024 (1) 75,960,506 228,349 - 12,498 456,175 697,022 1,536 698,558

(1) Excluding Interparfums shares held by the Company.




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CASH FLOW STATEMENT
(€ thousands) Notes 2023 2024


Operating activities
Net income 119,673 130,287
Depreciation, amortization, impairment and other non‑cash items 22,409 22,460
Share of (profit)/loss from associates 3.5 (293) (425)
Net finance (income)/costs (48) 2,971
Income tax expense for the period 4.7 43,935 44,391
Operating cash flow before interest and tax 185,676 199,683

Interest paid and received (3,777) (430)
Taxes paid (39,201) (47,854)
Operating cash flow after interest and tax 142,698 151,399

Changes in inventories and work‑in‑progress 3.6 (63,251) (19,301)
Change in trade receivables and related accounts 3.7 (146) (20,734)
Change in other receivables 3.8 21,566 (1,059)
Change in trade payables and related accounts 3.14 (2,576) (10,094)
Change in other liabilities 3.14 (13,783) 7,498
Change in working capital requirements (58,190) (43,690)

Net cash flow from operating activities 84,508 107,709

Investing activities
Net acquisitions of intangible assets 3.1 (41,562) (16,173)
Net acquisitions of property, plant and equipment 3.2 (7,540) (2,683)
Net acquisitions of right‑of‑use assets 3.3 (4,899) (1,672)
Acquisition of equity investments - -
Net acquisitions of financial assets 3.9 87,218 2,998
Change in long‑term investments 3.4 807 (633)
Net cash flow from/(used in) investing activities 34,024 (18,162)

Financing activities
Issuance of borrowings and new financial debt 3.12 113 40,000
Repayment of borrowings 3.12 (24,500) (29,635)
(Issuance)/Repayment of loans granted to related parties 3.12 (27,550) 27,972
Net change in lease liabilities 3.12 2,182 (1,424)
Dividends paid (65,944) (80,333)
Own shares 3.10.3 (1,845) 213
Interest (paid)/received - (2,004)
Net cash flow used in financing activities (117,544) (45,211)

Impact of exchange rate changes - 1,008
Net change in cash and cash equivalents 987 45,344

Cash and cash equivalents at the beginning of the year 3.9 136,747 137,734
Cash and cash equivalents at year‑end 3.9 137,734 183,077


The reconciliation of net debt is as follows:

(€ thousands) 2023 2024
UNIVERSAL REGISTRATION DOCUMENT 2024




Cash and cash equivalents 137,734 183,077
Current financial assets 39,987 7,561
Total cash and current financial assets 177,721 190,638

Borrowings and financial debt (less than one year) (24,306) (37,518)
Borrowings and financial debt (more than one year) (98,689) (95,912)
Total gross debt (122,995) (133,430)

Net debt 54,726 57,208
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NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
June
HIGHLIGHTS OF THE 2024
— Launch of Lacoste Original
FINANCIAL YEAR A subtle nod to the Lacoste Original fragrance launched
in 1984, this new scent embodies both authenticity and
January innovation. It elegantly reveals the brand’s iconic codes
while bringing a fresh dimension to its olfactory universe.
— Lacoste
Launch of distribution for existing Lacoste product lines. — Bonus share issue
Interparfums SA proceeded with its 25th bonus share
— Launch of Karl Lagerfeld Rouge for Women
issue, granting one new share for every ten shares held.
The name of this new scent directly echoes one of the
designer’s favorite shades and highlights the flamboyant
character of the new composition. July
— Launch of Eau de Rochas Orange Horizon — Launch of Jimmy Choo I Want Choo Le Parfum
Eau de Rochas Orange Horizon invites you on a fragrant Intense, vibrant and captivating, Jimmy Choo I Want
escape to the Mediterranean Riviera, featuring a sparkling, Choo Le Parfum celebrates the confidence of the Jimmy
juicy, and radiant orange. Choo woman.
— Launch of the Kate Spade New York Bloom — Launch of Karl Ikonik by Karl Lagerfeld
Eau de Toilette With the Karl Ikonik fragrance duo, Karl Lagerfeld
The new Kate Spade New York Bloom fragrance is a continues the legacy of the famous German designer,
joyful palette of pastel colors with a modern freshness. paying tribute to his unparalleled boldness and creativity.
— Launch of Modern Princess in jeans by Lanvin
February With Modern Princess in jeans, Lanvin reveals a new facet
of the brand, offbeat and resolutely in tune with the times.
— Launch of Montblanc Legend Blue
Montblanc Legend Blue embodies the charisma, quiet
strength, and wisdom of the Legend man through a woody, October
aromatic, and fresh fragrance that is both elegant, modern,
— New ESG performance recognition
and timeless.
Interparfums received a Platinum‑level rating from
— Launch of Encens Précieux from Van Cleef & Arpels’ Ethifinance agency.
Extraordinaire Collection
Encens Précieux is a rich, sophisticated woody amber
December
fragrance. This mysterious new scent seems to have captured
all the heat of the desert landscapes that inspired it. — Development of the Off-White™ brand
Interparfums SA has obtained all Off-White™ brand
names and registered trademarks for Class 3 fragrance
April
and cosmetic products, subject to an existing license that
— Launch of Montblanc Collection expires on December 31, 2025.
This exclusive collection, comprising four fragrances,
— Recognition in Time magazine’s “World’s Best
offers a unique sensory experience, inviting brand enthusiasts
Companies – Sustainable Growth” ranking
to discover Montblanc from a new olfactory perspective.
Interparfums ranked 44th globally in the first edition
— Launch of Mademoiselle Rochas in Paris of this ranking, which recognizes the 500 most exemplary
Mademoiselle Rochas in Paris embodies the joyful, companies for economic growth and environmental
mischievous spirit of Paris. A feminine and floral scent that commitment between 2021 and 2023.
invites you to embrace both the city and life to the fullest.
— Van Cleef & Arpels license
— Launch of Coach Dreams Moonlight
The new Coach fragrance is inspired by the power of Van Cleef & Arpels and Interparfums SA signed a new 9‑year
dreams, togetherness and the magical spark of friendship. license agreement, effective until December 31, 2033.
UNIVERSAL REGISTRATION DOCUMENT 2024




— Dividend
Interparfums SA paid a dividend of €1.15 per share
(€79.4 million, +20%), representing 67% of the consolidated
net income for 2023.
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— Off-White™ c/o Virgil Abloh™ — Financial exposure linked to the war in Ukraine
Established in 2013, Off-White™ is defining the grey area Considering the conflict between Russia and Ukraine, the
between black and white as a color. Under the brand Group outlines its economic and balance sheet exposure
name, seasonal men’s and women’s clothing collections, in these regions.
objects, furniture, and publications are articulating a current
In 2024, Interparfums generated 3% of its sales from
cultural vision. Collections are embedded in a recurrent
Russia and Belarus. The Group complies with European
backstory, with an emphasis on creating garments that
Union‑imposed restrictions and has implemented a specific
have an identity by design.
invoicing policy for these countries to reduce credit risk
With a design studio based in Milan, Italy, the label harnesses exposure to a negligible level.
the country’s history and craftsmanship, yet offers a global
The potential impact of the war has been factored into
perspective on design and trends. Guided by a clear vision
the brand valuation test for Lanvin, which has historically
of splicing the reality of how clothes are worn with the
had a strong presence in Eastern Europe.
artistic expression of high‑fashion, the late creative Director
and designer Virgil Abloh explored concepts in the realm
of youth culture in the contemporary context.




1 — ACCOUNTING PRINCIPLES

1.1 — GENERAL PRINCIPLES 1.2 — CHANGES IN ACCOUNTING
In accordance with European Regulation 1606/2002 dated
STANDARDS
from July 19, 2002, Interparfums consolidated financial
No standards, amendments or interpretations issued by
statements for the 2024 financial year have been prepared
IASB or IFRIC were applied in advance in the financial
in compliance with International Accounting Standards
statements for the year ended December 31, 2024.
(IAS/IFRS), applicable since 2005, as approved by the
European Union. The following standards, amendments and interpretations,
ef fec tive from Januar y 1, 2024, are mandator y.
The preparation of these financial statements is based on:
No transactions relating to these standards were carried
— IFRS standards and interpretations that are mandatory; out in 2024. These amendments had no impact on the
— the options and exemptions applied, which align with consolidated financial statements for the year ended
those adopted by the Group within its IFRS consolidated December 31, 2024.
financial statements.
— A mendments to IFRS 16 “Lease liability in a sale and
The consolidated financial statements for the year ended leaseback transaction”;
December 31, 2024 were approved by the Board of — Amendments to IAS 1 “Classification of liabilities as
Directors on February, 25 2025. They will become definitive current or non‑current” & “Non‑current debt with
when approved by the Ordinary General Meeting on covenants”;
April,17 2025. — Amendments to IAS 7 and IFRS 7 “Supplier Finance
Arrangements”.


1.3 — PRINCIPLES AND SCOPE OF CONSOLIDATION
% ownership
Interparfums SA % control Consolidation method

Interparfums Suisse Sarl Switzerland 100% Full consolidation
Parfums Rochas Spain Sl. Spain 51% Full consolidation
Interparfums Luxury Brands United States 100% Full consolidation
Interparfums Asia Pacific pte Ltd Singapore 100% Full consolidation
Divabox France 25% Equity method
UNIVERSAL REGISTRATION DOCUMENT 2024




Parfums Rochas Spain Sl., 51% owned by Interparfums SA , Subsidiaries financial statements are prepared for the same
is fully consolidated due to the exclusive control exercised accounting period as the parent company. The financial
over this company. year lasts 12 months and ends on December 31.
The Italian subsidiary Interparfums Srl was liquidated in
February 2024.
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1.4 — CONSIDERATION OF CLIMATE CHANGE RISKS
The Group’s current exposure to the effects of climate change is limited. At this stage, the impact of climate change
on the financial statements is not considered significant.
Interparfums has developed an environmental sustainability policy to offer consumers a responsible range of products
throughout their lifecycle. This policy focuses on 3 key areas: developing components and packaging that integrate
environmental and social considerations, ensuring consumer health and safety and increasing the proportion of natural‑origin
ingredients and components in our fragrances. According to the Group, this policy does not require significant short- or
medium‑term investment. Rather, it involves adjusting processes and practices and supporting suppliers in this transition.
Additionally, climate change and its consequences will surely affect raw material prices together with production,
distribution, and transportation costs. That said, short‑term effects are considered insignificant. Furthermore, the
Group’s business model is resilient, allowing variable cost adjustments to maintain net margin, even in the event of a
rise in production costs or a decline in sales.


1.5 — CURRENCY TRANSLATION METHODS
The company’s operating currency and currency for the presentation of financial statements is the euro.
Transactions in foreign currencies are translated at the exchange rate on the date applicable at the transaction date.
Payables and receivables in foreign currencies are translated at the exchange rate applicable as of December 31, 2024.
Gains and losses from the translation of these balances at the December 31, 2024, exchange rate are recorded in the
income statement. Transactions covered by currency hedges are translated at the contracted exchange rates.
The main exchange rates used to translate the financial statements of subsidiaries into euros are as follows:

Closing rate Average rate
Currency 2023 2024 2023 2024

US dollar (USD) 1.1050 1.0389 1.0813 1.0824
Singapore dollar (SGD) 1.4591 1.4164 1.4523 1.4458
Swiss franc (CHF) 0.9260 0.9412 0.9719 0.9526



1.6 — USE OF ESTIMATES 1.8 — TRADEMARKS AND OTHER
As part of the consolidated financial statement preparation
INTANGIBLE ASSETS
process, some balance sheet and income statement figures
Trademarks and other intangible assets are recognized at
require the use of assumptions, estimates or judgements.
acquisition cost, whether they relate to licensed brands
In particular, this involves valuing intangible assets and
or acquired brands. They benefit from legal protection.
determining the amount of provisions for risks and liabilities.
Acquired brands have an indefinite useful life and are not
These assumptions, estimates or judgements are based on
amortized.
information and circumstances available at the reporting
date. However, they may differ from reality in the future. Intangible assets with a finite useful life, such as initial license
fees, are amortized on a straight‑line basis over the term
of the license.
1.7 — SALES The Company’s right of use for glassware moulds and
tools is classified as an intangible asset. These assets have a
Sales mainly include sales from the warehouse to distributors
finite useful life and are amortized over three to five years.
and agents, and sales to retailers for the portion of activity
conducted by Group subsidiaries. Licenses and initial license fees are subject to impairment
testing if there is an indication of impairment. Their
Sales of perfumes and cosmetics are presented net of any
recoverable value is determined using the discounted cash
form of discount or rebate.
flow method, based on the real or estimated useful life of
Sales recognition is based on the conditions of transfer to the licenses and the future cash flows they are expected
UNIVERSAL REGISTRATION DOCUMENT 2024




the buyer of the risks and rewards of ownership. Year‑end to generate. The data used for this evaluation is derived
invoices where ownership transfer occurs in the following from the annual budgets and multi‑year plans drawn up by
financial year are not recognized in the sales of the year Management over the useful life of the licenses.
in progress.
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Proprietary brands are also subject to an impairment test,
at least annually. The net carrying amount is compared
1.10 — INVENTORIES AND
with its recoverable amount. The recoverable amount is WORK‑IN‑PROGRESS
the higher between fair value less costs of disposal and its
value in use, which is estimated using projected cash flows Inventories are measured at the lower of their production
derived from five‑year strategic plans, discounted to infinity. cost or net realizable value. A provision for impairment
is recognized on a case‑by‑case basis when the probable
A provision for impairment is recognized whenever the
realizable value is lower than the carrying amount.
recoverable amount is lower than the carrying amount.
The cost of raw materials and supplies is determined by
The pre‑tax discount rate used for these valuations is the
using the weighted average cost method.
weighted average cost of capital (WACC), which stood
at 9.47% at December 31, 2024, compared to 10.39% at The cost of finished goods is determined by incorporating
December 31, 2023. This rate was determined based on a production costs and an allocated share of indirect costs,
positive long‑term interest rate of 3.26%, corresponding to which are assessed based on a standard rate.
the average 10‑year French government bond (OAT) yield
At the end of each financial year, these standard rates
for the last quarter, the expected return rate for investors
are compared with the actual rates obtained based on
in the sector and the industry‑specific risk premium. The
year‑end data.
perpetual growth rate used was 2% at December 31, 2024,
and 2% at December 31, 2023.
Acquisition‑related costs, analyzed as directly attributable 1.11 — NON‑CURRENT
transaction costs, are included in the asset’s acquisition cost.
FINANCIAL ASSETS
Other intangible assets are amortized over their useful life
and are subject to impairment testing when an indication “Non‑current financial assets” consist of:
of impairment occurs.
— a n advance on royalties for a license, deducted from
All license agreements stipulate an international right of future royalties each year. This advance has been
use. Other intangible assets, particularly glassware moulds, discounted over the contract term using the amortized
are primarily used in France by our subcontractors. cost method, with the corresponding amount recognized
as an increase in the amortization of the initial license fee;
— F ixed‑rate swaps with a positive fair value used to
1.9 — PROPERTY, PLANT hedge floating‑rate borrowings.
AND EQUIPMENT
Property, plant, and equipment are measured at acquisition
1.12 — RECEIVABLES
cost (purchase price plus directly attributable costs) and
Receivables are measured at their nominal value. A provision
are depreciated on a straight‑line basis over their estimated
for impairment is recognized on a case‑by‑case basis when
useful life. Property, plant and equipment include moulds
the net realizable value is lower than the carrying amount.
used for caps.
In April 2021, the French subsidiary completed the
acquisition of its headquarters, comprising land, buildings 1.13 — DEFERRED TAX
and installations. Land is not depreciated, buildings and
installations and fixtures are depreciated on a straight‑line Deferred taxes, corresponding to temporary differences
basis over 50 years and 7 to 25 years respectively. between the tax bases and accounting values of consolidated
assets and liabilities, as well as deferred taxes on consolidation
In 2022 and 2023, the French subsidiary acquired additional
adjustments, are calculated using the liability method, based
premises to expand its headquarters. From the date they
on taxation rules in force at the reporting date.
are put into service, the portion allocated to land is not
depreciated and the portion allocated to facades, fixtures Tax savings resulting from carry‑forward tax losses are
and fittings is depreciated on a straight‑line basis over 25, recorded as deferred tax assets and are impaired when
15, and 7 years respectively. necessary. Only amounts with a probable realization is are
retained as assets in the balance sheet.
Depreciation period

Buildings 20 – 50 years
Installations and fixtures 5 – 15 years
1.14 — EQUITY‑ACCOUNTED
Glassware, cap moulds, tools 2 – 5 years INVESTMENTS
UNIVERSAL REGISTRATION DOCUMENT 2024




Office and IT equipment 3
“Equity‑accounted investments” include the 25% equity
interest acquired in June 2020 in Divabox (see Note 3.5).
The majority of property, plant, and equipment is used
in France.
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Other risks and liabilities
1.15 — CASH, CASH EQUIVALENTS
A provision is recognized when the entity has a present
AND CURRENT obligation (legal or constructive) resulting from a past event,
FINANCIAL ASSETS and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation,
“Cash and cash equivalents” includes cash on hand provided the obligation can be reliably estimated.
and short‑term investments that consist of highly liquid
investments readily convertible into a known cash amount
without penalty and subject to an insignificant risk of change 1.18 — FINANCIAL INSTRUMENTS
in value.
Derivative and hedging instruments implemented by the
“Current financial assets” mainly include loans granted and
Group aim to limit exposure to both interest rate and foreign
shares in publicly traded companies within the luxury sector.
exchange risks and are not used for speculative purposes.

1.16 — OWN SHARES Foreign exchange hedges
Foreign exchange hedging contracts are entered into
Interparfums shares held by the Group are recorded as
to hedge cash flow exposure at the time of recognizing
a deduction from consolidated equity at acquisition cost.
receivables or payables. These contracts have maturities
In the event of disposal, the net gain or loss on disposal is of 3 to 9 months, depending on the settlement terms of
recognized directly in equity. receivables and payables in foreign currencies (mainly US
Dollar and British Pound). Foreign exchange gains and
losses on these contracts are recognized in profit or loss
1.17 — PROVISIONS FOR RISKS when receivables are recorded.
AND LIABILITIES Additionally, forward contracts have been set up to hedge
forecasted sales in US Dollars. Under IFRS 9, these hedges
are accounted for as cash flow hedges. Hedge accounting
Provision for retirement benefits
applies when the hedge is clearly defined and documented
This provision covers the present value of the obligations at inception, and hedge effectiveness is demonstrated at
related to employees’ vested rights to contractual retirement inception and throughout its duration. At the reporting
benefits payable upon retirement. date, the hedging instruments related to these contracts
are recorded in the balance sheet at fair value. Changes in
Until December 30, 2024, Interparfums applied the mutually
fair value are recognized in profit or loss for the ineffective
agreed termination scheme introduced by Ordinance
portion of the hedge and in equity for the effective portion.
2017‑1387 (published in the Official Journal on September
In 2024, sales were adjusted to reflect the impact of these
23, 2017) and Decree 2017‑1398 (published in the Official
hedges.
Journal on September 26, 2017) for evaluating retirement
benefits. Under this scheme, termination was based on an
agreement between the employer and employee, specifying Interest rate hedging
the conditions of termination.
An interest rate swap was implemented in 2021 to hedge
As from December 31, 2024, retirements will now follow interest rate fluctuations on the Solférino loan, which is
the retirement scheme outlined in the collective bargaining based on 1‑month Euribor. This swap covers two‑thirds of
agreement, with benefits calculated according to the both the nominal amount and the duration. This financial
applicable statutory scale. The impact of this change in instrument is not qualified as a hedge under IFRS 9 and is
assumption has been accounted for as a past service cost. therefore recorded at fair value through profit and loss.
The calculation method used is the projected unit credit
A second interest rate swap was set up at the end of 2022
method. This method takes into account the projected rights
to hedge interest rate fluctuations on the Lacoste loan,
and staff costs at retirement, the probability of payment and
which is also based on 1‑month Euribor. This instrument
the length of service, prorated to reflect service already
qualifies as a hedge under IFRS 9 and is therefore recorded
rendered by the employees. Retirement benefits are paid
at fair value through other comprehensive income (equity).
as a lump sum.
The calculation of retirement benefit obligations estimates
the probable present value of future payments (PPVFP),
i.e. employees’ accrued entitlements upon retirement,
considering the probability of departure, mortality before
UNIVERSAL REGISTRATION DOCUMENT 2024




retirement, revaluation and discounting factors. This
probable present value is then prorated based on years
of service within the Company at the calculation date.
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1.19 — BORROWINGS 1.22 — TRADEMARK
At initial recognition, borrowings are measured at their
REGISTRATION FEES
fair value, net of directly attributable transaction costs.
Under IAS 38, expenses related to trademark name
At the repor ting date, borrowings are measured at registrations are not capitalized. They are recognized as
amortized cost, using the effective interest rate method. “research and advisory expenses”.


1.20 — OTHER LIABILITIES 1.23 — EARNINGS PER SHARE
Other financial and operating liabilities are initially recognized Earnings per share is calculated based on the weighted
in the balance sheet at fair value. For short‑term liabilities, average number of shares outstanding during the period,
this generally corresponds to the invoice amounts. after deducting own shares recorded as a reduction in equity.
Diluted earnings per share is determined using the weighted
average number of shares outstanding during the period,
1.21 — FREE SHARE GRANT after deducting only own shares intended for long‑term
holding, and increased by the weighted average number of
IFRS 2 requires the recognition of an expense in the income
shares that would result from the exercise of outstanding
statement, with a corresponding entry in reserves, for
subscription options during the period.
the market value of free shares granted to employees,
as estimated at the grant date. This value also takes into To ensure comparability, earnings per share and diluted
account assumptions regarding beneficiary departures and earnings per share for the previous year are systematically
a probability rate for achieving the performance conditions recalculated to account for the free share grants of the
required to qualify for these shares. Subsequent changes current year.
in value after the grant date have no impact on this initial
valuation. This expense is recognized over the vesting period
and adjusted each year based on updated assumptions
regarding the presence of the beneficiaries over the vesting
period.




2 — PRESENTATION PRINCIPLES
2.3.1 — Business segments
2.1 — PRESENTATION OF THE
The Company’s main activity is “Fragrances.” As the financial
INCOME STATEMENT performance indicators for each brand in this segment are
similar, the Group’s income statement and balance sheet
The Group’s consolidated income statement is presented by
represent, as a whole, the “Fragrances” business.
function. This presentation classifies expenses and income
according to their function (cost of sales, selling expenses, The Company also operates a small “Fashion” segment,
administrative expenses) rather than by their original nature. which includes activities related to the fashion division of
the Rochas brand. Due to the insignificance of the Fashion
segment (less than 0.2% of total sales), its income statement
2.2 — PRESENTATION OF THE is not presented separately.
BALANCE SHEET Significant balance sheet items related to the “Fashion”
segment are disclosed in Note 5.1.
The consolidated balance sheet is presented according to
the current and non‑current classification of assets and
2.3.2 — Geographical segments
liabilities.
The Group operates internationally and analyses its sales
by geographical region.
2.3 — SEGMENT REPORTING The assets required for business operations are primarily
UNIVERSAL REGISTRATION DOCUMENT 2024




located in France.
The segment information presented is derived from the
data used by management for monitoring the Group’s
business activities.
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3 — NOTES TO THE BALANCE SHEET

3.1 — TRADEMARKS AND OTHER INTANGIBLE ASSETS
3.1.1 — Nature of intangible assets

(€ thousands) 2023 + – Change 2024

Gross value
Intangible assets with an indefinite useful life
Lanvin trademark 36,323 - - - 36,323
Rochas Flagrances trademark 86,739 - - - 86,739
Rochas Fashion trademark 19,086 - - - 19,086
Off White trademark - 17,043 - - 17,043
Intangible assets with a finite useful life
S.T. Dupont upfront license fee 1,219 - (1,219) - -
Van Cleef & Arpels upfront license fee 18,250 - - - 18,250
Montblanc upfront license fee 1,000 - - - 1,000
Boucheron upfront license fee 15,000 - - - 15,000
Karl Lagerfeld upfront license fee 12,877 - - - 12,877
Lacoste upfront license fee 90,000 - - - 90,000
Other intangible assets
Rights on glassware moulds and tools 17,569 873 - - 18,442
Trademark registrations 570 - - - 570
Other 4,084 151 (18) 22 4,239
Total gross value 302,717 18,067 (1,237) 22 319,569

Amortization and impairment

Intangible assets with an indefinite useful life
Rochas Fashion trademark (8,477) (3,700) - - (12,177)
Intangible assets with a finite useful life
S.T. Dupont upfront license fee (1,219) - 1,219 - -
Van Cleef & Arpels upfront license fee (18,250) - - - (18,250)
Montblanc upfront license fee (1,000) - - - (1,000)
Boucheron upfront license fee (13,000) (1,000) - - (14,000)
Karl Lagerfeld upfront license fee (7,128) (645) - - (7,773)
Lacoste upfront license fee - (6,000) - - (6,000)
Other intangible assets
Rights on glassware moulds and tools (15,074) (1,146) - - (16,220)
Trademark registrations (500) - - - (500)
Other (2,854) (407) 18 (9) (3,251)
Total depreciation and impairment (67,502) (12,898) 1,237 (9) (79,171)
Total net value 235,215 5,169 - 13 240,397


Proprietary trademarks Licensed trademarks

— L anvin trademark — S .T. Dupont upfront license fee
UNIVERSAL REGISTRATION DOCUMENT 2024




Since the Lanvin trademark was acquired in Class 3 Since the S.T. Dupont license has expired, its upfront license
(Fragrances) in July 2007, it is not subject to amortization fee of €1.2 million has been fully amortized since June 30,
in the financial statements. 2011 and has been removed from intangible assets.

— Rochas trademark — Van Cleef & Arpels upfront license fee
Since the Rochas trademark was acquired in Class 3 An upfront license fee of €18 million paid on January 1,
(Fragrances) and Class 25 (Fashion) in May 2015, it is not 2007, has been fully amortized since December 31, 2018.
subject to amortization in the financial statements.
An amendment agreement extending the partnership
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between Van Cleef & Arpels and Interparfums was signed
— Off-White trademark
in May 2018 for six additional years as from January 2019.
Since the Off-White trademark was signed in Class 3 This amendment does not provide for an additional upfront
(Fragrances) in December 2024, it is not subject to license fee.
amortization in the financial statements.

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An amendment extending the par tnership between For all discounting calculations, the applied discount rate
Van Cleef & Arpels and Interpar fums was signed in is the weighted average cost of capital (WACC) of 9.47%.
December 2024 for a further 9 years from January 2026.
The Group has assessed potential physical and transitional
This amendment does not include any additional upfront
climate risks that could impact cash flows and has not
license fee.
identified any material risk within the next five years. The
Group’s business model is resilient, allowing for variable
— Montblanc upfront license fee
cost adjustments to maintain net margin the event of a
The upfront license fee of €1 million paid on June 30, 2010, rise in production costs or a decline in sales.
is amortized over the 15.5‑year term of the Montblanc
license agreement. — Own trademarks
In February 2023, an amendment agreement was signed by The Lanvin and Rochas Fragrances trademarks were valued
Montblanc and Interparfums extending their partnership for at December 31, 2024, based on the discounted future
an additional 5 years as from January 2026. This amendment cash flow method in perpetuity.
does not provide for an additional upfront license fee.
No impairment was recorded for the Lanvin and Rochas
Flagrances trademark.
— Boucheron upfront license fee
For Rochas Fashion, an external independent exper t
An upfront license fee of €15 million was paid on 17
assessment of the trademark’s value at December 31, 2024,
December 2010 and is being amortized over the Boucheron
was conducted. This assessment determined a trademark
license term of 15 years.
value of €6.9 million at December 31, 2024, using the
actualized free cash flows method, and led to an additional
— Karl Lagerfeld upfront license fee
impairment charge of €3.7 million for the year.
An upfront license fee of €13 million was recorded in 2012
and is being amortized over the Karl Lagerfeld license term — Initial license fees
of 20 years, starting from 1 November 2012.
All initial license fees were evaluated at December 31,
The upfront license fee includes the difference between 2024, based on the discounted future cash flow method
the nominal value and the discounted value of the advance applied over the license periods.
on royalties, amounting to €3.3 million (see Note 3.4.2.1).
— Sensitivity analysis
— L acoste upfront license fee
For impairment tests on proprietary fragrance trademarks,
At the end of 2022, an upfront license fee of €90 million was the Group per formed a sensitivity analysis on key
recognized for Lacoste, with €50 million paid in December assumptions, including an increase in the discount rate by
2022 and €40 million paid in December 2023. This amount 100 basis points, a decrease in the terminal operating margin
is being amortized over the license term of 15 years, starting by 500 basis points, and a reduction in the perpetual growth
from January 1, 2024. rate by 100 basis points. This analysis did not indicate any
impairment risk for 2024.
— Rights on glassware moulds and tools
For Rochas fashion, an increase in the discount rate by
Rights relating to glassware moulds and tools are amortized 50 basis points would have resulted in a €0.6 million
over 5 years. Design‑related expenses are amortized over reduction in the estimated value.
three years.
For licensed trademarks, sensitivity tests were conducted
and did not indicate any risk to the carrying amount at
3.1.2 — Impairment testing year‑end 2024.
Impairment tests are conducted at the level of each
trademark at least once a year and whenever there are
indicators of impairment.


3.2 — PROPERTY, PLANT AND EQUIPMENT
Foreign
(€ thousands) 2023 + – Reclassification exchange 2024

Installations 6,334 302 (47) (855) 23 5,758
UNIVERSAL REGISTRATION DOCUMENT 2024




Office and IT equipment, furniture 4,050 578 (166) 848 75 5,384
Cap moulds and tools 22,045 1,598 - (54) - 23,589
Building (Land and construction) 142,133 120 - - - 142,253
Other 752 85 - 59 7 903
Total gross 175,313 2,683 (213) (2) 105 177,887
Depreciation and impairment (26,714) (7,561) 209 2 (59) (34,124)
Total net 148,599 (4,878) (4) - 46 143,763
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3.3 — RIGHT‑OF‑USE ASSETS
The main lease contracts identified, which are required to be recognized in the balance sheet, under IFRS 16, are the
office premises in both New York and Singapore, as well as the storage warehouse near Rouen.
At December 31, 2024, “right‑of‑use assets” break down as follows:

Foreign
(€ thousands) 2023 + – Reclassification exchange 2024

Gross
Property leases 24,397 1,514 (437) - 568 26,042
Vehicle leases 463 158 (133) - - 488
Total gross 24,860 1,672 (570) - 568 26,530

Depreciation
Property leases (10,233) (2,982) 437 - (258) (13,035)
Vehicle leases (257) (144) 133 - - (268)
Total depreciation (10,490) (3,126) 570 - (258) (13,303)

Total net 14,370 (1,454) - - 310 13,226



3.4 — LONG‑TERM INVESTMENTS AND
NON‑CURRENT FINANCIAL ASSETS
3.4.1 — Long‑term investments 3.4.2.2 — Interest rate swaps
Long‑term investments mainly consist of property security In April 2021, to finance the acquisition of its future
deposits. headquarters, Interparfums SA raised a loan with a nominal
value of €120 million, amortizing over ten years.
3.4.2 — Non‑current financial assets The floating‑rate loan was hedged by a fixed‑rate payer
swap for 2/3 of its nominal amount and 2/3 of its maturity.
3.4.2.1 — Advances on royalties
At December 31, 2024, the swap had a fair value asset
The signing of the Karl Lagerfeld license agreement resulted of €2.1 million.
in the payment of an advance on royalties, to be offset
In December 2022, to finance the acquisition of the Lacoste
against future royalties, amounting to €9.6 million. This
license for an amount of €90 million, Interparfums SA raised
advance had a net carrying amount of €0.6 million at
a loan with a nominal value of €50 million, amortizing
December 31, 2024.
over four years.
The floating‑rate loan was hedged by a fixed‑rate payer
swap over its entire nominal amount and maturity.
At December 31, 2024, the swap had a fair value liability
of €195 thousand.
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3.5 — EQUITY‑ACCOUNTED INVESTMENTS
At the end of June 2020, Interparfums acquired 25% of the share capital of Divabox, a company specializing in beauty
e‑commerce (website: my-origines.com).
Due to its significant influence without control, Divabox is consolidated by the Group using the equity method in the
Group’s consolidated financial statements.
In accordance with IAS 28, the reconciliation of financial information with the carrying value of the Group’s interest in
this joint venture is as follows:

(€ thousands)

Equity of Divabox at June 30, 2020 19,231
Group’s % interest in Divabox 25%
Net equity share 4,808
Goodwill 7,692
Carrying amount of the Group’s interest in the joint venture at June 30, 2020 12,500
Share of prior period results 767
Distribution of prior period dividends (800)
Equity‑accounted investments at December 31, 2023 12,467
Distribution of dividends for the period -
Share of results for the period 425
Equity‑accounted investments at December 31, 2024 12,893


Goodwill was definitively determined at December 31, 2020.


3.6 — INVENTORIES AND WORK‑IN‑PROGRESS

(€ thousands) 2023 2024

Raw materials and components 99,319 84,418
Finished goods 118,905 156,464
Gross value 218,224 240,882

Impairment of raw materials (9,624) (4,198)
Impairment of finished goods (6,213) (6,963)
Impairment (15,837) (11,160)

Net inventories 202,387 229,722



3.7 — TRADE RECEIVABLES AND RELATED ACCOUNTS

(€ thousands) 2023 2024

Gross value 141,029 165,974
Impairment (1,577) (1,777)
Total net 139,452 164,198


The maturity schedule for trade receivables is as follows:
UNIVERSAL REGISTRATION DOCUMENT 2024




(€ thousands) 2023 2024

Not yet due 114,860 114,677
From 0 to 90 days 22,668 49,259
From 91 to 180 days 2,067 676
From 181 to 360 days 901 363
More than 360 days 533 999
Gross value 141,029 165,974
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3.8 — OTHER RECEIVABLES
(€ thousands) 2023 2024

Prepaid expenses 4,229 5,559
Value added tax 4,051 2,946
Hedging instruments 1,729 207
Advances and down payments 1,009 2,803
Total 11,018 11,515


“Advances and down payments” include the escrow amounts relating to the real estate acquisitions made for the
Interparfums SA . Headquarters.


3.9 — CURRENT FINANCIAL ASSETS AND CASH & CASH EQUIVALENTS
(€ thousands) 2023 2024

Current financial assets 39,986 7,561
Cash and cash equivalents 137,733 183,077
Current financial assets and Cash & cash equivalents 177,719 190,638


3.9.1 — Current financial assets
Current financial assets break down as follows:

(€ thousands) 2023 2024

Capitalization contracts 198 -
Shares 8,471 7,415
Other current financial assets 31,318 146
Current financial assets 39,987 7,561


Capitalization contracts had been analyzed as instruments At December 31, 2023, other current financial assets
structured as medium to long‑term investment tools included a loan granted to Interparfums, Inc., the Group’s
and were therefore classified as current financial assets. parent company, amounting to €27.4 million, as well as
However, these contracts were liquid, and the Group could financial investments amounting to €3 million. The loan to
access them at any time. These capitalization contracts the related company was repaid in the first half of 2024,
were fully liquidated in 2024. and the investment ended in the 2024 financial year.
Shares include investments in companies in the luxury sector.

3.9.2 — Cash and cash equivalents
Bank accounts and cash equivalents break down as follows:

(€ thousands) 2023 2024

Term accounts 72,756 97,804
Interest‑bearing bank accounts 60,913 69,648
Bank accounts 4,065 15,625
Cash and cash equivalents 137,734 183,077
UNIVERSAL REGISTRATION DOCUMENT 2024




Term deposits exceeding three months have been analyzed as investments that remain accessible within a few days
without exit penalties, regardless of their original maturity. As such, they are presented under “Cash & Cash equivalents”.
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and the remaining 50% based on consolidated operating
3.10 — EQUITY profit for the 2024 financial year.
To ensure that shares are available for delivery to employees
3.10.1 — Share capital
at maturity, Interparfums SA purchased 63,281 shares on
At December 31, 2024, the share capital of Interparfums SA the market in 2022 and 18,000 shares in 2023 for a total
consisted of 76,116,227 fully paid‑up shares with a nominal value of €3,784 thousand. These shares are presented as a
value of €3 each, 72.50% of which being held by Interparfums deduction from equity. Following the bonus share issue of
Holding. one new share for every 10 shares held on June 27, 2023,
and June 25 2024, the number of shares held for delivery
The increase in share capital in 2024 resulted from the
under this plan was 96,371 at December 31, 2024.
bonus share issue on June 25, 2024, for 6,919,657 shares
at a rate of one new share for every ten shares held. At December 31, 2024, and considering the free share
distributions at a rate of one new share for every ten shares
held on June 20 2022, June 27 2023, and June 25 2024,
3.10.2 — Free share grants
the estimated number of shares to be delivered amounts
to 104,418 shares.
— 2022 Plan
In accordance with IFRS 2, the share price of Interparfums
A free share award plan for employees was implemented on SA used to estimate the plan’s value in the consolidated
March 16, 2022. The plan covers a total of 88,400 shares.
financial statements is the price on the last trading day
The shares, purchased by Interparfums SA on the market, will before the plan was implemented, which was €53.80. The
be definitively awarded free of charge to their beneficiaries fair value at the grant date was €49.89, taking into account
at the end of a vesting period of three years and three future dividends. The total expense to be recognized over
months, i.e. on June 16, 2025, without a holding period. the vesting period of the plan (3.25 years) amounts to
€3.9 million.
The effective delivery of the shares is subject to the
employee’s presence on June 16, 2025 and the achievement At December 31, 2024, the cumulative expense since the
of performance targets, with 50% of the allocated shares inception of the plan amounts to €3.4 million.
based on consolidated sales for the 2024 financial year

3.10.3 — Own shares

3.10.3.1 — Own shares held under the liquidity contract
Under the share buyback program authorized by the General Meeting on April 16, 2024, 75,277 Interparfums shares
with a nominal value of €3 were held by the Company at December 31, 2024, representing 0.1% of the share capital.

The movements over the period were as follows:

Average Number
(€ thousands) price of shares Value

At December 31, 2023 €49.47 62,681 3,101
Acquisition €44.53 619,795 27,602
Free share grant of June 25, 2024 - 6,263 -
Disposal €45.06 (613,462) (27,643)
Impairment - - (38)
At December 31, 2024 €40.13 75,277 3,021


The management of the buyback program is carried out by Shares acquired under this program are subject to the
an investment service provider under a liquidity contract, following limits:
in accordance with the AMAFI ethical charter.
— t he maximum purchase price is set at €100 per share,
excluding acquisition costs;
— the total number of shares held may not exceed 2.5%
of the share capital of Interparfums SA .
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3.10.3.2 — Own shares held under free share grants
The Group purchases own shares for allocation to employees as part of free share plans. For the 2024 financial year,
the movements were as follows:

Free share
grant of
12/31/2023 Purchases June, 25 2024 12/31/2024

Number of shares held 87,609 - 8,762 96,371
Value (€ thousands) 3,784 - - 3,784


3.10.4 — Non‑controlling interests
Non‑controlling interests relate to the 49% stake not held in the European subsidiary Parfums Rochas Spain Sl. (49%)
The breakdown is as follows:

(€ thousands) 2023 2024

Retained earnings attributable to non‑controlling interests 1,741 1,116
Income attributable to non‑controlling interests 931 419
Non‑controlling interests 2,672 1,536


Non‑controlling shareholders have an irrevocable obligation to compensate for losses through additional investment
and have the capacity to do so.

3.10.5 — Capital strategy In May 2021, a €120 million loan with a 10‑year maturity
was contracted to finance the acquisition of the new
In accordance with the provisions of Article L.225‑123 of
headquarters of Interparfums SA in Paris.
the French Commercial Code, the General Meeting
of September 29, 1995 decided to create shares with In December 2022, a €50 million loan with a 4‑year maturity
double voting rights. These shares must be fully paid up was contracted to finance the acquisition of the operating
and registered in the Interparfums SA share register for at rights for the Lacoste license.
least three years.
In July 2024, a €40 million loan with a 3‑year maturity
The dividend distribution policy, in place since 1998, was contracted to finance the second payment for the
ensures a return for shareholders while involving them in acquisition of the operating rights for the Lacoste license.
the Group’s growth.
The level of consolidated equity is regularly monitored to
In May 2024, for the 2023 financial year, Interparfums SA ensure sufficient financial flexibility, enabling the Company
paid a dividend of €1.15 per share, representing over 67% to assess external growth opportunities.
of the net profit for the year (€1.05 for the previous year).
Regarding financing, given its financial structure, the Group
has the capacity to seek financing from credit institutions
through medium‑term loans to finance major operations.

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3.11 — PROVISIONS FOR LIABILITIES AND CHARGES
Actuarial
Allowances gains/losses Reversal
charged to recognized Provisions of unused
(€ thousands) 2023 profit or loss in reserves used provisions 2024

Provisions for retirement benefits 8,332 782 (1,562) - (3,469) 4,084
Provisions for expenses (1) 449 258 - - - 707
Total provisions for liabilities and
charges (more than one year) 8,781 1,041 (1,562) - (3,469) 4,791

Provisions for expenses - - - - - -
Provision for litigation - - - - - -
Other provisions for liabilities
(less than one year) - - - - - -
Total provisions for liabilities and
charges (less than one year) - - - - - -

Total provisions for
liabilities and charges 8,781 1,041 (1,562) - (3,469) 4,791

(1) The provision for charges relates to the social security contribution payable in respect of the 2022 free share grant plan.


3.11.1 — Provision for retirement benefits value of the obligation at December 31, 2024, whereas a
decrease of 0.5 percentage points would lead to an increase
At December 31, 2024, a change in the calculation
of €243 thousand.
parameters of the retirement benefit provision was applied,
leading to a reversal of €3,469 thousand in the income
statement.
3.12 — BORROWINGS,
As a reminder, until December 30, 2024, Interparfums
applied the mutually agreed termination scheme introduced
FINANCIAL DEBT AND
by Ordinance 2017‑1387 (published in the Official Journal LEASE LIABILITIES
on September 23, 2017) and Decree 2017‑1398 (published
in the Official Journal on September 26, 2017) for evaluating
Borrowings and financial debt
retirement benefits.
Starting December 31, 2024, the provision for retirement — Interparfums SA headquarters – Rue de Solférino
benefits is now recognized to meet the Company’s statutory
In April 2021, to finance the acquisition of its future
obligation to pay the benefit provided for in the collective
headquarters for a total of €125 million, Interparfums SA
bargaining agreement to employees who retire.
raised a €120 million loan, amortizing over 10 years.
For the 2024 financial year, the following assumptions were
Amor tization is made in fixed monthly instalments of
applied: retirement age of 65, employer social security
€1 million in principal since April 2021. The interest rate
contribution rates of 42.5% for executives and 46.8% for
is based on 1‑month Euribor plus a margin.
non‑executives, annual salary growth rate of 4%, staff
turnover rate based on the age of employees, mortality The loan was initially recognized at fair value, net of directly
tables TH 00‑02 for men and TF 00‑02 for women, and a attributable transaction costs of €1.1 million, in accordance
10‑year IBOXX private sector bond discount rate of 3.38%. with IFRS 9.
Based on these assumptions, the annual charge of The outstanding balance at December 31, 2024 is €75 million.
€782 thousand, recognized in operating profit, is broken
down as follows: — Lacoste
— s ervice cost: €534 thousand; In December 2022, Interparfums SA raised a €50 million
— net interest cost: €248 thousand. loan, amortizing over 4 years, to finance the upfront fee
of the Lacoste license for a total of €90 million.
A gain of €3,469 thousand was recognized in non‑recurring
income, reflecting the impact of the change in calculation Amor tization is made in fixed monthly instalments of
UNIVERSAL REGISTRATION DOCUMENT 2024




parameters for the benefit. €1.04 million in principal since December 2022. The interest
rate is based on 1‑month Euribor plus a margin.
The positive actuarial variance for 2024, recorded in reserves
for €1,562 thousand, mainly reflects changes in assumptions The loan was initially recognized at fair value, net of
(increase in discount rate) and experience variances. directly attributable transaction costs of €160 thousand,
in accordance with IFRS 9.
An increase of 0.5 percentage points in the discount rate
would result in a decrease of €222 thousand in the present
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The outstanding balance at December 31, 2024 is €24 million. The loan has been recognized at fair value in accordance
with IFRS 9.
This floating‑rate loan was hedged by a fixed‑rate payer
swap over its entire nominal amount and maturity. The outstanding balance at December 31, 2024 is €35 million.
At December 31, 2024, the swap had a fair value liability
of €195 thousand. Lease liabilities
In July 2024, Interparfums SAraised a €40 million loan, “Lease liabilities” include liabilities corresponding to
amortizing over 3 years, to finance the second payment the present value of future lease payments for lease
for the upfront fee of the Lacoste license, for a total of contracts recognized as assets under IFRS 16. The main
€90 million. lease agreements covered include the office leases in both
New York and Singapore and the storage warehouse in
Amor tization is made in fixed monthly instalments of
Normandy.
€1.2 million in principal since August 2024, plus monthly
interest payments. This loan bears a fixed interest rate,
including the applicable margin.

3.12.1 — Changes in financial debt
In accordance with the IAS 7 amendment, the movements in borrowings and financial debt are as follows:

Non‑cash flows
Foreign
Cash Net Changes in exchange
(€ thousands) 2023 flows acquisitions fair value differences Depreciation 2024

Head office loan 86,392 (12,000) - - - 154 74,546
Lacoste loan 36,369 (12,500) - - - 49 23,918
Lacoste loan 2 - 34,736 - - - - 34,736
Bank overdrafts 74 (74) - - - - -
Accrued interest 38 (3) - - - - 35
Swap – liability position 122 - - 73 - - 195
Total borrowings
and financial debt 122,995 10,159 - 73 - 203 133,430
Lease liabilities 15,114 - 1,782 - 351 (3,207) 14,040
Total financial debt 138,109 10,159 1,782 73 351 (3,004) 147,470


The floating‑rate Solférino loan was hedged by a fixed‑rate The floating‑rate Lacoste loan was hedged by a fixed‑rate
payer swap for 2/3 of its nominal amount and 2/3 of its payer swap over its entire nominal amount and maturity.
maturity.

The net swap hedge position on borrowings is as follows:

(€ thousands) 2023 2024

Borrowings and financial debt 122,995 133,430
Interest rate swap (asset position) (3,660) 2,088
Borrowings and financial liabilities net of hedging 119,335 135,518


3.12.2 — Breakdown of borrowings, financial liabilities, and lease liabilities by maturity

Less than Between 1 More than
(€ thousands) Total 1 year and 5 years 5 years

Borrowings and financial debt 133,430 37,518 80,931 14,981
Lease liabilities 14,040 3,219 10,821 -
UNIVERSAL REGISTRATION DOCUMENT 2024




Total at December 31, 2024 147,470 40,737 91,752 14,981


3.12.3 — Covenants and specific provisions A lever age r atio (net consolidated debt /EBITDA
consolidated) is applicable to the Lacoste loan contracted
No covenants are associated with the loan used to acquire
by the parent company. This ratio must be below 2.50x,
the new headquarters.
and it stood at -0.2x for the 2024 financial year.
No other specific provisions are attached to this loan.
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An amendment signed in 2022 aims to marginally index The second Lacoste loan also includes an interest rate
the interest charge of the Lacoste loan to five sustainable adjustment based on Interparfums’ Ecovadis rating, allowing
development objectives, with the first assessment year for an interest rate improvement of up to 10 basis points
being 2023, covering four objectives. Three out of the from the second anniversary of the loan start date.
four objectives were met, resulting in a 0.03% reduction
in the loan’s interest rate.


3.13 — DEFERRED TAXES
Deferred taxes, primarily represented by temporary differences between accounting and tax treatment, deferred taxes on
consolidation adjustments, and deferred taxes recorded on the basis of tax loss carryforwards, are presented as follows:

foreign
Changes by Changes by exchange Reclassi-
(€ thousands) 2023 reserves profit or loss differences fication 2024

Deferred tax assets
Lease liabilities – property and vehicle leases 3,662 - (644) 86 53 3,157
Internal margin on inventories 9,320 (308) 899 394 - 10,305
Advertising and promotional expenses 1,297 - 531 - - 1,828
Retirement provision 2,152 (403) (694) - - 1,055
Profit sharing 1,017 - 118 - - 1,135
Tax loss carryforwards 197 - (197) - - -
Provision for returns 819 - 654 68 - 1,541
Provision for doubtful receivables 385 - 23 28 - 436
Foreign exchange hedging on future sales - 269 142 - - 411
Derivative instruments - - 101 - - 101
Other 751 - 188 40 16 995
Total deferred tax assets before impairment 19,600 (442) 1,121 616 69 20,964
Impairment of deferred tax assets (197) - 197 - - -
Total net deferred tax assets 19,403 (442) 1,318 616 69 20,964

Deferred tax liabilities
Right‑of‑use assets – property
and vehicle leases (net) (3,510) - 644 (78) (53) (2,997)
Acquisition costs (1,460) - 11 - - (1,449)
Capitalization of brand acquisition costs (1,032) - - - - (1,032)
Swap (945) 19 388 - - (538)
Taxes levied by public authorities (267) - (54) - - (321)
Borrowing costs (180) - 53 - - (127)
Foreign exchange hedging on future sales (392) 435 (43) - - -
Derivative instruments (116) - 116 - - -
Other (55) 44 (16) - (16) (43)
Total Liabilities (7,956) 498 1,099 (78) (69) (6,507)

Total net deferred taxes 11,447 56 2,417 538 - 14,457



3.14 — TRADE PAYABLES AND OTHER LIABILITIES
DUE WITHIN ONE YEAR
3.14.1 — Trade payables

2023 2024
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(€ thousands)

Component suppliers 36,380 33,279
Other suppliers 74,279 71,970
Total 110,659 105,249
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3.14.2 — Other liabilities

(€ thousands) 2023 2024

Credit notes to be issued 4,279 4,574
Tax and social security liabilities 21,489 23,805
Royalties payable 15,797 17,978
Current account 1,164 1,354
Deferred income 431 728
Hedging instruments - 2,016
Provision for returns 5,455 10,119
Other liabilities 1,329 1,737
Total 49,944 62,311


In accordance with IFRS 15, it is specified that other liabilities include contract liabilities, but these amounts are not
material (less than 2% of other liabilities).


3.15 — FINANCIAL INSTRUMENTS
Financial instruments are classified according to the measurement categories defined by IFRS 9 as follows:

2024
Fair value
Fair value through other
Balance through comprehensive Amortized
(€ thousands) Notes sheet value profit or loss income cost
Non‑current financial assets
Long‑term investments 3.4 2,656 - - 2,656
Non‑current financial assets 3.4 2,654 2,088 - 566
Current financial assets
Trade receivables and related accounts 3.7 164,198 - - 164,198
Other receivables 3.8 11,515 - - 11,515
Current financial assets 3.9 7,561 7,415 - 146
Cash and cash equivalents 3.9 183,077 - - 183,077
Non‑current financial liabilities
Borrowings and financial debt
(more than one year) 3.12 95,912 - 61 95,851
Current financial liabilities
Trade payables 3.14 105,249 - - 105,249
Short‑term borrowings and debts 3.12 37,518 - 134 37,384
Other liabilities 3.14 62,311 - - 62,311




2023
Fair value
Fair value through other
Balance through comprehensive Amortized
(€ thousands) Notes sheet value profit or loss income cost

Non‑current financial assets
Long‑term investments 3.4 2,509 - - 2,509
Non‑current financial assets 3.4 4,726 3,660 - 1,066
UNIVERSAL REGISTRATION DOCUMENT 2024




Current financial assets
Trade receivables and related accounts 3.7 139,452 - - 139,452
Other receivables 3.8 11,018 342 1,387 9,631
Current financial assets 3.9 39,987 12,437 - 27,550
Cash and cash equivalents 3.9 137,734 - - 137,734
Non‑current financial liabilities
Borrowings and financial debt
(more than one year) 3.12 98,689 - 224 98,465
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Current financial liabilities
Trade payables 3.14 110,659 - - 110,659
Short‑term borrowing and debts 3.12 24,306 - (102) 24,408
Other liabilities 3.14 49,944 - - 49,944


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In accordance with IFRS 13, the fair value of financial assets or loss based on a quoted market price (Level 1). The
and liabilities is classified as Level 2, except for the fair carrying amount of the items presented above constitutes
value of listed shares, which are presented under “current a reasonable approximation of their fair value.
financial assets” and measured at fair value through profit


3.16 — RISK MANAGEMENT
The Group is primarily exposed to interest rate risk and foreign exchange risk, for which it uses derivative instruments.
Other risks to which the Group may be exposed do not result in the determination of materially significant quantitative
elements.

3.16.1 — Interest rate risks
The Group’s exposure to interest rate fluctuations arises primarily from its financial debt. The Group’s policy aims
to secure financial expenses by implementing hedging instruments, in the form of fixed‑rate interest rate swaps. The
Group considers that these transactions are not speculative in nature and are necessary for the effective management
of its interest rate risk exposure.

3.16.2 — Liquidity risks
The net position of financial assets and liabilities by maturity is as follows:

Less than 1 to More than
(€ thousands) one year 5 years 5 years Total

Financial assets and liabilities before hedging
Non‑current financial assets 500 66 - 566
Current financial assets 7,561 - - 7,561
Cash and cash equivalents 161,077 22,000 - 183,077
Total Financial assets 169,138 22,066 - 191,204

Borrowings and financial debt (37,384) (80,870) (14,981) (133,235)
Total Financial liabilities (37,384) (80,870) (14,981) (133,235)

Net position before hedging 131,754 (58,804) (14,981) 57,969
Asset and liability management (swaps) 722 1,171 - 1,893
Net Position after hedging 132,476 (57,633) (14,981) 59,862


3.16.3 — Foreign exchange risks
A significant portion of the Group’s sales is denominated in Only Interparfums SA has a significant exposure to foreign
foreign currencies, primarily in US Dollars (50.2% of sales) exchange risk, as the Group’s other subsidiaries operate
and, to a lesser extent, in British Pounds (4.2% of sales). in their local currencies.

The net foreign exchange positions of Interparfums SA in the main foreign currencies are as follows:

(€ thousands) USD GBP

Assets 65,768 6,509
Liabilities (8,771) (2,283)
Net exposure before hedging at closing exchange rate 56,997 4,226
Net hedged positions (22,555) -
Net exposure after hedging 34,442 4,226
UNIVERSAL REGISTRATION DOCUMENT 2024




— Foreign exchange risk management policy At December 31, 2024, Interparfums SA had hedged 34%
of its US dollar receivables.
Interparfums SA’s foreign exchange risk policy aims to hedge
highly probable budgeted exposures, mainly related to cash
— Foreign exchange sensitivity analysis
flows denominated in US Dollars, and trade receivables
denominated in US Dollars, British Pounds, and Japanese A 10% fluctuation in the USD/EUR and GBP/EUR exchange
Yen. rates is considered relevant and reasonably possible as a
risk variable within a financial year. A 10% increase in the
To achieve this, Interparfums SA uses forward foreign
US dollar and British Pound exchange rates would result
exchange contracts, following strict procedures prohibiting
INTERPARFUMS




in an increase in sales of €48 million and an increase in
speculative transactions:
operating profit of €16 million. A 10% decrease in these
— e ach foreign exchange hedge must be backed, in amount exchange rates would have a symmetrical negative impact.
and maturity, by an identified economic exposure;
— all identified budgeted exposures must be covered.

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3.16.4 — Counterparty risk exposure The Group has implemented a range of procedures to
mitigate counterparty risk, particularly in relation to trade
The financial instruments and cash deposits used by the
receivables: It has subscribed to credit insurance with Euler
Group to manage its interest rate and foreign exchange
Hermes and Coface for a significant portion of export
risks are contracted with top‑tier counterparties holding
receivables. Credit limits are determined on a client‑by‑client
investment‑grade credit ratings.
basis, based on financial health assessments. For sales to
Russia and Belarus, the Group strictly complies with the
restrictions imposed by the European Union.




4 — NOTES TO THE INCOME STATEMENT

4.1 — BREAKDOWN OF CONSOLIDATED SALES BY BRAND
(€ thousands) 2023 2024

Jimmy Choo 209,929 224,253
Montblanc 205,618 203,414
Coach 187,399 181,977
Lacoste - 78,690
Lanvin 48,294 45,451
Rochas 40,979 41,902
Karl Lagerfeld 25,488 26,916
Van Cleef & Arpels 24,545 25,225
Kate Spade 22,098 20,093
Boucheron 17,410 16,891
Moncler 11,972 12,221
Other 4,748 3,458
Sales 798,481 880,493



4.2 — COST OF SALES
(€ thousands) 2023 2024

Purchases of raw materials, merchandise, and packaging (net of inventory changes) (245,441) (285,289)
POS (point‑of‑sale advertising) (2,803) (4,571)
Staff costs (8,473) (8,849)
Depreciation, amortization and impairment charges and reversals (12,262) 429
Property leases (215) (417)
Transport on purchases (2,026) (1,716)
Other expenses related to cost of sales (2,242) (2,293)
Total cost of sales (273,462) (302,706)



4.3 — COMMERCIAL EXPENSES
(€ thousands) 2023 2024

Advertising (176,966) (187,245)
Royalties (65,901) (74,567)
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Staff costs (37,863) (43,611)
Subsidiary service fees (10,180) (10,922)
Subcontracting (7,866) (10,459)
Transport (10,421) (8,251)
Travel and entertainment expenses (7,960) (9,211)
Depreciation, amortization, and provision charges and reversals (3,799) (11,215)
Taxes and duties (4,073) (3,693)
Commissions (1,642) (1,940)
Other selling function‑related expenses (3,847) (3,507)
INTERPARFUMS




Total selling expenses (330,518) (364,621)




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4.4 — ADMINISTRATIVE EXPENSES
(€ thousands) 2023 2024

Administrative fees (6,724) (7,669)
Other purchases and external expenses (3,078) (2,604)
Staff costs (14,612) (14,808)
Property and equipment lease expenses (1,012) (654)
Depreciation, amortization and impairment charges and reversals (5,153) (5,534)
Travel and accommodation expenses (1,042) (1,431)
Other administrative function‑related expenses (2,433) (2,187)
Total administrative expenses (34,054) (34,886)



4.5 — OTHER OPERATING INCOME AND EXPENSES
Other operating expenses relate to the impairment loss recognized on the Rochas Mode brand during the 2024
financial year (see Note 3.1.1).
Other operating income relates to the reversal of impairment on the Karl Lagerfeld initial license fee in 2023 and the
reversal of the retirement provision in 2024 (see Note 3.11.1).


4.6 — FINANCIAL PROFIT (LOSS)
(€ thousands) 2023 2024

Financial income 7,438 6,970
Interest expenses and similar charges (6,204) (6,530)
Interest expenses on lease liabilities (225) (226)
Net finance (income) costs 1,009 214

Foreign exchange losses (13,554) (8,612)
Foreign exchange gains 11,274 9,186
Total foreign exchange result (2,280) 574

Financial income/(expense) on interest rate swaps (2,577) (1,572)
(Allocations to)/reversals of financial provisions 2,563 (1,818)
Other financial expenses (960) (1,194)
Total financial result (2,245) (3,796)


The increase in the net cost of financial debt is primarily Allocation to and reversals of financial provisions represent
due to the decline in yields on investments during the fair value variations of listed equities owned (within luxury
second half of 2024 as well as the new interest charges sector), and impairments recognized on other financial
related to the loan contracted in July 2024. assets held.
The foreign exchange result was mainly impacted by the Other financial expenses primarily consist of discounts
appreciation of the US dollar against the Euro during the granted to customers.
period.
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4.7 — INCOME TAX
4.7.1 — Breakdown of income tax

(€ thousands) 2023 2024

Current tax – France (33,518) (38,485)
Current tax – foreign (9,735) (8,324)
Total current tax (43,253) (46,809)

Non‑current tax (2,841) -
Deferred tax – France 2,117 380
Deferred tax – foreign 42 2,038
Total deferred tax 2,159 2,418

Total income tax (43,935) (44,391)


As a reminder, a tax audit covering the 2020 and 2021 financial years for Interparfums SA resulted in a €2.8 million
adjustment, which was recorded as an expense in 2023.

4.7.2 — Reconciliation of recognized income tax expense with theoretical tax expense
Several factors explain the difference between the effective tax expense and the theoretical one, which is calculated by
applying the standard corporate tax rate in France of 25.83% for the 2024 and 2023 financial years to profit before tax.

(€ thousands) 2023 2024

Tax base 163,315 174,253
Theoretical tax expense at the parent company tax rate (42,184) (45,010)
Effect of differences in tax rates 1,245 1,119
Recognition of previously unrecognized tax assets 322 358
Tax adjustments (2,841) -
Non‑deductible permanent differences (477) (858)
Income tax (43,935) (44,391)



4.8 — EARNINGS PER SHARE

(€ thousands, except number of shares and earnings per share in euros) 2023 2024

Consolidated net income 118,742 129,868
Average number of shares 69,408,374 72,607,462
Basic earnings per share (1) 1.71 1.79

Dilutive effect of stock subscription options:
Number of potential additional shares 71,976 93,288
Average number of shares after potential conversions 69,480,350 72,700,751
Diluted earnings per share (1) 1.71 1.79

(1) Adjusted on a pro‑rata basis for free shares granted in 2023 and 2024.
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5 — SEGMENT REPORTING

5.1 — BUSINESS SEGMENTS
The Company manages two distinct business activities: the Gross intangible assets related to the Rochas brand consist
“Fragrances” segment and the “Fashion” segment, which of €86,739 thousand for fragrances and €19,086 thousand
represents the activity generated by the fashion division for fashion, amounting to a total of €105,825 thousand.
of the Rochas brand.
Operating assets are primarily used in France.
However, as the “Fashion” segment is not significant (less
than 0.18% of the Group’s sales), the income statement
elements are not presented separately.


5.2 — GEOGRAPHICAL SEGMENTS
Sales by geographical segment break down as follows:

(€ thousands) 2023 2024

Africa 4,845 6,053
North America 322,814 332,177
South America 66,158 74,871
Asia 116,032 125,247
Eastern Europe 70,226 76,056
Western Europe 124,507 155,397
France 43,202 55,466
Middle East 50,697 55,226
Sales 798,481 880,493




6 — OTHER INFORMATION

6.1 — OFF‑BALANCE SHEET COMMITMENTS
The presentation of off‑balance sheet commitments below is based on AMF Recommendation No. 2010‑14 of December 6, 2010.

6.1.1 — Off‑balance sheet commitments given related to the Company’s operational activities

(€ thousands) Key characteristics 2023 2024

Guaranteed minima on Guaranteed minima on royalties regardless of sales 302,493 295,980
trademark royalties achieved for each of the trademarks in the period.
Guaranteed minimum Contractual minima for remuneration of warehouses 4,663 22,602
payments on storage and to be paid regardless of sales volume for the period.
logistics warehouses
Firm component orders Components inventories held by suppliers for which 14,408 7,777
the Company has undertaken to purchase when
UNIVERSAL REGISTRATION DOCUMENT 2024




required for production and which it does not own.
Purchase commitment Purchase commitment for property. - 11,867
Investment commitment Commitment to invest in a fund not used at year‑end. - 1,400
Total commitments given relating to operating activities 321,564 339,626


Guaranteed minimum brand royalties are estimated on the basis of sales up to December 31, 2024, without taking
into account future sales projections.
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6.1.2 — Off‑balance sheet commitments given currency purchases at December 31, 2024 budgeted for
and received in connection with the the first three months of 2025 was 70,022 thousand euros
Company’s financial activities for hedges in US dollars.
The amount of commitment given on forward sales covering
foreign currency receivables at December 31, 2024 is USD 6.1.3 — Off‑balance sheet commitments
25,000 thousand. The amount of the commitment received given in connection with the
on forward currency purchases at December 31, 2024 was Company’s investment activities
€23,596 thousand for hedges in US dollars.
At December 31, 2024, the Company had entered
The amount of the commitment given on forward sales in into commitments to purchase property for a total of
foreign currencies at December 31, 2024 budgeted for the €11,867 thousand.
first three months of 2025 is 75,000 thousand US dollars.
At December 31, 2024, the Company had an investment
The amount of the commitment received on forward
commitment to a fund for €1,400 thousand.

6.1.4 — Commitments given by maturity at December 31, 2024

Less than 1 to More than
(€ thousands) Total 1 year 5 years 5 years

Guaranteed minima on trademark royalties 295,980 55,038 143,439 97,503
Guaranteed minimum payments on
storage and logistics warehouses 22,602 7,484 7,575 7,543
Firm component orders 7,777 7,777 - -
Purchase commitment 11,867 11,867 - -
Investment commitment 1,400 1,400 - -
Total commitments given 339,626 83,566 151,014 105,046
Unused credit lines - - - -
Total commitments received - - - -



6.2 — LICENSE AGREEMENTS
Concession
Contract start date Term End date

S.T. Dupont Origin July 1997 11 years -
Renewal January 2006 5 years and 6 months -
Renewal January 2011 6 years -
Renewal January 2017 3 years -
Renewal January 2020 3 years -
Renewal January 2023 1 year December 2023
Van Cleef & Arpels Origin January 2007 12 years -
Renewal January 2019 6 years -
Renewal January 2025 9 years December 2033
Jimmy Choo Origin January 2010 12 years -
Renewal January 2018 13 years December 2031
Montblanc Origin July 2010 10 years and 6 months -
Renewal January 2016 10 years -
Renewal January 2026 5 years December 2030
Boucheron Origin January 2011 15 years December 2025
Karl Lagerfeld Origin November 2012 20 years October 2032
Coach Origin June 2016 10 years June 2026
UNIVERSAL REGISTRATION DOCUMENT 2024




Kate Spade Origin January 2020 10 years and 6 months June 2030
Moncler Origin January 2021 6 years December 2026
Lacoste Origin January 2024 15 years December 2038


In February 2023, Interparfums SA and Montblanc signed In December 2024, Van Cleef & Arpels and Interparfums SA
the renewal of their global and exclusive perfume license signed the renewal of their perfume license agreement for
agreement for a period of five years, effective from January 1, a period of nine years, until December 31, 2033.
INTERPARFUMS




2026 to December 31, 2030.




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Rochas
6.3 — PROPRIETARY
At the end of May 2015, Interparfums SA acquired the Rochas
TRADEMARKS brand (fragrances and fashion).
This transaction covered the entire portfolio of brand names
Lanvin
and trademark registrations for Rochas (Femme, Madame,
At the end of July 2007, Interparfums SA acquired ownership Eau de Rochas, etc.), primarily in Class 3 (fragrances) and
of the Lanvin trademarks for flagrances and cosmetics Class 25 (fashion).
products from Jeanne Lanvin.
Interparfums SA and Lanvin entered into a technical and Off-White
creative assistance agreement for the development of new
At the beginning of December 2024, Interparfums SA
fragrances, which remained in effect until June 30, 2019,
obtained the Off-White brand for perfume products.
depending on sales levels. Lanvin held a buyback option
for the trademarks, exercisable on July 1, 2025. This transaction covered the entire portfolio of brand
names and trademark registrations for Off-White in Class 3
In September 2021, an agreement was signed, extending
(fragrances).
this buyback option to July 1, 2027.
The brand is subject to a license and distribution agreement
with a company not affiliated with the Interparfums Group.
This license will expire on December 31, 2025.


6.4 — EMPLOYMENT DATA
6.4.1 — Headcount by department

Number of employees at 12/31/2023 12/31/2024

Executive Management 5 4
Production & Operations 60 64
Marketing 77 83
Export 88 94
French Distribution 38 38
Finance & Corporate Affairs 63 65
Rochas fashion 3 5
Total 334 353


6.4.2 — Headcount by geographic area

Number of employees at 12/31/2023 12/31/2024

France 233 247
North America 77 82
Asia 24 24
Total 334 353


6.4.3 — Staff costs

(€ thousands) 2023 2024

Staff costs 39,624 43,071
Social security 15,203 17,638
Profit sharing 5,026 5,529
Free performance share grants 1,183 1,239
UNIVERSAL REGISTRATION DOCUMENT 2024




Total staff expenses 61,036 67,477


Additionally, for the 2024 financial year, the Company paid €971 thousand in contributions to the funded supplementary
pension scheme for executives.
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6.5 — RELATED PARTY DISCLOSURES
During the financial year, no new agreements were entered into between the parent company and its subsidiaries that
were of significant value or on non‑market terms.
In 2024, a new commercial relationship was established between Interparfums SA and the related company Interparfums
Italia Srl, a subsidiary of Interparfums, Inc., which has been distributing the Group’s fragrances in Italy since the beginning
of the year. These transactions are carried out on market terms.

6.5.1 — Executive Committee
The members of the Executive Committee are responsible for strategy, management and oversight. They hold employment
contracts and receive remuneration, which is structured as follows:

(€ thousands) 2023 2024

Wages and social security charges 8,083 10,961(1)
Share‑based payment expenses 470 507

(1) Including payment of a conciliation.


The total gross remuneration of the three corporate officers comprises:

(€ thousands) 2023 2024

Gross wages 2,467 2,252
Benefits in kind 22 22
Supplementary pension contributions 49 49
Total 2,538 2,323


Mr. Philippe Benacin, co‑founder of InterparfumsSA , is also a majority shareholder of the parent company Interparfums Inc.

6.5.2 — Board of Directors
The members of the Board of Directors are responsible for strategy, advisory, external growth and oversight. Only
external Directors receive compensation, which is structured as follows:

(€ thousands) 2023 2024

Directors’ compensation received (1) 201 201

(1) Calculated on the basis of actual attendance at Board meetings.


6.5.3 — Relations with the parent company
The f inancial statements of Interpar fums SA and its At December 31, 2023, the only significant transaction
subsidiaries are fully consolidated within the financial b e t we e n I n te r pa r f u ms S A , i t s s u bs i d ia r i e s , a n d
statements of Interparfums Inc. – 551 Fifth Avenue, Interparfums Inc. or Interparfums Holding was the existence
New York, NY 10176, USA. of a $30 million loan between Interparfums Luxury Brands
and Interparfums Inc. This loan, which was granted at market
rates, was fully repaid in May 2024. As of December 31,
2023, the loan was reported under current financial assets,
as detailed in Note 3.9.1 of Part 3 of this document.
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6.6 — STATUTORY AUDITORS’ FEES
The total amount of statutory audit fees charged to the income statement breaks down as follows:

FORVIS MAZARS SFECO & FIDUCIA AUDIT
(€ thousands) 2023 % 2024 % 2023 % 2024 %
Statutory audit, certification, and
examination of individual and
consolidated financial statements
Issuer 390 67% 394 56% 120 100% 144 100%
Fully‑consolidated subsidiaries 182 31% 303 43% - -% - -%
Non‑audit services
Issuer 8 1% 8 1% - -% - -%
Fully‑consolidated subsidiaries 2 -% - -% - -% - -%
Total 582 100% 705 100% 120 100% 144 100%


Non‑audit services related to certificates requested by In accordance with applicable regulations, these assignments
the Company, including those for bank covenants and sales were approved by the Audit Committee.
reports for licensors and suppliers.


6.7 — POST‑CLOSING EVENTS
None.
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4 — CORPORATE
GOVERNANCE


1 — CORPORATE GOVERNANCE (ARTICLES L.225‑37‑4,
L.22‑10‑8 TO L.22‑10‑12 OF THE COMMERCIAL CODE) — 150
2 — COMPENSATION OF DIRECTORS AND
CORPORATE OFFICERS — 166
3 — ADDITIONAL INFORMATION — 176
4 — SPECIAL REPORTS OF THE BOARD OF DIRECTORS ON
STOCK OPTIONS AND FREE SHARE ALLOCATIONS — 178




UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




This report is prepared in accordance with the provisions of article L 225‑37 of the French Commercial Code.
It was approved by the Board of Directors on February 25, 2025.


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4


1 — CORPORATE GOVERNANCE (ARTICLES
L.225‑37‑4, L.22‑10‑8 TO L.22‑10‑12 OF
THE COMMERCIAL CODE)
Interparfums SA is a French limited company (Société Anonyme) governed by a Board of Directors.

— t he rules for determining the compensation of members
1.1 — RULES OF GOVERNANCE of the Board of Directors;
— transactions subject to prior authorization by the Board;
1.1.1 — Adoption of the Middlenext Code — defining the role of the various specialized committees
that have been established;
Since 2010, Interparfums has adhered to the Middlenext
— the obligations relating to possession of inside
Corporate Governance Code, available at www.middlenext.
information in connection with the prevention of
com. With each revision of the Middlenext Code, the Board
insider misconduct and trading;
of Directors conducts an analysis of the newly proposed
— the rules governing trading in the Company’s shares in
recommendations to adapt and improve existing governance
accordance with European market abuse regulations
mechanisms.
and the provisions of the French Monetary and Financial
As of the latest update of the Middlenex t Code in Code and the AMF General Regulation;
September 2021, the Code contains 22 recommendations, — the protection provided to Directors and officers:
none of which Interparfums has opted to exclude. Directors and officers liability insurance (D&O insurance);
— the succession planning information for the manager
In accordance with Recommendation No. 22, Board
and key persons.
members have also reviewed the “points of vigilance”
outlined in the Code and annually assess key governance These internal rules are subject to regular updates
issues to ensure the effectiveness of corporate governance. to reflect new regulations and corporate governance
recommendations, as well as proposals from Board
Specifically, regarding Recommendation No. 8, which calls for
members to enhance operational efficiency.
the establishment of a specialized committee on Corporate
Social and Environmental Responsibility (CSR), the Board The latest update to the Charter was approved by the Board
of Directors of Interparfums set up a CSR Committee of Directors on February 25, 2025, subject to the approval
in June 2024. This decision followed the appointment of of Resolutions 18 and 19, which provide for amendments
Ms. Caroline Renoux, an expert in CSR, as an independent to the Bylaws by the General Meeting on April 17, 2025.
Director of the Company by the Annual General Meeting
on April 16, 2024. Caroline Renoux serves as Chair of the
CSR Committee, supported by existing Board members 1.2 — EXECUTIVE MANAGEMENT
who have already been trained in CSR matters.
1.2.1 — Method of exercising General
1.1.2 — Charter of the Board of Directors Management – Limitations on the
powers of the Chief Executive Officer
In compliance with Middlenext Code Recommendation 9,
the Board of Directors established a Charter (Rules of To align with the Company’s business model, which operates
Procedure) defining the operating rules of the Board in a highly competitive environment, the Board of Directors
and the terms of a code of conduct for Directors that decided, by resolution on December 29, 2002, to unify the
supplements the provisions provided for by law and the roles of Chairman of the Board and Chief Executive Officer:
Company’s Bylaws. Philippe Benacin serves as Chairman and Chief Executive
Officer of Interparfums SA . With in‑depth knowledge of the
The full text of this Charter is available at the Company’s
Company, which he co‑founded with his partner, Jean Madar,
website (www.interparfums-finance.fr).
CEO of the US-based Interparfums Inc., Philippe Benacin has
The main provisions of this Charter are as follows: a clear vision of the Company’s future prospects. His active
involvement in the management of the Company was a key
— the composition, role, organization and operating
factor in the Board’s decision. This governance structure has
procedures of the Board of Directors;
contributed to efficient corporate management, fostering
— the rules of conduct applicable to members of the
alignment between strategic direction and operational
Board of Directors;
functions, which is essential for greater responsiveness and
UNIVERSAL REGISTRATION DOCUMENT 2024




— the criteria for independence applicable to members
effectiveness in the decision‑making process.
of the Board of Directors;
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The limitations on the CEO’s powers are set out in the The Company has chosen to set up an extended Executive
Internal Rules, which specify that the following transactions Committee, bringing together all operational and support
are subject to prior approval by the Board: divisions at the head office, as well as the Managing Directors
of its subsidiaries.
— a ny financial commitment (immediate or deferred)
exceeding €10 million per transaction, with a material The Company is commit ted to implementing a
impact on the Company’s consolidated scope, including non‑discrimination and diversity policy and is continuously
acquisitions or disposals of assets or equity interests working towards achieving gender balance within the
in other companies; Executive Committee, while also ensuring the representation
— a ny decision, regardless of the amount, that could of long‑standing expertise among some of its members.
substantially affect the Company’s strategy or
In accordance with the provisions of Article L.22‑10‑10 of the
significantly alter its usual scope of business;
French Commercial Code, the Company seeks to maintain
— any significant transaction that falls outside the announced
balanced representation of women and men within this
strategy or could change the Company’s scope of
Committee. With the appointment of two new members
activities, particularly external growth operations.
on December 30, 2024, the Executive Committee has
During the 2024 fiscal year, Philippe Benacin was assisted achieved its gender diversity target, ensuring that at least
by two Deputy Chief Executive Officers, Philippe Santi and 40% of its members are of each gender. (In 2023, the
Frédéric Garcia-Pelayo, both of whom were first appointed proportion of women was 27%, rising to 42% in 2024).
by Board resolution on June 15, 2004. However, as of the
The Company is committed to gender equality, particularly
date of this document, only Philippe Santi remains Deputy
in terms of pay equity, and strives to ensure that women
Chief Executive Officer, as Frédéric Garcia-Pelayo stepped
are represented at all levels of the organization, including
down from his role as Deputy Chief Executive Officer with
in senior leadership roles.
effect from December 30, 2024.

1.2.3 — CSR Executive Committee
1.2.2 — Executive Committee
The CSR Executive Committee, created in 2020, by the
The Executive Committee, led by the Chairman and Chief
diversity of the operational people who compose it, has
Executive Officer, discusses the operational and strategic
the main mission of shedding light, through its analyses, on
development of the Company’s business. Its composition
the strategy of the Company whose orientations in terms
reflects the complementary expertise within Interparfums.
of social and environmental responsibility are submitted
As Frédéric Garcia-Pelayo stepped down from his to the Board and thus monitoring the implementation
position as Executive Vice President with effect from and development of significant operations in progress.
December 30, 2024, and as his employment contract also As of December 31, 2024, the CSR Executive Committee
ended on the same date, he has not been a member of is composed of the following 9 members, 55% of whom
the Executive Committee since that date. are women and 4 of whom are par t of the Executive
Committee:
At December 31, 2024, the Executive Committee consists
of 12 members, 42% of whom are women: —  uriel Buiatti Sustainable Development Director;
M
— Philippe Santi Human Resources Director (2);
— P hilippe Benacin Chairman and Chief Executive Officer;
— Véronique Duretz Human Resources Vice President (2);
— Stanislas Archambault Executive Director – Operational
— Natacha Cennac-Finateu General Counsel and Chief
& Digital Marketing;
Legal Officer (2);
— Renaud Boisson Managing Director, Interparfums Asia
— A xel Marot Executive Director – Supply Chain &
Pacific;
Operations (2);
— Pierre Desaulles Managing Director, Interparfums Luxury
— Alessandro Trotta Chief Financial Officer;
Brands;
— Cyril Levy-Pey Corporate Communications Director;
— Natacha Cennac-Finateu General Counsel and Chief
— Karine Marty Financial Communications Officer;
Legal Officer;
— I ngrid Bile Head of Corporate Law & Compliance
— A xel Marot Executive Director – Supply Chain &
& DPO.
Operations;
— Delphine Pommier Executive Director – Marketing
Development & Communication;
— Philippe Santi Finance & Legal Director – Executive
Vice President;
— J érôme Thermoz Executive Director – French
Distribution;
— Véronique Duretz Human Resources Vice President;
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— Daphné Benacin (1) Export Director;
— Marie-Astrid Berruyer (1) Executive Marketing Director.
INTERPARFUMS




(1) Appointed on December 31, 2024.
(2) Members of the Executive Committee.

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1.3 — BOARD OF DIRECTORS
1.3.1 — Key data on the Board of Directors as of 12/31/2024

BOARD OF DIRECTORS 2024
11 members
7 meetings in 2024
92.95% attendance rate




CSR COMMITTEE AUDIT COMMITTEE GOVERNANCE,
(created in June 2024)
4 members NOMINATIONS
3 members 4 meetings in 2024
2 meetings in 2024 100% independence
AND REMUNERATION
100% independence 75% women, including the Chair COMMITTEE
66% women, including the Chair 93.75% attendance rate
4 members
100% attendance rate
2 meetings in 2024
100% independence
75% women, including the Chair
100% attendance rate
NUMBER OF
MEN/WOMEN SENIORITY INDEPENDENCE




55% Women 36.4% Less than 4 yrs 55% Independent members
45% Men 9.0% 4 to 11 yrs 45% Non independent members
27.3% 12 to 15 yrs
27.3% 16 yrs and more


NUMBER OF TERMS SKILLS OF
OF OFFICE EXPIRING DIRECTORS
UNIVERSAL REGISTRATION DOCUMENT 2024




3 AGM 2025 4 In-depth knowledge of the Group
3 AGM 2026 5 Finance and accounting
4 AGM 2027 5 Perfume sector
1 AGM 2028 4 Distribution
2 Media & digital
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1.3.2 — Composition of the Board of Given the diversity of the topics covered and the difference
Directors and its Committees in the timing of the topics dealt with by the Audit and
Compensation Committee, the Board of Directors of
The composition of the administrative bodies at the end of
September 11, 2023 and June 10, 2024, decided to organize
the financial year ending December 31, 2024 is as follows:
their governance into 3 committees:
— t he Board of Directors composed of 11 members
— t he Audit Committee composed of 4 members;
including 6 independent members.
— t he Governance, Appointments and Compensation
The Board currently includes one member with Committee (CGNR) also composed of 4 members;
employee status under an employment contract prior — the CSR Committee composed of 3 members.
to his appointment to the positions of Director and
The members of the Committees were appointed for
Deputy Managing Director, namely Mr. Philippe Santi,
the duration of their term of office as Directors. The
it being specified that the employment contract and
Committees are composed of independent Directors,
mandate as Deputy Managing Director of Mr. Frédéric
including their Chairs (see paragraph 1.3.7. below).
Garcia-Pelayo ended on December 30, 2024.
The members of the Committees were appointed for
the duration of their mandate as Directors and their skills
and background (see paragraph 1.3.6. below) enable the
Committees to fulfill their missions with the required
experience.

— Summary table of the composition of the Board of Directors and its Committees as of December 31, 2024
Year 1st Expiration Number
Independent appoint- Last of the of shares Audit CSR Experiences
Name and function Director ment renewal mandate held Committee CGNR Committee and expertise

Philippe Benacin No 1989 2023 2027 16,485 - - - Co‑founder
Chairman and CEO
Jean Madar No 1993 2023 2027 300 - - - Co‑founder
Director
CEO Interparfums Inc.

Philippe Santi No 2004 2023 2027 11,259 - - - Financial and
Director, accounting
Executive Vice President

Frédéric Garcia-Pelayo No 2009 2023 2025 (1) 25,204 - - - Knowledge of
Director the sector and
distribution

Chantal Roos No 2009 2023 2025 643 - - - Luxury &
Director Perfumes Sector
Dominique Cyrot Yes 2012 2020 2025 5,050 Member Member - Financial and
Director accounting
Marie-Ange Verdickt Yes 2015 2023 2027 5,235 Chair - Member Financial and
Director accounting/ESG
Constance Benqué Yes 2022 - 2026 399 Member Chair - Media & Digital
Director
Véronique Morali Yes 2023 - 2026 363 - Member - Financial &
Director Media & Digital
Olivier Mauny Yes 2023 - 2026 935 Membre Member Member Luxury &
Director Perfumes/
ESG sector

Caroline Renoux Yes 2024 - 2028 300 - - Chair ESG
Director

(1) Early end of mandate, following the resignation of his mandate as Director, effective April 17, 2025, for personal reasons.

In compliance with the provisions of Article 4.8 of the Internal Regulations, all Directors hold at least 300 shares of
the Company.
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1.3.3 — Applicable principles More specifically, and in accordance with Recommendation
No. 2 of the Middlenex t Code streng thening the
1.3.3.1 — Accumulation and duration of mandates management of conflicts of interest, each Director declares
before each meeting any potential conflicts of interest
By accepting the Internal Regulations, the Directors have
and, annually, any conflicts of interest, both proven and
undertaken to respect the rules for the accumulation of
potential, between his or her obligations to the Company
mandates provided for by the Commercial Code in articles
and his or her private interests, particularly with regard to
L225‑21 and L 225‑94.
his or her other mandates and functions.
As of December 31, 2024, the number of terms of office
In accordance with the provisions of the internal regulations,
of each Director is in line with the legal provisions in force.
in a situation which reveals or may reveal a conflict of interest
The office term is currently set at 4 years. However, as an between the corporate interest and his direct or indirect
exception and in order to allow for the implementation and personal interest or the interest of the shareholder or group
maintenance of the staggered terms of office of Directors, of shareholders he represents, the Director concerned must:
the General Meeting may appoint one or more Directors
— inform the Board as soon as it becomes aware of it;
for a shorter term of 2 or 3 years in accordance with
— a nd draw all consequences from this regarding the
Recommendation No. 11 of the Middlenext Code, which
exercise of his mandate. Thus, depending on the case,
recommends a staggered renewal of terms of office.
he must:
The Company considers that, given its size and the
– e ither abstain from participating in the deliberations
composition of its Board, the term of office of 4 years favors
and the vote on the corresponding resolution,
the experience of the Directors in terms of knowledge of
– e ither not attend the meeting of the Board of
the Company, its markets and its activities in the context
Directors during which he finds himself in a situation
of their decision‑making, without reducing the quality of
of conflict of interest,
supervision and that the possibility of appointing Directors
– or, in the extreme, resign from his duties as Director.
for a period of 2 and 3 years within the framework of a
staggering of mandates gives the Company flexibility in Once a year, the Board reviews known conflicts of interest.
the management of its governance. Each Director reports, where appropriate, on any changes
in their situation.
The Company follows Recommendation No. 10 of the
Middlenext Code by communicating to the General Meeting Based on these statements, the Board of Directors has
information relating to the experience and skills of each not identified any conflict of interest as of the date of
Director upon the appointment and renewal of mandates. preparation of this document.
The appointment of each Director and the renewal of Concerning the rules of stock market ethics, the members
their mandates are the subject of a separate resolution at of the Board took note of the rules applicable to the
the General Meeting. prevention of insider trading, in particular those resulting
from the European Market Abuse Regulation No. 596‑2014
1.3.3.2 — Directors ethics which came into force on July 3, 2016 and the European
“Listing Act” Regulation No. 2024/2809 of October 23,
In accordance with Recommendation No. 1 of the
2024, amending the European Market Abuse Regulation, as
Middlenext Code, each Director is made aware of the
well as the recommendations of the Autorité des Marchés
responsibilities incumbent upon him or her at the time of
Financiers (AMF) and more specifically those relating to
his or her appointment and is encouraged to observe the
the periods of abstention during which it is prohibited to
rules in force relating to the obligations resulting from his or
carry out securities transactions.
her mandate, which are detailed in the Internal Regulations
of the Board of Directors. In this respect, the Stock Market Ethics Charter established
by the Company, the main provisions of which are included in
Each member of the Board complies with the legal rules
the Internal Regulations of the Board of Directors, reiterates
on the accumulation of mandates (the Middlenext Code
the prohibition for the holder of inside information to carry
recommends that the Director, when exercising a mandate
out or cause to be carried out financial transactions on
as “executive”, does not accept more than two other
Interparfums shares.
mandates as Directors in listed companies, including foreign
ones, outside his group), informs the Board in the event Each member of the Board is also asked not to carry
of a conflict of interest arising after obtaining his mandate, out transactions on Interparfums shares during certain
attends Board meetings and the General Meeting regularly, periods and when they have inside information. Finally,
ensures that he has all the necessary information on the Directors inform the AMF of each transaction carried out
agenda of Board meetings before making any decision and by themselves or by persons closely associated with them
respects a true obligation of confidentiality. on Interparfums shares.
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1.3.4 — List of mandates and functions Main position held outside Interparfums:
of the members of the Board of
— C
 hairman of the Board of Directors & Chief Executive
Directors as of December 31, 2024
Officer – Interparfums Inc. (United States) (Group
company).
— Philippe BENACIN
Chairman and CEO Other current directorships and positions:
– French nationality
— Chairman – JEAN MADAR HOLDING (SAS).
Business address: 10 rue de Solférino 75007 Paris.
Mandates expired during the last five financial years:
Mandate expiry: 2027
— C
 hief Executive Officer & Director – Interparfums
Biography: Philippe Benacin, 66, is a graduate of Holding (SA).
ESSEC Business School and co‑founder of the Company
alongside his partner Jean Madar. He has served as Chairman — Philippe SANTI
& Chief Executive Officer of Interparfums SA since its Director
inception in 1989. Executive Vice President
– French nationality
He oversees the strategic direction of the Interparfums
Group in Paris and the development of the brand portfolio, Business address: 10 rue de Solférino 75007 Paris.
which includes: Lanvin, Rochas, Jimmy Choo, Montblanc,
Mandate expiry: 2027
Van Cleef & Arpels, Karl Lagerfeld, Boucheron, Coach,
Kate Spade, Moncler, Lacoste, Off White. Biography: Philippe Santi, 63, a graduate of Neoma Business
School (École Supérieure de Commerce de Reims) and a
Other current directorships and positions:
chartered accountant, has been Finance and Legal Director
— V ice Chairman – Interparfums Inc. (United States) of Interparfums SA since 1995 and Executive Vice President
(Group company); since 2004.
— C hairman – Interparfums Holding (SAS) (Group
Other current mandates and functions:
company);
— Managing Director & Chairman – Interparfums Suisse — D
 irector – Interparfums Inc. (United States) (Group
(Switzerland) (SARL) (Group company); company).
— Director – Interparfums Asia Pacific Pte Ltd (Singapore)
Directorships held in the last five years (now expired):
(Group company);
— Chairman of the Board of Directors – Parfums Rochas — D
 irector – Middlenext (Independent professional
Spain Sl (Spain) (Group company); association representing mid‑cap companies).
— Sole Director – Interparfums Luxury Brands Inc. (United
States) (Group company); — Frédéric GARCIA-PELAYO
— Chairman – Philippe Benacin Holding (SAS); Director
— Vice-Chairman of the Supervisory Board and Chairman – French nationality
of the Governance, Nominations and Compensation
Business address: 10 rue de Solférino 75007 Paris.
Committee – Vivendi (SA) (listed company);
— Member of the Supervisory Board – Canal Plus (SA) Mandate expiry: 2025 (following resignation from his
(listed company). directorship, effective 17 April 2025)
Mandates expired during the last five financial years: Biography: Frédéric Garcia-Pelayo, 66, a graduate of
ESSEC’s EPSCI business school, has been Export Director
— D irector – Inter España Parfums et Cosmetiques Sl
of Interparfums SA since 1994 and Executive Vice President
(Spain);
since 2004.
— Chairman – Interparfums Srl (Italy);
— C hairman of the Board of Directors & Director – Other current mandates and functions:
Interparfums Holding (SA).
— D
 irector & Vice President of Finance – Tax-Free World
Association (TFWA).
— Jean MADAR
Director Directorships held in the last five years (now expired):
– French nationality
— Executive Vice President – Interparfums SA;
Business address: 10 rue de Solférino 75007 Paris. — Director – Inter España Parfums et Cosmetiques Sl
(Spain);
Mandate expiry: 2027
— Director – Interparfums Srl (Italy).
Biography: Jean Madar, 64, is a graduate of ESSEC Business
UNIVERSAL REGISTRATION DOCUMENT 2024




School and co‑founder of the Company alongside his partner
Philippe Benacin. He oversees the strategic direction of the
Interparfums Inc. Group in New York and the development
of the brand portfolio, which includes: Anna Sui, Donna
Karan, DKNY, Oscar de la Renta, Abercrombie & Fitch,
Hollister, MCM, Guess, Graff, Ferragamo, Emmanuel Ungaro
and Roberto Cavalli.
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— Chantal ROOS — Marie-Ange VERDICKT
Director Independent Director
– French nationality Chair of the Audit Committee
Member of the CSR Committee
Business address: 10 rue de Solférino 75007 Paris.
– French nationality
Mandate expiry: 2025
Busniess address: 10 rue de Solférino 75007 Paris.
Biography: Chantal Roos, 81, was Vice-President of
Mandate expiry: 2027
International Marketing and then Deputy Chief Executive
Officer of Yves Saint Laurent Parfums, before becoming Biography: Marie-Ange Verdickt, 62, is a graduate of the
President of Beauté Prestige Internationale. Bordeaux-KEDGE Business School (1984) and a member
of the SFAF (French Society of Financial Analysts). She
In 2000, she was appointed President of the Yves Saint
began her professional career as an auditor at Deloitte,
Laurent Beauté division, and in 2007 became Strategy
then worked as a management controller at the Wang
Advisor to the Chairman & CEO. In 2008, she set up
technology group.
her own brand creation and development company for
perfumes and cosmetics, ROOS & ROOS. In 1990, she joined Euronext as a Financial Analyst, later
becoming Head of the Financial Analysis Department.
Main position held outside Interparfums:
From 1998 to 2012, she was a Fund Manager specialising
— M
 anaging Director – ROOS & ROOS, per fume in French and European mid‑cap stocks at Financière
designers. de l’Échiquier, where she also developed socially responsible
investment practices. Since 2012, she has been an
Other current mandates and functions:
independent Director for various companies.
— Managing Director – CREA.
Main position held outside Interparfums:
Mandates expired during the last five financial years:
None.
None.
Other current mandates and functions:
— Dominique CYROT — D irector, member of the Audit Committee, and member
Independent Director of the Nominations Committee of Wavestone SA
Member of the Audit Committee (listed company);
Member of the Governance, Nominations — Director and Chair of the Compensation Committee
and Compensation Committee (GNRC) at Bonduelle SA.
– French nationality
Mandates expired during the last five financial years:
Business address: 10 rue de Solférino 75007 Paris.
— D irector of ABC Arbitrage (end of office: April 2021);
Mandate expiry: 2025 — Member of the Supervisory Board of Cap Horn Invest
(end of office: November 2021).
Biography: Dominique Cyrot, 72, holds a Master’s degree in
Management from Paris IX Dauphine University. She spent
— Constance BENQUE
her professional career at AGF from 1973 to 2011, now
Independent Director
ALLIANZ GI, where she managed the Group’s UCITS on
Member of the Audit Committee
French large caps and then on all French and European Mid
Chair of the Governance, Nominations
Caps. In particular, she served as a Director of investment
and Compensation Committee (GNRC)
funds and numerous SICAVs of the AGF group and external
– French nationality
SICAVs.
Business address: 10 rue de Solférino 75007 Paris.
Main position held outside Interparfums:
Mandate expiry: 2026
None.
Biography: Constance Benqué, 63, after serving as a
Other current mandates and functions:
parliamentary assistant to François d’Aubert, began her
— Director of FIME (SA) since April 16, 2015. career at Groupe l’Expansion as Director of Advertising
(1983‑1990). She then became Commercial Director for
Mandates expired during the last five financial years:
Capital magazine at Prisma Presse Group (1990‑1994),
None. followed by Chair of Régie Obs, which then oversaw the
advertising for Le Nouvel Observateur, Challenges, and
Sciences & Avenir (1994‑1999).
In 1999, she joined the Lagardère Group, where
UNIVERSAL REGISTRATION DOCUMENT 2024




she was appointed President of Lagardère Publicité, and then
in 2014, she became CEO of ELLE France & International.
Since December 2018, she has been President of
Lagardère News, which oversees Europe 1, Europe 2,
RFM, Paris Match, Le Journal du Dimanche, and ELLE
International.
She holds a Master’s degree in Public Law from Paris II
Panthéon-Assas University and is a graduate of the Institut
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Main position held outside Interparfums: — Véronique MORALI
Independent Director
— M anaging Director – Lagardère Radio;
Member of the Governance, Nominations
— President – Lagardère News;
and Compensation Committee (GNRC)
— Chief Executive Officer – ELLE International.
– French nationality
Other current mandates and functions:
Business address: 10 rue de Solférino 75007 Paris.
Lagardère News:
Mandate expiry: 2026
— C EO and Director – Hachette Filipacchi Presse SA
Biography: Véronique Morali, 66, after studying at
(April 2014);
Sciences Po, ESCP, and earning a Master’s degree
— P resident – Lagardère Global Adver tising SAS
in Business Law, joined the ENA and the General
(July 2013);
Inspectorate of Finance, which she lef t in 1990 to
— President – Lagardère Active SASU (January 2019);
become CEO of Fimalac, where she participated with
— Prsident – Lagardère Media News SASU (March 2020);
the founder in the international expansion of this listed
— President – Prince Prod SAS (formerly Match Prod)
group and in the strategic direction of its activities.
(June 2019).
She is currently Vice-Chair of Fimalac’s Executive Committee
Lagardère Radio: and Chair of Fimalac Développement.
—  resident – Europe 1 Télécompagnie SAS (March 2020);
P Since 2013, Véronique Morali has been co-CEO of Webedia,
— Managing Director – Europe News SNC (July 2019); Europe’s leading digital entertainment group.
— Managing Director – Europe 1 Digital SARL (July 2019);
From 2019 to 2022, she worked within Jellyfish, a new
— Deputy President and Director – Lagardère Active
agency‑partner business model, based in 30 international
Broadcast SA (Monaco) (March 2020);
offices, combining data, creation and programmatic
— President – Europe 2 Entreprises SAS (July 2019);
media buying across all platforms (‘GAFA-service company’).
— President – Europe 2 Régions SAS (July 2019);
— President and member – Association Europe 2 Ajaccio Véronique Morali is President and Founder of the
(July 2019); association Force Femmes, dedicated to helping women
— Managing Director – RFM Ajaccio SARL (juillet 2019); over 45 re‑enter the workforce, and co‑founder of Women
— President – RFM Entreprises SAS (July 2019); Corporate Directors Paris (a network for women on
— Co‑manager – RFM EST SARL (July 2019); corporate boards). She was previously President of the
— President – RFM Régions SAS (July 2019); Women’s Forum.
— Director – OPENMUX SAS (janvier 2020).
Main position held outside Interparfums:
Excluding Lagardère News and Lagardère Radio:
Chairman of the Board of Directors – Webedia (SA).
— Independent Director – Voyageurs du Monde;
Other current mandates and functions:
— Independent Director and Member of the Supervisory
Board – OUTRE-MER R-PLANE (SAS); — D irector – Fimalac Développement (Luxembourg);
— Independent Director and Member of the Supervisory — Director – Fimalac (SE) (France);
Board – CORSAIR (SAS); — Representative – Fimalac, member of the Board of
— Director – Air France Foundation. Directors – The Brandtech Group LLC (USA-Delaware);
— Director, Chair of the Nomination and Compensation
Mandates expired during the last five financial years:
Committee of Edmond de Rothschild SA (Switzerland);
— P resident – Lagardère Publicité News (end of term — D irector and member of the Audit Committee of
April 2020); Lagardère SA (France);
— President – Lagardère Active Corporate (end of term — Director – National Foundation of Political Sciences;
April 2022); — M ember of the Supervisory Board, member of the
— President – Elle International (end of term May 2022); Audit Committee, member of the Risk Committee
— P resident – Lagardère Radio SAS (end of term and member of the Nominations and Compensation
November 2023); Committee – Edmond de Rothschild SA (France);
— M anaging Director – Publi F.M.SARL (end of term — President – Association Forces Femmes (France);
June 2023). — Member – Association Le siècle (France).
Mandates expired during the last 5 financial years:
— P ermanent representative – Fimalac Développement
of Groupe Lucien Barrière, ended February 2020;
— M ember – Supervisory Board of Tradematic (SA),
ended December 2020;
UNIVERSAL REGISTRATION DOCUMENT 2024




— Director and Chairman – Compensation Committee
of Edmond de Rothschild Holding SA (Switzerland);
— Chairman – Clover SAS, ended March 2021;
— Member – Strategic Committee of Pour de Bon, ended
April 2021;
— Director – Edmond de Rothschild SA, ended May 2021;
— President – Clover MDB SAS, ended May 2021;
— Co‑manager – Clover Morel SARL, ended May 2021;
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— M anaging Director – Webedia International Sarl — Caroline RENOUX
(Luxembourg), ended May 2021; Independent Director
— P resident and Director – Quill France, ended Chair of the CSR Committee
December 2021; – French national
— Chairman of the Executive Board – Webédia (France),
Business address: 10 rue de Solférino 75007 Paris.
ended February 2023;
— C hairman of the Board of Directors – Fimalac Mandate expiry: 2028
Developpement SA (Luxembourg, ended May 2023);
Biography: Caroline Renoux, 49 years old, graduated from
— D irector – Jellyfish Digital Group Limited (ended
ESSCA Angers and the College of Advanced Studies in
May 2023);
Environment and Sustainable Development (CHEDD)
— Managing Director – Webco (SAS) (ended June 2023).
at Centrale Paris. In 2010, she founded Birdeo, a leading
recruitment and HR consultancy firm specializing in roles
— Olivier MAUNY
with a positive impact and sustainable development, which
Independent Director
has been B Corp certified since 2015 and became a Mission
Member of the Audit Committee
Company in 2021.
Member of the Governance, Nominations,
and Compensation Committee Driven by a real ecological awareness and convinced
Member of the CSR Committee that the new economic, social and environmental challenges
– French Nationality will generate a revolution at least equivalent to the digital
revolution, she decided in 2019 to go even further and
Business address: 10 rue de Solférino 75007 Paris.
created People4Impact by Birdeo, the first community
Mandate expiry: 2026 of freelance experts and interim managers specialising in
sustainable development issues.
Biography: Olivier Mauny, 66 years old, is a graduate of
ESCP. After a cooperation project in Cairo in the commercial Caroline Renoux also advises executive committees and
service of the French Embassy, he joined Seita, where he boards of Directors on the organisation of CSR skills and
was in charge of the export sector for North Africa, the roles within companies.
Middle East, and then Western Europe for four years.
A speaker and author of several opinion pieces published in
He then began his career in the luxury industry in 1988 with the press, she also published a book in 2018 titled “Comment
Yves Saint Laurent Parfums in international marketing. He faire carrière dans la RSE et le développement durable” (how
held various positions, including General Management of to build a career in CSR and sustainable development).
Roger & Gallet in 1993, and later at the LVMH Group from
Main position held outside Interparfums:
1996 to 2004 (Director of Givenchy Parfums subsidiaries,
CEO of Make Up For Ever). — President of BIRDEO.
In 2005, he became CEO of Lalique, which he successfully Other current mandates and functions:
turned around in four years.
—  EO – Birdéo Recrutement;
C
From 2009 to 2023, he worked at the CHANEL Group, — CEO – People4impact;
initially as Managing Director of Eres and later as “Head — CEO – Yourfuture4good;
of Global Eyewear” in the Fashion division, managing the — Managing Director – Renoux VG;
worldwide Luxottica licence for eyewear. — Chair of the edutech Ecolearn Mission Committee.
He is now a partner at FM7 Conseil. Mandates expired during the last 5 financial years: None.
Main position held outside Interparfums: None.
Other current mandates and functions: None.
Mandates expired during the last 5 financial years: None.

1.3.5 — Changes to the Board of Directors in 2025 – Information relating to the end of the term of office

— End of the term of office of Mrs. Dominique Cyrot — Departure of Mr. Frédéric Garcia-Pelayo
and Mrs. Chantal Roos as Directors
The Board of Directors of November 26, 2024 noted the
The Directorships of Mrs. Dominique Cyrot and Mrs. Chantal resignation of Mr. Frédéric Garcia-Pelayo from his mandate
Roos are due to expire at the end of the next General as Director at the end of the General Meeting of April 17,
Meeting, on the recommendation of the Governance, 2025, two years before the end of the latter, for personal
Appointments and Compensation Committee, and the reasons.
UNIVERSAL REGISTRATION DOCUMENT 2024




Board has not wished to provide for their replacement.
The Board of Directors paid tribute to Mr. Frédéric Garcia-
The General Meeting of April 17, 2025 will be asked to
Pelayo for the quality of his contribution to the work of
note their non‑renewal and non‑replacement.
the Board during his 15 years in office, and more generally
The Board of Directors warmly thanks Ms. Dominique for his work and impact as Executive Vice President and
Cyrot (12 years in office) and Ms. Chantal Roos (15 years Export Director within the company for more than 20 years.
in office) for their respective contributions to the work of
the Board over all these years.
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1.3.6 — Diversity policy of the Board of Directors and its Committees
As every year, the Board considered the balance of male/female representation among Board members as well as the
diversity and complementarity of their skills and qualifications.

Implementation arrangements and results
Criteria used Goals obtained during the 2024 financial year

Gender parity Maintain in 2025 the balanced Gradual evolution of the representation of women:
representation of women
— 2 5% since the 2012 General Meeting
and men within the Board
— 33% since the 2015 General Meeting
and its Committees in
— 4 0% since the 2017 General Meeting
accordance with Article
— 45% since the 2022 General Meeting
L.225‑18‑1 of the French
— 50% since the 2023 General Meeting
Commercial Code and at
— 55% since the 2024 General Meeting
a level similar to or even
higher than in 2024. The Audit Committee and the Governance, Appointments
and Compensation Committee were composed of 75%
women and 25% men and chaired by women in 2024.
The CSR Committee created in June 2024 is composed
of 66% women and 34% men and is chaired by a woman.
Nationality, Maintain the existing balance Experiences/Skills:
Qualifications regarding the complementarity — F inance , Str ateg y, Economy : appointment of
and Experience of profiles with strong Ms. Dominique Cyrot in 2012, Ms. Marie-Ange Verdickt
expertise and international in 2015 and Ms. Véronique Morali in 2023
experience and strengthen — Marketing/consumer behavior/perfumery/luxury/
the CSR skills of each Director International: appointment of Ms. Chantal Roos in
through regular and specific 2009 and Mr. Olivier Mauny in 2023
training during 2025. — Media & Digital/International: Appointment of
Ms. Constance Benqué in 2022 and Ms. Véronique
Morali in 2023
— CSR: appointment of Ms. Caroline Renoux in 2024,
Marie-Ange Verdickt and Olivier Mauny, members
of the CSR Committee
All of the Directors listed above have extensive
international experience.
Independence Increase the level of 6 independent Directors (55%).
of Directors independence by 2025.
Age and seniority No more than one‑third The average age of the Directors is 65.2 years. Its
of Directors of Directors over the age composition also remains balanced with regard to the
of 80, in accordance with distribution between Directors with longer experience
the statutory provisions. of the Company and Directors who joined the Board
In addition to the age more recently.
of Directors, a balance is
sought in terms of seniority
on the Board.


— Expertise and professional experience
The Board of Directors pays particular attention to the The Directors have diverse and complementary profiles
selection of its members. In addition to their complementary thanks to their broad and diversified experience. Thus, in
skills and respective technical expertise, Directors are addition to their expertise in finance, management and
also chosen for their international experience and their corporate strategy, their knowledge of the luxury and
understanding of the strategic challenges of the markets cosmetics sector and now of media & digital, and CSR,
UNIVERSAL REGISTRATION DOCUMENT 2024




in which the Company operates. The Board members, contribute to the quality and professionalism of the Board’s
who complement each other due to the diversity of their discussions (see paragraph 1.3.6).
professional experiences, ensure that the measures taken
by the Company are aligned with its strategy.
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1.3.7 — Independence of Directors
In light of the criteria listed in Recommendation No. 3 of — Independence criterion no. 2: Not to be, nor to have
the Middlenext Code, a Director is qualified as independent been in the last two years, in a significant business
by the absence of a family contractual financial relationship relationship with the Company or its Group (client,
or significant proximity that could impair independence supplier, competitor, ser vice provider, creditor,
of judgment. The Middlenext Code recommends that the banker, etc.);
Board includes at least 2 independent members. — Independence criterion no. 3: Not being a reference
shareholder of the Company or holding a significant
In this spirit, the Board of Directors, as of December 31,
percentage of voting rights;
2024, has 6 independent members, with regard to the
— Independence criterion no. 4: Not having a close
following criteria:
relationship or close family link with a corporate officer
— Independence criterion no. 1: Not to be, nor to have or a reference shareholder;
been in the last five years, an employee or executive — Independence criterion no. 5: Not having been an
officer of the Company or a Group company; auditor of the company in the last six years.

Independence criteria
Qualification of
No. 1 No. 2 No. 3 No. 4 No. 5 independence

Philippe Benacin x x x No
Constance Benqué x x x x x Yes
Dominique Cyrot (2) x x x x x Yes
Frédéric Garcia-Pelayo x x x x No
Jean Madar x x No
Olivier Mauny x x x x x Yes
Veronique Morali x x x x x Yes
Chantal Roos (1) x x x x x No
Philippe Santi x x x x No
Marie-Ange Verdickt x x x x x Yes
Caroline Renoux x x x x x Yes

X = independence criterion satisfied.
(1) It is specified that the Company considers that due to her first appointment as a Director in 2009, the total duration of Ms. Chantal Roos’s
cumulative mandates as a Director reaches 14 years in 2023. This cumulative duration of 14 years causes her to lose the status of independent
Director despite the fact that Ms. Chantal Roos meets all the independence criteria under the Middlenext Code.
(2) It is further specified that Ms. Dominique Cyrot was considered independent with regard to the criteria of the Middlenext Code during the 2024
financial year, although the total duration of her mandates as Director reached 12 years in 2024.


As of December 31, 2024, the independent Directors have They receive regular information on CSR issues, ethics and
no business relationships of any kind with the Company compliance, and new regulations applicable to the Company.
or its Group that could compromise their independence.
During the 2024 financial year, as part of the three‑year
training plan recommended by the Recommendation
1.3.8 — Training of Directors No. 5 of the Middlenext Code and implemented by the
Company, the Directors have benefited from training on:
Upon joining the Board of Directors and throughout their
term of office, all Directors may receive, if they deem it — t he construction of the dual materiality matrix in order
necessary, training tailored to their specific needs within to analyze Interparfums’ value chain and its impact,
the Board. In particular, upon taking up their duties, they risks and opportunities;
are offered specific training on the role, functions and — the climate fresco;
responsibilities of the Director. — biodiversity issues for Interparfums.
Board members receive press releases and all documentation Throughout the 2024 financial year, Directors received an
intended for shareholders as well as the associated press update on regulatory developments and the organization
UNIVERSAL REGISTRATION DOCUMENT 2024




review. of extra‑financial reporting to come in 2025.
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1.4 — PREPARATION AND ORGANIZATION OF THE WORK
OF THE BOARD OF DIRECTORS AND ITS COMMITTEES
1.4.1 — Attendance of members of the Board of Directors and its Committees

Attendance at
the Governance,
Appointments and
Board of Audit Compensation Attendance
Directors Committee Committee at the CSR
2024 Attendance Attendance (CGNR) Committee

Total number of meetings 7 4 2 2
Overall attendance rate 92.95% 93.50% 100.00% 100.00%
Philippe Benacin 100% N/A N/A N/A
Philippe Santi 100% N/A N/A N/A
Frédéric Garcia-Pelayo 100% N/A N/A N/A
Jean Madar 72% N/A N/A N/A
Marie-Ange Verdickt 100% 100% N/A 100%
Chantal Roos 57% N/A N/A N/A
Dominique Cyrot 88% 75% 100% N/A
Veronique Morali 100% N/A 100% N/A
Constance Benqué 100% 100% 100% N/A
Olivier Mauny 100% 100% 100% 100%
Caroline Renoux 100% N/A N/A 100%

N/A: not applicable because not a member.


This attendance is calculated by establishing the ratio — r eview of the 2024 fiscal year budget and forecast
between the number of actual or telecommunication management perspectives and documents;
attendances and the number of meetings applicable to — c apital increase by incorporation of reserves and
each member. allocation of free shares to shareholders;
— authorization of external growth operations (draft
licensing agreement, purchase of brands, etc.);
1.4.2 — Meetings of the Board of Directors
— compensation policy for executives and members of
The number of meetings held by the Board of Directors is in the Board of Directors;
accordance with recommendation no. 6 of the Middlenext — distribution of compensation allocated to members
Code. It meets as often as the interests of the Company of the Board of Directors;
require, and at least four times a year, upon the invitation — analysis of financial information disseminated by the
of its Chairman and according to a jointly agreed schedule, Company to shareholders and the market;
which schedule may be modified at the request of the — analysis and definition of the Company’s major strategic,
Directors or if unforeseen events so warrant. economic and financial directions;
— regular updates on CSR strategy;
The Chairman organizes and directs the work of the Board,
— analysis of the negative voting results of the last General
which he reports to the General Meeting. The work is
Meeting;
carried out in a collegiate framework and in compliance
— deliberation on the Company’s policy on professional
with the law, regulations and recommendations. Thus, the
and salary equality;
Chairman of the Board of Directors ensures that Directors
— review of the question of the succession of the leader.
are provided with prior and regular information, which is
a key condition for the exercise of their mission. In accordance with the law, managers do not take part
in the deliberations or votes during the Board meeting
The Statutory Auditors attend meetings of the Board of
deciding on the determination or allocation of the elements
Directors whenever the Board is called upon to deliberate
of compensation concerning them respectively.
on the Company’s accounts or on any matters on which
they can provide the members of the Board of Directors
— Annual review of current agreements
with an informed opinion. Each meeting of the Board called
concluded under normal conditions
UNIVERSAL REGISTRATION DOCUMENT 2024




upon to approve the annual and half‑yearly accounts was
preceded by a meeting of the Audit Committee in the Furthermore, in accordance with Law No. 2019‑486 of
presence of the Statutory Auditors. May 22, 2019 (Pacte Law), the Board of Directors has
implemented an annual review procedure for current
During the year 2024, the Board of Directors met 7 times
agreements concluded under normal conditions, allowing
with an attendance rate of 92.95% and held meetings lasting
their evaluation, as it does for the examination of regulated
an average of 3 hours, deliberating in particular on the
agreements.
following points:
It is expected that Management will be informed immediately
— r eview and approval of the annual financial statements
and in advance of any transaction likely to constitute a
and consolidated accounts closed on December 31,
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regulated agreement at Company level, including when the
2023 and convening of the Annual General Meeting;
agreement is likely to constitute a free agreement, by the
— implementation of the share buyback program;
person directly or indirectly interested, by the Chairman of
— prior authorization of regulated agreements;
the Board or by any person in the Group having knowledge
— review and approval of the 2024 half‑yearly accounts;
of such a draft agreement.

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It is up to the Financial and Legal Departments to decide In addition, at the end of each results presentation
on the qualification of the agreement, it being specified meeting, the Company discusses the evolution of investors’
that the Board of Directors may, in any event, carry out expectations and areas of focus. It also provides information
this qualification itself and, where appropriate, the prior and debates on CSR issues at this time.
authorization of an agreement brought to its attention if
Finally, the Company gives its shareholders the opportunity
it considers that this agreement is a regulated agreement.
to ask written questions before the General Meeting, and
In this context, an examination is carried out to assess, answers them if questions are asked.
on a case‑by‑case basis, whether the draft agreement falls
As of the date of this Universal Registration Document,
under the procedure for regulated agreements, whether it
the Board of Directors has met once since the beginning of
is an agreement concluded with a wholly‑owned subsidiary
2025 to deliberate on the one hand on the compensation
or whether it meets the criteria for standard agreements
policy for executives and members of the Board of Directors
concluded under normal conditions.
and on the other hand on the review and approval of
If the Financial and Legal Departments consider that the the statutory and consolidated financial statements for
agreement in question is a regulated agreement, they inform the financial year ending December 31, 2024 and on
the Board of Directors or its Chairman to implement the the convening of the Combined General Meeting of
legal procedure. shareholders in 2025.
The assessment of the criteria is re‑examined on the occasion
of any modification, renewal, extension or termination of 1.4.3 — Meetings of the Committees
a previously concluded agreement. of the Board of Directors
The Audit Committee is mainly responsible for the following
— Analysis of the votes of the last General Meeting
missions:
In accordance with Recommendation 14 of the Middlenext
— m onitor the process of preparing f inancial and
Code, the Board of Directors paid particular attention to
non‑financial information and, where appropriate,
negative votes by analyzing, among other things, how the
make recommendations to ensure its integrity. It
majority of minority shareholders had expressed themselves.
reviews the Group’s draft consolidated half‑yearly and
The Board of Directors therefore reviewed, one by one, annual financial statements, the Company’s annual
the 20 resolutions submitted to the shareholders for a vote financial statements, and the presentation made by
at the General Meeting of April 16, 2024 and established Management describing the Group’s risk exposure and
that 17 of the 20 aforementioned resolutions had received significant off balance sheet commitments, as well as
a favorable vote from the majority of minority votes. the accounting options adopted. Through this review,
the committee decides on the quality of the financial
The three resolutions on which the minority majority
documents produced as part of the annual and interim
voted against are:
financial statements or for one‑off transactions carried
— t he increase in the annual fixed sum allocated to the out during the financial year; it ensures compliance
members of the Board (resolution 6) (59% of the with the company’s regulatory obligations regarding
minority voted against); financial communication;
— and correlatively the Directors’ compensation policy — m onitor the effectiveness of internal control and
(resolution 10) (62% of minority shareholders voted risk management systems: the Committee reviews
against) which was not actually detailed in the legal and assesses the internal procedures for collecting
documentation; and monitoring the information necessary for the
— finally, the approval of the CEO compensation policy preparation of financial and non‑financial information,
(resolution 9) (53% of minority shareholders voted particularly in terms of completeness, reliability, integrity
against). and regularity; it also reviews the effectiveness of internal
control and risk management systems. With this in mind,
Following this analysis, the Board of Directors took these
it monitors all the work carried out by the company’s
negative votes into account and detailed the information
internal control department and the recommendations
provided under the Chairman and CEO’s compensation
issued by the latter; to this end, the audit repor ts
policy and under the Directors’ compensation policy in
produced by this department are regularly sent to it;
paragraphs 2.1.1 and 2.1.2 of this document, and in particular
— monitor the statutory audit of the Group’s annual and
the breakdown by Director and by type of meeting (Board
half‑yearly consolidated accounts and the Company’s
of Directors and/or Committee of the Board of Directors)
annual accounts and ensure that the Statutory Auditors
of the maximum annual fixed sum allocated to members
comply with the conditions of independence under
of the Board of Directors.
the conditions and in accordance with the procedures
provided for by the regulations and, more generally,
— Dialogue with shareholders and investors
UNIVERSAL REGISTRATION DOCUMENT 2024




monitor the performance of their mission and take into
The Company is informed about the positions of the main account, where appropriate, the findings and conclusions
proxy advisors and proposes a debate with some of them, of the High Authority for Audit following the audits
where possible, prior to the preparation of its General carried out in accordance with the regulations;
Meeting. — supervise, as part of the selection process for Statutory
Auditors, the definition of the specifications, the
By regularly meeting with the Individual Shareholders’
tendering process and its monitoring, examine the
Advisory Committee created in 2022 and composed of
offers from the various firms considered and interview
10 individual minority shareholders and 2 employee minority
them, give his opinion to the Board on the choice of
shareholders, the Company maintains dialogue with its
auditors at the time of appointment or renewal of
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shareholders by offering preparatory meetings for the
their mandate: he examines at least two applications
General Meeting so that they can submit proposals to it.
and informs the Board of his preference and gives
his opinion on the amount of fees envisaged for the
execution of the statutory audit missions which could
be entrusted to them;

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— w ith regard to other missions related to compliance and The Governance, Nominations and Compensation
depending on the thresholds to which the Company is or Committee (CGNR) is responsible for determining, in
will be subject, the Audit Committee will have missions terms of compensation, the various components of the
relating to the GDPR, market abuse, Anti‑corruption, compensation of the Company’s executive officers. It
CSR to deal with as well as any other specific provision also has responsibilities regarding the compensation of
to which the Company should confirm itself according non‑executive Directors: their amount and distribution.
to the laws and regulations in force; The Committee’s role is to carry out preparatory work,
— approve the provision of Services Other than Account with legal decisions being made by the Board of Directors.
Certification (SACC), in compliance with applicable
During the financial year ending December 31, 2024, the
regulations and in accordance with the Middlenext
CGNR met twice with an attendance rate of 100% and
Code;
reviewed the following points:
— r eport regularly to the Board on the performance
of his duties. He also reports on the results of the — the Company’s over all salar y policy and the
accounts certification mission, the manner in which compensation policy for corporate officers;
this mission contributed to the integrity of the financial — a reflection on the composition of the management
and non‑financial information and the role he played bodies as well as the composition of the Board of
in this process. He informs it without delay of any Directors and its Committees;
difficulties encountered. — the establishment of the schedule of meetings during the
2024 financial year with the Consultative Committee
During the financial year ending December 31, 2024, the
of Individual Shareholders (CCAI).
Audit Committee met 4 times with an attendance rate of
93.75% and reviewed the following points of the audit of The CSR Committee, created in June 2024, which, without
the annual and half‑yearly consolidated accounts: prejudice to the powers of the Board of Directors and under
its responsibility, has as its main mission the monitoring of
— a ssessment of accounting policies, their consistency
the deployment of the Company’s CSR strategy.
and their compliance with IFRS;
— the implementation of audit programs for accounts and During the financial year ending December 31, 2024, the
financial information defined with regard to the risks CSR Committee met twice with an attendance rate of
identified within the framework of the evaluation of 100% and reviewed the following points:
accounting systems, internal control and in particular,
— the establishment of the double materiality matrix taking
depreciation of assets (customers, stocks) and provisions
into account Interparfums’ risks and opportunities, by
(legal and tax risks) and impacts linked to exchange rates;
analyzing the impacts of its value chain;
— the tender procedure for the selection of candidates
— t he evolution of the transposition of CSRD in the
for the positions of Statutory Auditors responsible for
European Union and the impact for Interparfums;
the certification of the accounts submitted to the 2025
— the implementation of a circular economy project
General Meeting and sustainability auditors;
regarding the reuse of bottle;
— taking into account the evolution of European, financial
— t aking human rights into account in its value chain;
and accounting regulations;
— the establishment of a Responsible Purchasing Charter
— the review of internal control;
and the drafting of a Quality, Health and Safety policy
— production of financial statements in XBRL format;
for products.
— validation and review of financial information;
— the review of Services Other than Account Certification
(SACC); 1.4.4 — Self‑assessment of the work of
— regular updates on the CSR approach; the Board of Directors and its
— audit relating to IT security and cybersecurity; Committees during the financial
— the review of information systems; year ending December 31, 2024
— the review of net book values and depreciation
In accordance with Recommendation No. 13 of the
periods of tangible and intangible assets in line with
Middlenext Code, the members of the Board carry out
the consideration of climate and geopolitical risks;
an annual self‑assessment of the functioning of the Board
— the impact and future organization for CSRD;
of Directors and its Committees, and of the preparation
— the establishment of a corruption prevention policy;
of their work, by means of a questionnaire updated each
— t he review of the independence of the Statutory
year and sent to each of the Directors, mainly covering:
Auditors.
— t he missions assigned to the Board of Directors;
The Committee informed the Board of Directors of
— the activity of the Committees;
the results of the audit, it also explained to the Board
— the operation, composition and organization of the
of Directors how the statutory audit contributed to the
Board of Directors and its Committees;
integrity of financial reporting and specified what role it
— the Board of Directors and strategy;
UNIVERSAL REGISTRATION DOCUMENT 2024




had played in this process.
— the quality and relevance of the infor mation
The Audit Commit tee specif ically has adopted a communicated;
charter describing its organization, operation, skills and — meetings and the quality of the debates;
responsibilities, the latest update of which was drawn up — the main governance topics.
by the Board of Directors on January 23, 2024.
The main objectives of this self‑assessment are:
— t o verify that the agendas of the Board meetings take
into account the scope of its missions;
— to ensure that important issues have been addressed
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in the meeting;




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— t o be able to formulate areas for improvement regarding 1.5.1 — Information for Directors
its operation.
Directors receive targeted and relevant information
Based on the feedback received, the members of the Board, necessary for the proper performance of their duties.
during the meeting of February 25, 2025, reviewed the Prior to each meeting of the Board of Directors, Directors
composition of the Board of Directors and its Committees receive:
and assessed, in complete independence and with complete
— a n agenda drawn up by the President in consultation
freedom of judgment, the efficiency of their organization
with the General Management and, where appropriate,
and their functioning.
with the Directors proposing points for discussion;
The result is a favorable assessment of the operating mode of — an information pack covering certain topics covered in
the Board and Committees and the quality of the information the agenda requiring specific analysis in order to ensure
provided before the discussions, in accordance with the an informed debate, during which Directors can ask
spirit of the Middlenext recommendations. The Directors appropriate questions to ensure a good understanding
also make a satisfactory analysis of the environment in which of the topics covered;
they actually exercise their functions and responsibilities. — and, where relevant, public press releases issued by the
Company as well as major press articles and financial
analyst reports.
1.5 — POWERS AND MISSIONS Each member of the Board is authorized to meet with the
OF THE BOARD OF Company’s principal officers, provided that the Chairman
is informed in advance.
DIRECTORS
The Board is regularly informed by the Chairman of the
The Board of Directors, as a collegiate body, collectively financial situation, cash flow and financial commitments of
represents all shareholders and imposes on each of its the Company and its Group.
members the obligation to act in all circumstances in the
Finally, any new member of the Board may request training
corporate interest of the company.
on the specificities of the Company and its Group, their
The role of the Board of Directors is based on two businesses and their sectors of activity.
fundamental elements, decision‑making and monitoring:
In accordance with recommendation no. 4 of the Middlenext
— the decision‑making function involves the development, Code, outside of Board of Directors meetings and when the
in conjunction with the Company’s management, of Company’s current affairs so warrant, Directors regularly
fundamental policies and strategic objectives, as well receive all important information from the Company that
as the approval of certain important actions; may have an impact on its commitments and financial
— the oversight function relates to the review of situation, particularly via a dedicated portal. They may
management decisions, the compliance of systems request any explanation or the production of additional
and controls, and the implementation of policies. information, and more generally make any request for
access to information that they deem useful.
The mission of the Board of Directors is to determine the
direction of the Company’s business, to choose the strategy The Directors, who are members of the Audit Committee
and to monitor its implementation, in accordance with its organize preparatory work for meetings of the Board of
corporate interest and taking into account the social and Directors and may sometimes meet to discuss questions
environmental challenges of its business. It ensures that it relating to their missions and their operation.
chooses from among the possible scenarios the one that
best serves the project, the sustainability of the Company
and its sustainable performance.
Subject to the powers expressly granted to Shareholders’
Meetings and within the limits of the corporate purpose,
it deals with any matter affecting the proper running of
the Company.
In this capacity, it decides in particular on all decisions relating
to the major strategic, economic, social, environmental,
financial or technological orientations of the Company
and ensures their implementation, it studies the question
of the succession plan for the “manager” and key people,
it carries out the review of the vigilance points of the
Middlenext Code and the controls and verifications that
UNIVERSAL REGISTRATION DOCUMENT 2024




it deems appropriate.
It authorizes in advance certain operations referred to in
paragraph 1.2.1. above.
The Internal Regulations describing all the powers and
missions of the Board of Directors are available online at
www.interparfums-finance.fr.
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1.5.2 — Declarations concerning the Directors are asked each year to update information relating
members of the Board of Directors to their current positions, Directorships, administrative and
and the General Management management mandates, and those held and expired over
the past five years. In addition, they are asked to submit
— Convictions a sworn statement stating that they have no conflict of
interest and no convictions.
To the knowledge of the Company and on the date of
preparation of this document, over the past five years, As part of the strengthening of Recommendation No. 2 of
none of the members of the Board of Directors and the the Middlenext Code, Directors now undertake to declare
General Management of the Company: any conflicts of interest before each meeting.
— h as not been the subject of a conviction for fraud To the knowledge of the Company and on the date of
or of an indictment and/or an official public sanction preparation of this document, there is no arrangement
pronounced against him by the statutory or regulatory or agreement concluded with the main shareholders or
authorities (including designated professional bodies); with customers, suppliers or others, under which one of
— has not been affected by bankruptcy, receivership, the members of the Board of Directors and the General
liquidation or placement of companies under judicial Management has been selected in this capacity.
administration while having held positions as a member
To the Company’s knowledge and on the date of preparation
of an administrative, management or supervisory body;
of this document, there are no restrictions accepted by
— h as not been deprived by a cour t of the right to
the members of the Board of Directors and the General
exercise the function of member of an administrative,
Management concerning the transfer, within a certain period
management or supervisory body or to intervene in
of time, of the Company’s securities that they hold, with
the management or conduct of the affairs of an issuer.
the exception of the obligation to retain 20% of the shares
allocated free of charge to the Chairman and Chief Executive
— Potential conflicts of interest
Officer and the Deputy Chief Executive Officers until the
To the knowledge of the Company, and on the date of termination of their duties.
preparation of this document, no potential conflict of interest
has been identified between the duties, regarding the — Service contracts with members of
Company, and the private interests and/or other duties the Board of Directors and members
of any of the members of the Board and the General of the General Management
Management.
To the Company’s knowledge, there is no benefit granted
In accordance with the Internal Regulations of the Board under service contracts binding one of the members of
of Directors, it is recalled that in exercising the mandate the Board of Directors and the Management bodies to
entrusted to him, each Director must determine his actions the Company or one of its subsidiaries.
in accordance with the corporate interest of the company.
— Family ties between corporate officers
Each Director has the obligation to inform the Board
of Directors of any situation of conflict of interest, even There are no family ties between corporate officers.
potential, and must abstain from par ticipating in the
deliberations and the vote on the corresponding deliberation
or not attend the meeting of the Board during which he
finds himself in a conflict of interest and, if necessary, resign.




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2 — COMPENSATION OF DIRECTORS
AND CORPORATE OFFICERS

2.1 — COMPENSATION POLICY FOR CORPORATE OFFICERS
(13TH & 14TH RESOLUTIONS OF THE COMBINED
GENERAL MEETING OF APRIL 17, 2025)
In accordance with the provisions of Articles L.22‑10‑8 For reference, the Executive Vice President does not receive
and R.22‑10‑14 of the French Commercial Code, the compensation for their corporate office. The Executive Vice
compensation policy for corporate officers is consistent President is employed by the Company under a permanent
with the Company’s interests, thereby contributing to its employment contract, the details of which are set out in
long‑term viability, and is in line with its business strategy Section 2.1.3 below, and receives compensation exclusively
as described in Part 1 “Consolidated management report”, under this employment contract.
section 1 “The Company’s business and strategy” of this
The establishment of the CEO’s compensation policy is
Universal Registration Document.
based on the strict protection of the Company’s interests,
The compensation policy for corporate officers is set by considering the following elements:
the Board of Directors, on the recommendation of the
— c omparison with market practices obser ved in
Governance, Nominations and Compensation Committee
companies or groups of similar size and/or operating
(GNRC), taking into account the principles and criteria
in comparable industries;
defined in the Middlenext Code.
— consistency with the Company’s salary policy, applicable
The Board of Directors ensures that these principles and to all employees;
criteria are also directly aligned with both the Company’s — the evolution of the Company’s performance based
strategy and shareholders’ interests, in order to support on the financial targets achieved by the Company over
the Company’s performance and competitiveness. It also the past fiscal year.
considers the social and environmental factors related to
The fixed, variable, and exceptional components of the
the Company’s operations.
CEO’s total compensation, as well as any benefits in kind
No compensation element, of any nature whatsoever, that may be granted under the mandate, are detailed below.
may be determined, granted, or paid by the Company, nor
may any commitment be made by the Company, unless
 rocess for determining the compensation
P
it complies with the approved compensation policy or, in
of the Chairman and CEO
its absence, with the existing compensation structure or
practices within the Company.
— Fixed compensation
The Board determines, reviews and implements the
The fixed compensation of the Chairman and CEO reflects
compensation policy for each corporate officer. When the
the responsibilities associated with this type of corporate
Board of Directors decides on an item or commitment for
office.
the benefit of its Chairman and Chief Executive Officer or
a Deputy Chief Executive Officer, the persons concerned It is assessed each year in relation to changes in
do not take part in the deliberations or vote on the item responsibilities or events affecting the Company, the
or commitment concerned. context of the business and the reference market, and
must be propor tionate to the Company’s situation.
The determination, review and implementation of the
It will be paid in monthly installments.
compensation policy for each corporate officer takes
into account changes in employee compensation and Fixed compensation, which is not subject to systematic
employment conditions within the Company, notably the annual review, is used as a reference to determine the
equity ratios presented in Section 2.2.5, ensuring coherence percentage of annual variable compensation.
with the compensation of other executives and employees.
On the recommendation of the Governance, Nominations
and Compensation Committee, the Board of Directors
2.1.1 — Compensation policy for the Chairman meeting on February 25, 2025 decided to set the fixed
and Chief Executive Officer and any annual compensation of the Chairman and CEO at
other corporate officer (13th resolution) €528,000 starting in the 2025 fiscal year. This annual fixed
UNIVERSAL REGISTRATION DOCUMENT 2024




compensation remains unchanged from the 2024 fiscal year.
General principles
— Annual variable compensation
The compensation policy described below applies to the
Chairman and CEO as well as any other corporate officer Determination methods
who may be allocated compensation in respect of their
Each year, the Board of Directors ensures that the variable
mandate. It should be noted that the CEO’s compensation
portion of the Chairman and CEO’s compensation, based
presented below applies both to his role as Chairman of
on specific performance criteria, is sufficiently significant
the Board of Directors and as Chief Executive Officer.
in relation to their fixed compensation.
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This annual variable compensation is established on the The criteria for the CEO’s annual variable compensation
basis of clear, precise, quantifiable and operational objectives have been reviewed and amended this year.
and is based on the achievement of financial objectives on
For the2025 fiscal year, the annual variable compensation
the one hand, and non‑financial objectives on the other.
of the Chairman and CEO will be set and calculated in
It is capped at 100% of fixed compensation if targets are
accordance with the criteria set out below and detailed
achieved, with a maximum of 120% if targets are exceeded.
in the table below:
This cap is designed to align the Company with market
standards for SBF 120‑listed companies and to emphasize — 7 5% for quantitative criteria, including financial targets
the significance of annual variable compensation linked to (50%) and non‑financial targets (25%);
the Group’s performance. — 2 5% for qualitative criteria including exclusively
non‑financial objectives.

Criteria for annual variable compensation 2024 2025

Quantitative criteria Weighting Weighting
Financial Sales Consolidated sales N-1 30% 25%
Income Consolidated operating income N-1 30% 25%
Non‑financial Diversity % of women on the Executive 5% 5%
and inclusion Committee
Social % of employees who attended 5% 5%
training during the year (France)
Governance Balance between independent/ 5% 5%
non‑independent members of
the Board of Directors
Environment Reduction of carbon intensity NA 10%

Qualitative criteria

Non‑financial Fairness in Quality and balance of 10% 10%
relationships relationships with stakeholders
(brands, customers, suppliers,)
Operations Management of subsidiaries 10% 10%
(United States, Singapore)
Environment New sustainable development 5% 5%
initiatives (SBTi membership, CDP, ESG ratings)
Total 100% 100%


The aforementioned annual financial targets (consolidated The expected level of achievement for the quantitative
sales and consolidated operating income), which account and qualitative criteria has been validated by the Board
for 50% of the annual variable compensation (compared of Directors, on the recommendation of the Governance,
with 60% in 2024), are determined on the basis of the Nominations and Compensation Committee (GNRC),
annual budget approved by the Board of Directors. Each but is not made public for reasons of confidentiality and
financial criterion is assessed independently and carries equal strategic and competitive sensitivity.
weight in determining the annual variable compensation.
Payment condition
The non‑financial objectives, accounting for 50% of annual
variable compensation (compared to 40% in 2024), In accordance with the law, the payment of annual variable
whether derived from quantitative or qualitative criteria, compensation is subject to the approval by the Annual
are evaluated by the Board of Directors based on the General Meeting of the compensation paid during the
recommendation of the Governance, Nominations and previous fiscal year or awarded in respect of the same
Compensation Committee (GNRC). fiscal year to the person concerned.
UNIVERSAL REGISTRATION DOCUMENT 2024




To this end, the Board of Directors examines these various
— Other compensation
financial and non‑financial targets, their weighting and the
levels of performance expected, and sets for each target:
Multi‑year variable compensation
— a minimum achievement threshold required to trigger
No multi‑year variable compensation is planned.
payment of the corresponding portion of the annual
variable compensation;
Exceptional compensation
— a target level that results in a 100% payout of the
corresponding portion of the variable compensation; The Board of Directors may decide to grant exceptional
— a cap of 120% for payments related to each criterion compensation to the Chairman and CEO in the light of
INTERPARFUMS




when targets are exceeded. special circumstances. The amount of such exceptional
compensation may not exceed 20% of the annual fixed
Annual variable compensation is calculated and determined
compensation.
by the Board of Directors at the end of the fiscal year to
which it applies.

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4


In accordance with the law, the payment of such exceptional Compensation for serving as a member
compensation would, in any event, be subject to the approval of the Board of Directors
by the Annual General Meeting of the compensation paid
The Chairman and CEO and the Executive Vice President,
during the previous fiscal year or awarded in respect of
who also serve as Directors, do not receive compensation
the same fiscal year to the person concerned.
for their roles on the Board of Directors, as they have
expressly waived it.
Bonus performance share allocation
As part of the long‑term incentive policy, the Chairman and Benefits of any kind
CEO may be awarded free shares subject to performance
The Chairman and CEO benefits from the provision of a
and retention conditions linked to the length of their term
company vehicle, representing a benefit in kind.
of office.
No other benefits in kind are granted.
The Board of Directors did not consider it appropriate to
submit to the next General Meeting the renewal of the
authorization to be granted to the Board of Directors to 2.1.2 — Compensation policy for members
award stock options, which will expire on June 28, 2025, of the Board of Directors and
as the Board does not intend to make any such awards. Committees (14th resolution)
As a result, the compensation policy for the Chairman
The compensation policy for members of the Board of
and CEO has been adjusted to remove the possibility of
Directors is based on an allocation reserved exclusively for
granting them stock options.
non‑executive Directors of the Board. The other Directors
A new authorization to grant bonus performance shares will who are executive Directors have expressly waived their
be submitted to the next General Meeting for a 38‑month entitlement to their compensation.
period. This new authorization sets a sub‑limit for executive
Directors receive compensation, the maximum amount of
Directors of 0.10% of the share capital on the date of
which is voted by the General Meeting and the distribution
the grant decision. It also provides for a vesting period of
of which is decided by the Board of Directors.
at least three years, enabling the medium- to long‑term
performance conditions to be assessed in accordance Following the authorization granted by the General Meeting
with the recommendations of the Middlenext Code of April 16, 2024, the maximum annual compensation
(Recommendation No. 21). package for Directors has been increased to €450,000.
The definitive allocation of bonus performance shares to The compensation of each Director will be capped annually,
the Chairman and CEO, which will take place at the end irrespective of the number of Board and Committee
of the vesting period, will be subject to the Chairman and meetings held. In addition, this total annual compensation
CEO still being employed by the Company on that date will be linked to a linearpercentage of attendance and
and to the achievement of performance criteria relating in effective participation by Directors at meetings of the
particular to consolidated sales and consolidated operating Board of Directors and/or its Committees, whether in
income, assessed over a minimum period of three years. person or by videoconference.
Additionally, the Chairman and Chief Executive Officer An additional compensation of €500 per meeting will be
is required to retain in registered form at least 20% of allocated to each Committee Chairman.
the bonus performance shares allocated until the end of
The Board of Directors proposes the following distribution
their mandate.
arrangements as part of the compensation policy to be
The allocation of bonus performance shares constitutes a put to the vote at the General Meeting of April 17, 2025
long-term compensation tool that supports the objectives (14th resolution):
of the compensation policy by aligning the interests of
— for the total annual compensation of members of the
corporate officers with the long‑term value creation of
Board of Directors, a maximum total annual amount
the Company, thereby ensuring its sustainability. Executives
of €28,000 for each Director;
also have a vested interest in the share price, which enables
— for the total annual compensation of members of the
them to align their interests with those of shareholders.
Audit Committee, a maximum total annual amount
of €10,000 for each Director;
Defined contribution supplementary pension scheme
— for the total annual compensation of the members
The Chairman and CEO benefits from a supplementary of the Governance, Nominations and Compensation
defined contribution funded pension scheme in the form Committee (GNRC), a maximum total annual amount
of a life annuity, as described in section 2.2.4. of €5,000 for each Director;
— for the total annual compensation of the members of
the CSR Committee, a maximum total annual amount
UNIVERSAL REGISTRATION DOCUMENT 2024




of €5,000 for each Director.
No other type of compensation may be paid to
non‑executive Directors.
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4


2.2 — INFORMATION REFERRED TO IN I OF ARTICLE L.22‑10‑9
OF THE FRENCH COMMERCIAL CODE FOR EACH OF
THE COMPANY’S CORPORATE OFFICERS (12TH RESOLUTION
OF THE COMBINED GENERAL MEETING OF APRIL 17, 2025)
It should be noted that the total compensation of the However, the 3 resolutions on which the majority of minority
Chairman and CEO and the Directors complies with shareholders voted against relate to the compensation of
the compensation policy applicable to them, which was corporate officers:
approved by the General Meeting of April 16, 2024 in
— increase in the annual fixed compensation allocated
its 9 th and 10 th resolutions. It should be noted that the
to Board members (resolution 6) (59% of minority
compensation of the two Executive Vice President is payable
shareholders voted against);
exclusively under their employment contracts.
— a nd correspondingly the compensation policy for
In accordance with Recommendation 14 of the Middlenext Directors (resolution 10) (62% of minority shareholders
Code, the Board paid particular attention to negative votes voted against);
by analyzing, among other things, how the majority of — lastly, approval of the CEO’s compensation policy
minority shareholders voted at the last General Meeting. (resolution 9) (53% of minority shareholders voted
against).
The Board therefore noted that the minority votes on
17 of the 20 resolutions proposed to the General Meeting Taking these negative votes into account, the Board of
of April 16, 2024 were in line with the resolutions it was Directors has detailed the compensation policies for the
proposing. Chairman and CEO and the Directors in sections 2.1.1.
and 2.1.2. in the hope of providing greater transparency
and understanding for its shareholders.


2.2.1 — Summary table of compensation, options and shares granted to each executive Director

2023 2024
fiscal year fiscal year

Philippe Benacin – Chairman & CEO
Compensation awarded in respect of the fiscal year €894,800 €958,800
Valuation of options granted during the fiscal year (Interparfums Inc. plan) - -
Valuation of multi‑year variable compensation awarded during the fiscal year N/A N/A
Valuation of performance shares granted during the year - -
Valuation of other long‑term compensation plans - -
Total €894,800 €958,800




2023 2024
fiscal year fiscal year

Philippe Santi – Director – Executive Vice President
Compensation awarded in respect of the fiscal year €838,400 €874,462
Valuation of options granted during the fiscal year (Interparfums Inc. plan) - -
Valuation of multi‑year variable compensation awarded during the fiscal year N/A N/A
Valuation of performance shares granted during the year - -
Valuation of other long‑term compensation plans - -
Total €838,400 €874,462

Frédéric Garcia-Pelayo – Director – Executive Vice President (until 12/30/2024)
Compensation awarded in respect of the fiscal year (1) €849,200 €2,559,864
Valuation of options granted during the fiscal year (Interparfums Inc. plan) - -
Valuation of multi‑year variable compensation awarded during the fiscal year N/A N/A
UNIVERSAL REGISTRATION DOCUMENT 2024




Valuation of performance shares granted during the year - -
Valuation of other long‑term compensation plans - -
Total €849,200 €2,559,864

With the exception of the value‑sharing bonus of €2,000 paid solely to Philippe Santi, Executive Vice President, under his employment contract, no
other compensation or benefits of any kind were granted to the Chairman and CEO or the Executive Vice President during the 2024 fiscal year, from
controlled companies or the controlling company.
(1) Including the payment of a lump‑sum conciliation indemnity due pursuant to a conciliation report signed on December 12, 2024, amounting to
€1,581,900 in connection with the termination of Frédéric Garcia-Pelayo’s employment contract and the end of his term of office, as well as an
amount of €490,800 in respect of conventional indemnities to which the termination of his employment contract entitles him, as Frédéric Garcia-
Pelayo joined Interparfums on September 19, 1994.
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Information on bonus performance shares granted to each corporate officer is presented in note 4.2.1. “Special report
of the Board of Directors on free share allocations” in this “Corporate Governance” section.




169
4


2.2.2 — Summary table of compensation paid to each executive Director

2023 fiscal year 2024 fiscal year
Compensation Compensation
awarded Compensation awarded Compensation
in respect of paid during the in respect of paid during the
the fiscal year fiscal year the fiscal year fiscal year

Philippe Benacin – Chairman & CEO
Fixed compensation €504,000 €504,000 €528,000 €528,000
Annual variable compensation €380,000 €200,000 €420,000 €380,000
Multi‑year variable compensation - - - -
Exceptional compensation - - - -
Compensation paid to Board members - - - -
Benefits in kind €10,800 €10,800 €10,800 €10,800
Total €894,800 €714,800 €958,800 €918,800




2023 fiscal year 2024 fiscal year
Compensation Compensation
awarded Compensation awarded Compensation
in respect of paid during the in respect of paid during the
the fiscal year fiscal year the fiscal year fiscal year

Philippe Santi – Director – Executive Vice President
Fixed compensation €458,400 €458,400 €474,462 €474,462
Annual variable compensation €380,000 €423,300 €400,000 €392,700
Multi‑year variable compensation - - - -
Exceptional compensation - - - -
Compensation paid to Board members - - - -
Benefits in kind - - - -
Total €838,400 €881,700 €874,462 €867,162

Frédéric Garcia-Pelayo – Director – Executive Vice President
(until 12/30/2024)
Fixed compensation €458,400 €458,400 €476,364 €476,364
Annual variable compensation €380,000 €423,300 - -
Multi‑year variable compensation - - - -
Exceptional compensation - - - -
Compensation paid to Board members - - - -
Benefits in kind €10,800 €10,800 €10,800 €10,800
Flat‑rate allowance N/A N/A €2,072,700(1) €2,072,700(1)
Total €849,200 €892,500 €2,559,864 €2,559,864

(1) Including the payment of a lump‑sum conciliation indemnity due pursuant to a conciliation report signed on December 12, 2024, amounting to
€1,581,900 in connection with the termination of Frédéric Garcia-Pelayo’s employment contract and the end of his term of office, as well as an
amount of €490,800 in respect of conventional indemnities to which the termination of his employment contract entitles him, as Frédéric Garcia-
Pelayo joined Interparfums on September 19, 1994.
UNIVERSAL REGISTRATION DOCUMENT 2024
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4


2.2.3 — Table of compensation received by non‑executive directors

Total
Compensation compensation
Compensation of members awarded in
of members of the Audit and respect of 2023
of the Board Compensation paid in 2024
Non‑executive directors of Directors Committee (gross amount)

Mr Maurice Alhadève (1) €10,400 €3,600 €14,000
Mr Patrick Choël (1) €10,400 €3,600 €14,000
Ms Dominique Cyrot €26,000 €9,000 €35,000
Ms Chantal Roos €26,000 N/A €26,000
Ms Marie-Ange Verdickt €20,800 €9,000 €29,800
Ms Véronique Gabaï-Pinsky (1) €10,400 N/A €10,400
Ms Constance Benqué €26,000 €9,000 €35,000
Ms Véronique Morali (2) €15,600 N/A €15,600
Mr Olivier Mauny (2) €15,600 €5,400 €21,000
Ms Caroline Renoux (3) N/A N/A N/A
Mr Jean Madar (4) N/A N/A N/A
Total €161,200 €39,600 €200,800




Compensation Total
of members of compensation
Compensation the Governance, awarded in
of members Compensation of Nominations and Compensation of respect of 2024
of the Board members of the Compensation members of the paid in 2025
Non‑executive directors of Directors Audit Committee Committee CSR Committee (gross amount)

Mr Maurice Alhadève (1) N/A N/A N/A N/A N/A
Mr Patrick Choël (1) N/A N/A N/A N/A N/A
Ms Dominique Cyrot €24,000 €7,500 €5,000 N/A €36,500
Ms Chantal Roos €16,000 N/A N/A N/A €16,000
Ms Marie-Ange Verdickt €28,000 €10,000 N/A €5,000 €43,000
Ms Véronique Gabaï-Pinsky (1) N/A N/A N/A N/A N/A
Ms Constance Benqué €28,000 €10,000 €5,000 N/A €43,000
Ms Véronique Morali (2) €28,000 N/A €5,000 N/A €33,000
Mr Olivier Mauny (2) €28,000 €10,000 €5,000 €5,000 €48,000
Ms Caroline Renoux (3) €20,000 N/A N/A €5,000 €25,000
Mr Jean Madar (4) N/A N/A N/A N/A N/A
Total €172,000 €37,500 €20,000 €15,000 €244,500

(1) The terms of office of Véronique Gabaï-Pinsky, Maurice Alhadève and Patrick Choël expire at the close of the General Meeting of April 21, 2023,
with their compensation prorated to their length of service with the Company.
(2) As Véronique Morali and Olivier Mauny were appointed to the Board by the General Meeting of April 21, 2023, their compensation is prorated
to their length of service with the Company.
(3) As Caroline Renoux was appointed a Director by the General Meeting of April 16, 2024, her compensation is prorated to her length of service
with the Company.
(4) Jean Madar, as Chief Executive Officer of the parent company Interparfums Inc. (USA), has waived his right to receive compensation for his duties
as Director since the creation of Interparfums SA .


These are exclusively compensations received for their role as Director.
UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




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4


2.2.4 — Summary table of employment contracts, specific pensions, severance
pay and non‑competition clauses for executive Directors
In accordance with Recommendation No. 18 of the Middlenext Code, it should be noted that the reason for maintaining
the employment contract for the Executive Vice President is the Company’s desire to ensure that the Executive Vice
President benefit from the protection inherent in the employment contract, which predated their respective terms
of office.

Indemnities or
benefits payable Indemnities
in the event of relating to a
Employment Supplementary termination or non‑competition
contract pension scheme change of office clause

Philippe Benacin – Chairman & CEO
Last renewal of mandate: 04/21/2023
End of mandate: GM 2027 No Yes No No

Philippe Santi – Director – Executive Vice President
Last renewal of mandate: 04/21/2023
End of mandate: GM 2027 Yes Yes No No

Frédéric Garcia-Pelayo – Director – Executive Vice President
Last renewal of mandate: 04/21/2023
End of directorship: AGM 2025
End of term of office as
Executive Vice President and of
employment contract: 12/30/2024 Yes Yes No No


A supplementary funded pension in the form of a life C, with the addition, in 2024, of an employer contribution
annuity has been set up for senior executives. for all amounting to 1% of salary bracket A.
The def ined contribution scheme was ex tended No executive receives any compensation, indemnities or
to all Company employees in 2024 (executives and benefits due or likely to be due as a result of taking up,
non‑executives). This contribution, which is paid to a ceasing or changing their duties as a corporate officer of
private funded management body, is paid jointly by the the Company or subsequently thereto.
beneficiaries and the employer on salary brackets B and

— Information on the mandates and employment and/or service contracts
of corporate officers with the Company
The terms of office of the Company’s corporate officers are set out in Section 1 above.
The table below shows the existence of any employment or service contracts with the Company, the notice periods
and termination conditions applicable to them.


Company officers Frédéric GARCIA-PELAYO Philippe SANTI

Mandate(s) exercised Executive Vice President Executive Vice President
Employment contract Yes – permanent employment contract Yes – permanent employment contract
with the Company as “International Affairs Director” as “Finance & Legal Director”
(specify duration) ended on December 30, 2024
Service contracts No No
with the Company
UNIVERSAL REGISTRATION DOCUMENT 2024




Notice periods 3 months’ notice for salaried positions
Termination conditions Termination of the employment contract in accordance with the law and case law
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2.2.5 — Equity ratios and trends in compensation and performance
These ratios are calculated in accordance with Article compensation of the Company’s employees (excluding
L.22‑10‑9 of the French Commercial Code. corporate officers), the ratio in relation to the French
statutory minimum wage (Smic), as well as the annual
The summar y below shows the ratio between the
change in compensation, the Company’s performance and
compensation of the Company’s Chairman and CEO and its
the average compensation on a full‑time equivalent basis of
Executive Vice President (fixed and variable compensation)
the Company’s employees, other than corporate officers,
and the average compensation of employees (excluding
over the five most recent financial years.
corporate officers), and the ratio in relation to the median

2020 2021 2022 2023 2024

Group performance trends
Sales (in €m) €367.4 €560.8 €706.6 €798.5 €880.5
Change N/N-1 (24.1%) 52.6% 26.0% 13.0% 10.3%
Operating income (in €m) €46.90 €98.90 €131.80 €165.60 €178.05
Change N/N-1 (35.8%) 110.9% 33.3% 25.6% 7.5%

Trends in compensation excluding corporate officers
Average compensation of employees
(excluding corporate officers) €81,982 €86,007 €81,126 €85,273 €88,607
Change N/N-1 (5.4%) 4.9% (5.7%) 5.1% 3.9%
Median compensation of employees
(excluding corporate officers) €56,525 €60,500 €60,190 €61,071 €63,580
Change N/N-1 (10.1%) 7.0% (0.5%) 1.5% 4.1%
Minimum wage (SMIC) €18,473 €18,760 €19,744 €20,826 €21,273
Change N/N-1 1.2% 1.6% 5.2% 5.5% 2.1%

Trends and rations in compensation of corporate officers
Philippe Benacin – Chairman & CEO
Gross compensation €592,000 €620,500 €620,000 €704,000 €908,000
Change N/N-1 (1.7%) 4.8% (0.1%) 13.5% 29.0%
Equity ratios on average compensation 7.22 7.21 7.64 8.26 10.25
Change N/N-1 +0.27 points -0.01 points +0.43 points +0.62 points +1.99 points
Equity ratios on median compensation 10.47 10.26 10.30 11.53 14.28
Change N/N-1 +0.90 points -0.21 points +0.04 points +1.23 points +2.75 points
Equity ratios on minimum wage 32.05 33.08 31.40 33.80 42.68
Change N/N-1 -0.93 points +1.03 points -1.68 points +2.40 points +8.88 points

Philippe Santi – Executive Vice President
Gross compensation €706,500 €715,750 €818,600 €881,700 €867,162
Change N/N-1 (2.9%) 1.3% 14.4% 7.7% (1.6%)
Equity ratios on average compensation 8.62 8.32 10.09 10.34 9.79
Change N/N-1 +0.22 points -0.30 points +1.77 points +0.25 points -0.55 points
Equity ratios on median compensation 12.50 11.83 13.60 14.44 13.64
Change N/N-1 +0.93 points -0.67 points +1.77 points +0.84 points -0.80 points
Equity ratios on minimum wage 38.25 38.15 41.46 42.34 40.76
Change N/N-1 -1.60 points -0.10 points +3.31 points +0.88 points -1.58 points

Frédéric Garcia-Pelayo – Executive Vice President
UNIVERSAL REGISTRATION DOCUMENT 2024




Gross compensation €706,500 €715,750 €818,600 €881,700 €2,549,064
Change N/N-1 (2.9%) 1.3% 14.4% 7.7% 189.1%
Equity ratios on average compensation 8.62 8.32 10.09 10.34 28.77
Change N/N-1 +0.22 points -0.30 points +1.77 points +0.25 points 18.43 points
Equity ratios on median compensation 12.50 11.83 13.60 14.44 40.09
Change N/N-1 +0.93 points -0.67 points +1.77 points +0.84 points 25.65 points
Equity ratios on minimum wage 38.25 38.15 41.46 42.34 119.83
Change N/N-1 -1.60 points -0.10 points +3.31 points +0.88 points 77.49 points
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2.3 — FIXED, VARIABLE AND EXCEPTIONAL COMPONENTS OF
TOTAL COMPENSATION AND ALL BENEFITS PAID DURING
THE PAST FISCAL YEAR OR AWARDED FOR THE PAST FISCAL
YEAR TO THE CHAIRMAN AND CEO (11TH RESOLUTION OF
THE COMBINED GENERAL MEETING OF APRIL 17, 2025)
The General Meeting of April 17, 2025 will be asked to On 25 February 2025, the Board of Directors measured the
approve the fixed, variable and exceptional components achievement of the objectives set for Mr Philippe Benacin
of the total compensation and benefits of any kind paid to for 2024, which amounted to 112%, as follows:
Philippe Benacin, Chairman and CEO, in 2024 or awarded
in respect of 2024.

Minimum Maximum Corres­ponding
Criteria (80%) Target (100%) (120%) Final reached amount (in euros)

Quantitative Financial Turnover Consolidated €850m €900m €950m €880m
criteria sales 2024 €147,840
– 75%
Weighting 25% 30% 35% 28%

Results Consolidated operating €144.5m €162m €180.5m €178m
income 2024
€182,160
Operating margin 2024 17% 18% 19% 20.2%

Weighting 25% 30% 35% 34.5%
Non‑ Diversity % of women on 27% 35% 40% 27%
financial and the Executive
inclusion Committee €13,200

Weighting 2.5% 5% 7.5% 2.5%

Social % of employees 40% 50% 70% 72%
who attended
training during the €39,600
year (France)
Weighting 2.5% 5% 7.5% 7.5%

Gover- Balance of < 50% 50% > 50% 55%
nance independent/
non‑independent €39,600
members on the Board
Weighting 2.5% 5% 7.5% 7.5%

Qualitative Non‑ Fairness Quality and balance of
criteria financial in rela- relationships
– 25% tionships with stakeholders
(brands, customers, €52,800
suppliers,)

Weighting 7.5% 10% 12.5% 10%

Opera- Management of
tions subsidiaries (United
States, Singapore) €52,800

Weighting 7.5% 10% 12.5% 10%

Environ- New sustainable
ment development initiatives
(SBTi membership, €39,600
CDP, ESG ratings)
Weighting 2.5% 5% 7.5% 7.5%

Total 80% 100% 120% 112% €567,600(1)
UNIVERSAL REGISTRATION DOCUMENT 2024




(1) It is specified that, in view of the level of achievement of the aforementioned performance conditions, the amount of
variable compensation likely to be awarded to Mr Philippe Benacin in respect of 2024 was 567,600 euros. However,
the Chairman and Chief Executive Officer informed the Board of Directors on February 25, 2025 that he wished
the amount of his variable annual compensation for 2024 to be limited to 420,000 euros. The Board of Directors
has therefore decided, in agreement with the interested party, to limit the amount of variable compensation for
2024 awarded to Philippe Benacin, Chairman and Chief Executive Officer, to 420,000 euros.
The qualitative criteria pre‑established and precisely defined by the Governance, Nominations and Compensation
INTERPARFUMS




Committee are not published for reasons of confidentiality, in accordance with the exception set out by the AMF in
its Recommendation No. 2012‑02.




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4


— Summary table of elements of the Chairman and CEO’s compensation paid
during or awarded for the 2024 fiscal year

Elements of compensation Amounts or
paid during or awarded accounting valuations
for the 2024 fiscal year submitted to the vote Description

Fixed compensation €528,000 -
Amount paid and awarded
Annual variable compensation €380,000 See the table showing the structure
paid during the 2024 fiscal year of the annual variable compensation awarded
for the 2023 fiscal year (point 2.2.2)
Annual variable compensation €420,000(1) See the table above for
awarded for the 2024 fiscal year Amount to be paid after the structure of annual variable compensation
approval by the 2025
General Meeting
Exceptional compensation - -
Free share allocation 0 New performance share
plan planned for 2025
(see point 2.1.1 of the 2024
Universal Registration Document)
Allocation of stock options - -
Benefits of any kind €10,800 Provision of a company vehicle
Accounting valuation


(1) It is specified that, in view of the level of achievement of the aforementioned performance conditions, the amount of
variable compensation likely to be awarded to Mr Philippe Benacin in respect of 2024 was 567,600 euros. However,
the Chairman and Chief Executive Officer informed the Board of Directors on February 25, 2025 that he wished
the amount of his variable annual compensation for 2024 to be limited to 420,000 euros. The Board of Directors
has therefore decided, in agreement with the interested party, to limit the amount of variable compensation for
2024 awarded to Philippe Benacin, Chairman and Chief Executive Officer, to 420,000 euros.




UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




175
4


3 — ADDITIONAL INFORMATION

3.1 — SHAREHOLDERS’ ACCESS TO THE GENERAL MEETING
Under Article 19 of the Company’s Bylaws, any shareholder of the securities in the name of the shareholder or the
has the right to participate in General Meetings, personally or intermediary registered on their behalf, on the second
by proxy, regardless of the number of shares held. The right business day preceding the Meeting at midnight, Paris time.
to participate in the Meeting is subject to the registration


3.2 — SUMMARY TABLES OF DELEGATIONS AND FINANCIAL
AUTHORIZATIONS IN FORCE GRANTED BY THE GENERAL
MEETING FOR THE BENEFIT OF THE BOARD OF DIRECTORS
(ART. L-225‑37‑4 OF THE COMMERCIAL CODE)

Nature of delegations Issuance Delegations and
and authorizations limits authorizations used Expiry date

Authorizations granted by the General Meeting of April 29, 2022
Authorization to grant stock subscription 0.5% of the Not used 06/29/2025
and/or purchase options to employees share capital on
and/or certain corporate officers the grant date
(20 th resolution)
Authorization to award free shares 0.5% of the Not used 06/29/2025
(existing and/or newly issued) to employees share capital on
and/or certain corporate officers the grant date
(21st resolution)

Authorizations granted by the General Meeting of April 21, 2023
Delegation to increase capital through €75,000,000 Board meeting on April 21, 06/22/2025
the incorporation of retained earnings 2023 created 6,290,597
or additional paid‑in capital new shares for a total
(20 th resolution) amount of €18,871,791/
Board meeting on June 11,
2024 created 6,919,657
new shares for a total
amount of €20,758,971.

Delegations granted by the General Meeting of April 16, 2024
Delegation to issue shares or securities €30,000,000 Not used 06/15/2026
with preferential subscription rights (shares) and
maintained (13th resolution) €100,000,000
(debt securities)
Delegation to issue shares or securities €10,000,000 (1) Not used 06/15/2026
with preferential subscription rights (shares) and
waived via a public offering (excluding €50,000,000
the offers referred to in Article L.411‑2 (1) (debt securities)
of the French Monetary and Financial
Code) and/or in consideration for
UNIVERSAL REGISTRATION DOCUMENT 2024




securities as part of a public exchange
offer (14th resolution)
Delegation to issue shares or securities Up to €10,000,000 (1) Not used 06/15/2026
with the waiver of shareholders’ (shares) and
preferential subscription rights through €15,000,000
an offer pursuant to Article L.411‑2 (1) (debt securities)
of the French Monetary and Financial
Code (15th resolution)
Delegation to issue shares reserved 2% of share capital Not used 06/15/2026
INTERPARFUMS




for Group employees who are members on the date of
of a company savings plan (PEE) issuance (1)
(18 th resolution)
(1) Counted against the overall cap of 10% of share capital at the date of issuance (19 th resolution of the 2024 AGM).


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4


3.3 — INFORMATION RELATING TO ELEMENTS LIKELY TO HAVE
AN IMPACT IN THE EVENT OF A PUBLIC OFFER (ARTICLE
L.22‑10‑11 OF THE FRENCH COMMERCIAL CODE)
To the Company’s knowledge, the elements described Given the high percentage of ownership of the founders via
below are not likely to have an impact in the event of a the parent company Interparfums Holding, the Company
public offer. has not identified any other significant element likely to
have an impact in the event of a public offer other than
the elements described below.

Structure of the Company’s share capital as of December 31, 2024

% of
Shares % of Theoretical theoretical
held capital voting rights votes

Interparfums Holding SAS 55,058,943 72.3% 106,331,375 83.0%
Other shareholders 20,885,636 27.4% 21,536,922 16.8%
Treasury shares 171,648 0.2% 171,648 0.1%
Total 76,116,227 100.0% 128,039,945 100.0%


To the Company’s knowledge, there are no other Control mechanisms provided for in a possible
shareholders holding directly, indirectly or in concert a employee shareholding system, when control
number of shares in the Company representing more than rights are not exercised by the latter
one twentieth or more of the capital or voting rights.
There is no control mechanism provided for in the staff
There is no shareholders’ agreement at the level of shareholding system.
Interparfums Holding.
In accordance with the provisions of Article L.22‑10‑46 of Agreements between shareholders of
the French Commercial Code and Article 11 of the Bylaws, which the Company is aware which may
a double voting right is granted to all fully paid‑up shares result in restrictions on the transfer of
registered in the Company’s share register, in registered shares and the exercise of voting rights
form for at least three years.
There are no agreements between shareholders of which
the Company is aware which could result in restrictions
Powers of the Board of Directors – on the transfer of shares and the exercise of voting rights.
Implementation of the share buyback program
The conditions for implementing the share buyback Rules applicable to the appointment and
program are described in chapter 7 of part 1 “consolidated replacement of members of the Board of Directors
management repor t” of the Universal Registration and to the amendment of the Company’s statutes
Document.
The appointment and replacement of members of the Board
The financial delegations and authorizations available to the of Directors as well as the amendment of the Company’s
Board of Directors are shown in the table in paragraph 3.2. statutes are carried out in accordance with the regulations
above. in force.

Statutory restrictions on the exercise of voting Agreements entered into by the Company
rights and transfers of shares or clauses of which are amended or terminated in the event
agreements brought to the attention of the of a change of control of the Company
Company pursuant to Article L.233‑11
There are no agreements entered into by the Company
There are no statutory restrictions on the exercise of voting which are amended or terminated in the event of a change
rights and transfers of shares or clauses of agreements of control of the Company.
brought to the attention of the Company pursuant to
UNIVERSAL REGISTRATION DOCUMENT 2024




Article L.233‑11.
Agreements providing compensation for members
of the Board of Directors or employees, if they
List of holders of all securities with special resign or are dismissed without real and serious
control rights and description of these rights cause or if their employment is terminated
due to a public takeover or exchange offer
There are no holders of securities with special control rights.
However, it is specified that pursuant to Article 11 of the There are no agreements providing for compensation for
Bylaws, registered and fully paid‑up shares registered for members of the Board of Directors or employees if they
at least three years in the name of the same shareholder resign or are dismissed without real and serious cause or
confer double voting rights. if their employment is terminated due to a public takeover
INTERPARFUMS




or exchange offer.




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4 — SPECIAL REPORTS OF THE BOARD
OF DIRECTORS ON STOCK OPTIONS
AND FREE SHARE ALLOCATIONS

4.1 — SPECIAL REPORT OF THE BOARD OF DIRECTORS
ON STOCK OPTIONS
In accordance with Ar ticle L.225‑184 of the French the performance of the Company. The number of stock
Commercial Code, this special report is drawn up by the options granted to executive officers may vary depending
Board of Directors with a view to informing the Combined on the Company’s performance over this period.
General Meeting of April 17, 2025 of the operations carried
The Board of Direc tor s has decided that these
out during the 2024 financial year under the provisions of
representatives must retain 10% of the shares resulting
Articles L.225‑177 to L.225‑186 of the French Commercial
from the exercise of the options for the entire duration of
Code.
their mandate, in accordance with the provisions of Article
The rules for granting stock options to executive officers L.225‑185 of the French Commercial Code.
are established based on the level of responsibility and

Stock options originally granted by Interparfums SA to each corporate officer of the Company
under the plans in force, based on the operational functions exercised in the Company
No stock option plan is in effect within Interparfums SA as of December 31, 2024.

Stock options originally granted by Interparfums Inc. to each corporate officer of the Company
under the plans in force, based on the operational functions exercised in the Company

Plan 2018‑2 Plan 2019

Date of award 12/31/18 12/31/19
Subscription price 65.25 $ 73.09 $
Valuation of options (1) 14.66 $ 14.12 $

Subscription options originally granted
Philippe Benacin 25,000 25,000
Jean Madar 25,000 25,000
Philippe Santi 10,000 10,000
Frédéric Garcia-Pelayo 10,000 10,000

Options outstanding at December 31, 2024
Philippe Benacin - 25,000
Jean Madar - 25,000
Philippe Santi - 2,000
Frédéric Garcia-Pelayo (2) - -

(1) Valuation retained in the consolidated accounts of Interparfums Inc. by application of the Black-Scholes model.
(2) 2,000 unexercised options from the 2019 plan, which had been granted to Frédéric Garcia-Pelayo, expired in 2024 when he left the Company.

No share subscription plan has been granted to the corporate officers of Interparfums SA since 2020.

Valuation of options granted
No options from Interparfums Inc. were granted for the 2023 and 2024 financial years to the agents of Interparfums SA .
UNIVERSAL REGISTRATION DOCUMENT 2024




No options from Interparfums SA were granted for the 2023 and 2024 financial years.
INTERPARFUMS




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4


Stock options exercised by each corporate officer of the Company for the 2024 financial year

Number
of options Subscription Due
exercised price date

IP Inc options exercised during the financial year by corporate officers
Philippe Benacin
Plan of December 30, 2018 25,000 65.25 $ 12/30/2024
Jean Madar
Plan of December 30, 2018 25,000 65.25 $ 12/30/2024
Frédéric Garcia-Pelayo
Plan of December 30, 2018 2,000 65.25 $ 12/30/2024
Plan of December 30, 2019 (1) 2,000 73.09 $ 12/30/2025

(1) 2,000 unexercised options from the 2019 plan, which had been granted to Frédéric Garcia-Pelayo, expired in 2024 when he left the Company.


4.2 — SPECIAL REPORT OF THE BOARD OF DIRECTORS
ON FREE SHARE ALLOCATIONS
In accordance with Ar ticle L.225‑197‑4 of the French For the 2022 plan, free performance share grants were
Commercial Code, this special repor t is drawn up by granted to all employees and corporate officers of the
the Board of Directors in order to inform the Combined French Company with more than six months of seniority
General Meeting of April 17, 2025 of the transactions on the grant date.
carried out under the provisions of Articles L.225‑197‑1 to
No free share allocation plan was issued for the years
L.225‑197‑3 of the French Commercial Code.
2020, 2021, 2023 and 2024.

4.2.1 — Free allocation of performance shares granted by Interparfums SA to each corporate
officer of the Company under the plans in force, based on the
operational functions exercised in the Company,

Plan 2022

Date of award 03/16/22
Final allocation date 06/15/25
Price on the date of award 53.80 € (1)

Number of shares originally allocated free of charge
Philippe Benacin 3,000
Jean Madar 3,000
Philippe Santi 6,000
Frédéric Garcia-Pelayo 6,000

Number of shares delivered during the financial year
Philippe Benacin -
Jean Madar -
Philippe Santi -
Frédéric Garcia-Pelayo -

Number of shares remaining as of December 31, 2024 (2)
Philippe Benacin 3,993
Jean Madar 3,993
Philippe Santi 7,986
Frédéric Garcia-Pelayo 7,986
UNIVERSAL REGISTRATION DOCUMENT 2024




(1) The valuation of the shares allocated in the consolidated accounts amounts to €49.89 for the 2022 plan.
(2) The number of remaining shares is recalculated to take into account adjustments resulting from capital increases through the incorporation of
reserves and free allocations of shares carried out in 2022, 2023 and 2024.
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4


4.2.2 — Free allocation of performance shares granted by Interparfums SA to employees
who are not corporate officers of the Company

Plan 2022

Date of award 03/16/2022
Final allocation date 06/15/2025
Price on the date of award 53.80 € (1)

Number of shares originally allocated free of charge
Executives and managers (other than corporate officers) 56,701
Other collaborators 25,554
Including allocation to the ten employees whose number is highest 30,347

(1) The valuation of the shares allocated in the consolidated accounts amounts to €49.89 for the 2022 plan.


4.2.3 — Change in the number of performance shares in the 2022 plan for the 2024 financial year

Plan 2022
Leaders and Other
managers (1) collaborators Total

Existing on January 1, 2024 51,546 25,410 76,956
Adjusted for the bonus share issue of one new share
for every ten shares held on June 25, 2024 5,155 2,414 7,569
Canceled in 2024 - (2,270) (2,270)
Existing on December 31, 2024 56,701 25,554 82,255

(1) Excluding corporate officers.


4.2.4 — Conditions of attribution
For the 2022 plan, the shares previously repurchased by The effective delivery of the securities is conditional on the
the Company on the market are definitively allocated to employee’s presence on June 15, 2025 and the achievement
their beneficiaries, at the end of an acquisition period of of performance relating to the consolidated turnover for
three years and three months. the 2024 financial year for 50% of the free shares allocated
and on the consolidated operating profit for the remaining
50% of the free shares allocated without a retention period.
UNIVERSAL REGISTRATION DOCUMENT 2024
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5



5 — INFORMATION ON THE
COMPANY AND ITS CAPITAL


1 — STATUTORY INFORMATION ON THE COMPANY — 182
2 — GENERAL INFORMATION ON THE SHARE CAPITAL — 184




UNIVERSAL REGISTRATION DOCUMENT 2024
INTERPARFUMS




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5


1 — STATUTORY INFORMATION
ON THE COMPANY

1.1 — THE COMPANY
1.1.1 — General information

Corporate name Interparfums

Headquarters 10, rue de Solférino 75007 Paris
Website www.interparfums.fr and www.interparfums-finance.fr
Date of incorporation April 5, 1989
Company term The Company is incorporated for a period of ninety‑nine years (99) effective from its date of entry in the
Trade and Companies Register (Registre du Commerce et des Sociétés), barring early liquidation or extension
Legal form A French corporation (société anonyme) with a Board of Directors
Fiscal year The fiscal year is a twelve‑month running from January 1 to December 31.
SIRET No. 350 219 382 00081
Trade register No (RCS) 1989 B 04913
Place of registration Registry of the Commercial Court of Paris
Business code 46.45 Z Wholesale trade of perfume and beauty products
LEI No. 969500SARWF33OPQED48


Corporate Charter (Article 2 of the Bylaws) 1.1.2 — Legal form of the shares and identification
of shareholders (Article 9 of the Bylaws)
The Company’s business purpose in France and all other
countries includes: Shares shall be in registered or bearer form, at the choice
of the shareholder.
As its principal activity, the purchase, sale, manufacture,
import and export of all products related to perfumes Until fully paid up, shares must be maintained in registered
and cosmetology; form and recorded in the name of the shareholder in an
account maintained by the Company.
— a s a secondary activity, the purchase, sale, manufacture,
import and export of all products relating to fashion; In accordance with legal and regulatory provisions, holders’
— the use of license agreements; rights shall be represented by a book entry in their name:
— providing all services related to the above‑mentioned
— w ith the intermediary of their choice for bearer securities;
activities;
— w ith the Company, and, if they so wish, with the
— the Company’s par ticipation by all means, directly
authorized financial intermediary of their choice for
or indirectly, in all transactions that may relate to
registered shares.
its business purpose through the creation of new
companies, the contribution, subscription or purchase The Company may request at any time, in accordance
of company shares or rights, mergers or other, through with applicable laws and regulations, the disclosure of
the creation, acquisition, rental or lease management information regarding the identity of holders of securities
of all rights to conduct business or establishments, issued by it which give immediate or future rights to vote
and through the acquisition, operation or disposal of in shareholders meetings.
all procedures and patents related to these activities;
Subject to and in accordance with the provisions of applicable
— and, generally, all commercial, industrial, financial, civil,
laws and regulations, any intermediary may be registered on
securities and real estate transactions that relate directly
behalf of owners of securities of the Company referred to
or indirectly to the Company’s business purpose or to
UNIVERSAL REGISTRATION DOCUMENT 2024




in Article L.228‑1 subsection 7 of the French Commercial
any similar and related activities.
Code (Code de Commerce) (notably owners not having
their domicile in France with the meaning in Article 102 of
the French Civil Code Code) provided the intermediary
has declared when opening the account with the Company
or the financial intermediary acting as securities account
custodian, in accordance with applicable laws and regulations,
its third‑party status as a holder of securities on behalf of
another party. The intermediary registered as a holder of
securities is required, without prejudice to obligations of the
INTERPARFUMS




actual owners of the securities, to comply with the disclosure
obligations regarding the crossing of ownership thresholds,
for all shares or securities of the Company it has registered
in an account under penalty of punishment by law.


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5


The disclosure requirement referred to in the preceding
1.2 — MAIN LEGAL PROVISIONS paragraph is also mandatory within the same time limits
AND BYLAWS (EXCERPTS) whenever the percentage of capital or voting rights held
falls below one of the thresholds mentioned above.
1.2.1 — Access to General Meetings – Under ar ticle L.233‑7 subsection VII of the French
Representation (Article 19 of the Bylaws) Commercial Code, said shareholders must also disclose
their intentions with regard to their holdings for the next
Any shareholder may attend meetings in person or by proxy,
six months whenever thresholds of one tenth, or more than
regardless of the number of shares owned, subject to proof
three twentieths, or more than one fifth or more than one
of identity, on condition that the shares are paid up in full
quarter of the capital or voting rights have been crossed.
and have been registered in the securities account in the
This notification must be addressed to the Company and
name of the shareholder or the intermediary, in accordance
sent to the AMF no later than the fifth trading day before
with subsection 7, Article L.228‑1 of the French Commercial
the close of trading following the day this threshold was
Code no later than the second business day preceding the
crossed.
date of the shareholders meeting at midnight Paris time,
either in the registered securities account maintained by
the Company or the bearer share account maintained by 1.2.3 — Allocation and distribution of
the authorized intermediary. earnings (Article 24 of the Bylaws)
All shareholders may be represented at meetings in If the financial statements approved by the shareholders’
accordance with the provisions provided for by law. A Meeting show a distributable profit as defined by law,
shareholder may be represented by another shareholder the shareholders’ Meeting decides whether to make
or by his or her spouse or civil law partner. The shareholder appropriations to one or more retained earnings or
may be represented by any other individual or legal entity reserve accounts under its control, to carry it forward
of his or her choice. The designation or revocation of a or to distribute it. The shareholders’ Meeting may grant
proxy holder may be notified by electronic means. shareholders the choice of receiving a dividend in cash or
in shares for all or part of the dividend or interim dividends
to be distributed, subject to the applicable legal provisions.
1.2.2 — Special shareholder disclosure
obligations (Article 20 of the Bylaws) Following the approval of the financial statements by the
General Meeting of the shareholders, any losses that may
In accordance with the provisions of Article L.233‑7 of
occur are carried forward to be offset against future earnings
the French Commercial Code, all shareholders, natural
until these losses have been fully used.
persons or legal entities, acting alone or in concert, who
cross thresholds in either direction in respect to the number
of shares owned representing more than one twentieth, 1.2.4 — Access to corporate documents
one tenth, three twentieths, one fifth, one quarter, three
The bylaws, accounts, repor ts and other information
tenths, one third, one half, two thirds, eighteen twentieths
destined for shareholders can be consulted at the Company’s
or nineteen twentieths of the capital or voting rights of the
headquarters by appointment.
Company, must inform the Company by registered mail
with return receipt of the number of shares and voting
rights they hold within four trading days after crossing these 1.2.5 — Legal jurisdiction
thresholds before the close of trading. This notification
In the event of litigation, the courts having jurisdiction are
must also be sent to the AMF no later than the fourth
those of the registered office in cases where the Company
trading day before the close of trading following the day
is a defendant. They are designated according to the nature
this threshold was crossed.
of the litigation, barring any contrary provisions of the new
Civil Procedure Code.
UNIVERSAL REGISTRATION DOCUMENT 2024
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5


2 — GENERAL INFORMATION ON
THE SHARE CAPITAL

2.1 — CHRONOLOGY OF SECURITIES TRANSACTIONS OVER 5 YEARS

Number Shares Total Share capital
Year Type of transaction of securities issued shares (in euros)

2020 Bonus share issues 4,726,219 4,726,219 51,988,409 155,965,227
2021 Bonus share issues 5,198,840 5,198,840 57,187,249 171,561,747
2022 Bonus share issues 5,718,724 5,718,724 62,905,973 188,717,919
2023 Bonus share issues 6,290,597 6,290,597 69,196,570 207,589,710
2024 Bonus share issues 6,919,657 6,919,657 76,116,227 228,348,681


As of December 31, 2024, the capital of Interparfums SA consists of 76,116,227 shares with a nominal value of €3 each.


2.2 — AUTHORIZED CAPITAL
The General shareholders’ Meeting held on April 21, 2023, €18,871,791, and through a resolution dated June 11, 2024,
authorized the Board of Directors to decide on a capital resulting in the issuance of 6,919,657 new shares for a total
increase through the capitalization of reserves, retained amount of €20,758,971.
earnings, and/or additional paid‑in capital, up to a maximum
This authorization granted by the General shareholders’
amount of €75,000,000.
Meeting on April 21, 2023, will expire at the General
The Board of Directors made use of this authorization shareholders’ Meeting of April 17, 2025. Its renewal is to
through a resolution dated April 21, 2023, resulting in the be subjected to shareholders’ approval in the 16th resolution.
issuance of 6,290,597 new shares for a total amount of


2.3 — OWNERSHIP OF INTERPARFUMS CAPITAL
STOCK AND VOTING RIGHTS
2.3.1 — Position at December 31, 2024

% of
% of Exercisable exercisable
% of Theoretical theoretical voting rights voting rights
Shares held capital voting rights votes at the AGM at the AGM

Interparfums Holding SAS 55,058,943 72.3% 106,331,375 83.0% 106,331,375 83.6%
French investors 4,943,747 6.5% 4,974,913 3.9% 4,974,913 3.9%
Foreign investors 9,603,299 12.6% 9,603,335 7.5% 9,603,335 7.5%
Individual shareholders 5,775,689 7.6% 6,305,725 4.9% 6,305,725 5.0%
Employee shareholders 562,901 0.7% 652,949 0.5% - -
Own shares 171,648 0.2% 171,648 0.1% - -
Total 76,116,227 100% 128,039,945 100% 127,215,348 100%
UNIVERSAL REGISTRATION DOCUMENT 2024




As of December 31, 2024, the Company has identified — 2 7,900 individual shareholders (including employee
approximately 29,450 shareholders. shareholders), holding 8.3% of the share capital
(compared to 7.2% in 2023).
Excluding Interparfums Holding and own shares, the
Company’s share capital breaks down as follows: To the Company’s knowledge, no other shareholders hold,
directly, indirectly, or in concert, 5% or more of the share
— 1 ,025 French institutional investors and mutual funds,
capital or voting rights.
owning 6.5% of the share capital (compared to 5.5%
in 2023); To avoid the risk of any potential abuse in the exercise of
— 540 foreign investors, owning 12.6% of the share capital control, six independent Directors serve on the Board
INTERPARFUMS




(compared to 14.7% in 2023); of Directors.




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5


2.3.2 — Changes in Interparfums SA’s shareholder base

2022 2023 2024

Interparfums Holding 72.4% 72.3% 72.3%
French investors 5.1% 5.5% 6.5%
Foreign investors 15.8% 14.7% 12.6%
Individual shareholders 5.7% 6.4% 7.6%
Employee shareholders 0.9% 0.8% 0.7%
Own shares 0.2% 0.2% 0.2%
Total 100.0% 100.0% 100.0%



2.4 — BREAKDOWN OF 2.6 — SHAREHOLDERS’
INTERPARFUMS HOLDING’S AGREEMENTS
CAPITAL STOCK AS OF There are no shareholder agreements at the Interparfums
DECEMBER 31, 2024 Holding level.

Interparfums Holding, that holds no other participation aside
from Interparfums SA , is 100% owned by Interparfums Inc., 2.7 — DOUBLE VOTING RIGHTS
a company listed on the NASDAQ in New York. As of
December 31, 2024, Interparfums Inc. had approximately In accordance with the provisions of Article L 225‑123 of
57,700 shareholders, with its capital structured as follows: the French Commercial Code, the Extraordinary General
Meeting of September 29, 1995 created shares with double
— P hilippe Benacin and Jean Madar 43.63%;
voting rights. These shares must be fully paid up and
— Public 56.37%.
recorded in the Company’s share register in registered
form for at least three years.
2.5 — DIVIDEND
Since 1998, Interparfums has been distinguished by a
2.8 — SPECIAL SHAREHOLDER
dividend policy designed to reward shareholders while at DISCLOSURE OBLIGATIONS
the same time sharing in the Group’s growth.
During 2024, the Company was not notified of any threshold
In April 2024, for the 2023 fiscal year, the Company paid
crossings in relation to the ownership of its shares or
a dividend of €1.15 per share, representing 67% of the net
voting rights, in accordance with Article 20 of the Articles
income for the year (€1.05 for the previous year).
of Association, detailed in Section 1.2.2 of this document.
In 2025, the Board of Directors will propose to the General
Meeting that a dividend of €1.15 per share be paid in respect
of the year ended December 31, 2024.


2.9 — KEY STOCK MARKET DATA

(in number of shares and in euros) 2020 2021 2022 2023 2024

Number of shares at December 31, 51,988,409 57,187,249 62,905,973 69,196,570 76,116,227
Market capitalization
at December 31, (in € million) 2,233 4,203 3,498 3,488 3,106
Highest price (1) 44.95 74.10 74.10 74.90 48.64
Lowest price (1) 26.70 39.95 42.20 42.25 37.75
Average price (1) 37.80 55.42 52.45 60.00 43.17
Year‑end price (1) 42.95 73.50 55.60 50.40 40.80
Average daily trading volume (1) 45,627 27,837 45,363 63,659 34,674
UNIVERSAL REGISTRATION DOCUMENT 2024




Earnings per share (1) 1.30 1.30 1.66 1.80 1.79
Dividend per share (1) 0.55 0.94 1.05 1.15 1.15
Average (number of shares)
outstanding during the year (2) 48,508,541 54,614,015 60,066,833 66,077,565 72,700,751

(1) Historical data (not restated for bonus share issues made each year).
(2) Excluding own shares.
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2.10 — SHARE PRICE AND TRADING ACTIVITY TRENDS SINCE 2022

Highest Lowest Trading Transaction
price price volume value
(in €) (in €) (in shares) (1) (in € thousands) (1)

2022
January 74.50 63.50 817,382 54,952
February 69.20 64.80 618,919 41,574
March 65.30 52.30 1,509,426 84,139
April 58.50 49.45 918,918 48,922
May 52.50 44.80 997,294 47,920
June 52.10 45.05 1,039,484 49,966
July 49.75 44.65 856,266 40,747
August 49.90 46.75 611,929 29,670
September 47.00 42.20 1,067,066 47,745
October 49.40 42.25 937,358 42,781
November 54.00 46.95 1,151,198 58,291
December 56.50 52.50 1,133,177 61,890
2023
January 62.30 57.10 1,639,236 99,009
February 63.10 60.20 887,504 54,805
March 69.30 62.40 1,345,734 88,669
April 74.90 67.70 1,417,248 100,205
May 71.20 65.10 1,632,062 112,386
June 71.60 61.30 1,284,875 88,186
July 65.60 62.50 833,858 52,990
August 64.40 59.80 668,259 43,062
September 60.60 51.90 2,022,078 107,961
October 52.00 42.25 1,610,853 76,260
November 49.30 44.45 1,783,225 84,110
December 50.70 49.15 1,108,048 55,502
2024
January 49.55 45.70 1,081,555 51,018
February 52.40 49.00 1,637,847 82,862
March 53.50 50.30 957,077 49,352
April 52.10 47.25 1,358,503 67,529
May 49.70 46.65 966,055 46,554
June 49.05 38.20 1,284,875 54,639
July 47.50 37.75 1,864,616 79,924
August 46.90 43.45 1,019,028 45,924
September 46.35 40.05 1,622,307 69,069
October 44.15 40.90 1,876,128 79,345
November 41.60 38.65 1,570,606 62,566
December 41.40 39.25 1,003,917 40,432
2025
January 44.15 38.90 1,676,780 69,815
February 44.70 41.20 1,212,750 51,977

Historical data (not restated for bonus share issues).
(1) Euronext market data only.

A capital increase through the allocation of free shares, with A capital increase through the allocation of free shares, with
one new share for every ten existing shares, took place in one new share for every ten existing shares, took place in
June 2022. The stock price was automatically adjusted by June 2024. The stock price was automatically adjusted by
UNIVERSAL REGISTRATION DOCUMENT 2024




a factor of 1.10 as of this date. a factor of 1.10 as of this date.
A capital increase through the allocation of free shares, with
one new share for every ten existing shares, took place in
June 2023. The stock price was automatically adjusted by
a factor of 1.10 as of this date.
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6



6 — COMBINED ORDINARY AND
EXTRAORDINARY GENERAL
MEETING OF APRIL 17, 2025

1 — REPORT OF THE BOARD OF DIRECTORS
AND DRAFT RESOLUTIONS SUBMITTED TO THE
COMBINED GENERAL MEETING OF APRIL 17, 2025 — 188




UNIVERSAL REGISTRATION DOCUMENT 2024
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1 — REPORT OF THE BOARD
OF DIRECTORS AND DRAFT RESOLUTIONS
SUBMITTED TO THE COMBINED
GENERAL MEETING OF APRIL 17, 2025

Resolution 1 and 2
Approval of the annual and consolidated financial statements for the fiscal year ended
December 31, 2024 – Approval of non‑tax‑deductible expenses and charges




Explanatory statement
Under the first and second resolutions, we request your approval of the following:
— t he standalone financial statements for the fiscal year ended December 31, 2024, reporting a net income
of €132,856,147.30;
— the consolidated financial statements for the fiscal year ended December 31, 2024, as presented, reporting
a net income (attributable to equity holders of the parent) of €129,868,033;
— the total amount of non‑deductible expenses and charges as defined in Article 39 (4) of the French Tax
Code, amounting to €62,020, along with the corresponding tax liability.
Supporting documents:
— t he annual financial statements are included in the 2024 Universal Registration Document (Part 5);
— the consolidated financial statements are included in the 2024 Universal Registration Document (Part 3);
— the Statutory Auditors’ reports on the annual and consolidated financial statements are included in the
2024 Universal Registration Document (Part 9)


— First resolution — Second resolution
Approval of the annual financial Approval of the consolidated financial
statements for the fiscal Year ended statements for the fiscal year ended
December 31, 2024 – Approval of December 31, 2024
non‑deductible expenses and charges
The General Meeting, having reviewed the reports of
The General Meeting, having reviewed the reports of the the Board of Directors and the Statutory Auditors on
Board of Directors and the Statutory Auditors for the the consolidated financial statements for the fiscal year
fiscal year ended December 31, 2024, hereby approves ended December 31, 2024, hereby approves these financial
the annual financial statements as presented, reporting a statements as presented, reporting a net income attributable
net income of €132,856,147.30. to the owners of the parent of €129,868,033.
The General Meeting further approves the total amount
of €62,020 in non‑deductible expenses and charges
as defined under Article 39 (4) of the French Tax Code,
along with the corresponding tax liability.
UNIVERSAL REGISTRATION DOCUMENT 2024
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Resolution 3
Appropriation of net profit for the year and setting dividend


The proposed allocation of our Company’s net profit complies with applicable laws and our bylaws.


Explanatory statement
Given the net income of €132,856,147.30 for fiscal year 2024, we propose the following allocation:
— d eclaration of a cash dividend of €1.15 per share for the fiscal year 2024, resulting in a total dividend
distribution of €87,533,661.05 to shareholders (subject to treasury shares);
— retained earnings carry forward of €43,246,589.15;
— allocation of €2,075,897.10 to the legal reserve.
The dividend will be payable on April 30, 2025, with the ex‑dividend date set for April 28, 2025.
The gross dividend amount is stated before any applicable withholding tax and/or social security contributions
that may be applied based on the shareholder’s individual circumstances.
Pursuant to Article 243 bis of the French Tax Code, we provide the following details regarding dividend
distributions and other distributed income over the past three fiscal years:

Eligible income for tax reduction
Non‑eligible
Other income for tax
Dividends distributed income reduction

For fiscal year 2021
Amount distributed €53,756,014.06 (1) - -
Dividend per share €0.94 - -
Dividend per share (adjusted
for free share allocations) (2) €0.70 - -
For fiscal year 2022
Amount distributed €66,051,271.65 (1) - -
Dividend per share €1.05 - -
Dividend per share (adjusted
for free share allocations) (2) €0.87 - -
For fiscal year 2023
Amount distributed €79,576,055.50 (1) - -
Dividend per share €1.15 - -
Dividend per share (adjusted
for free share allocations) (2) €1.045 - -

(1) Includes the amount of dividends corresponding to treasury shares, which is not paid out and is instead allocated to retained earnings.
(2) Free share allocations to shareholders as part of annual capital increases through the capitalization of reserves. This calculation is based
on the following formula: amount distributed/number of shares outstanding after capital increase following the bonus share issue.




— Third resolution For individual shareholders fiscally domiciled in France, the
Allocation of net profit for the fiscal year dividend is subject either to: a flat‑rate withholding tax on
and setting dividend the gross dividend at a fixed rate of 12.8% (Article 200 A
of the French Tax Code), or, upon express, irrevocable and
The General Meeting, on the recommendation of the
global election by the taxpayer, progressive income tax,
Board of Directors, resolves to allocate the net profit for
after a 40% allowance (Articles 200 A (13) and 158 of the
the year ended December 31, 2024 as follows:
French Tax Code). Additionally, the dividend is subject to
social security contributions at a rate of 17.2%.
UNIVERSAL REGISTRATION DOCUMENT 2024




Origin
The ex‑dividend date is set for April 28, 2025, and the
Profit for the year €132,856,147.30
dividend payment date is set for April 30, 2025.
Allocation
Should the number of shares entitled to a dividend differ
Legal reserve €2,075,897.10
from the 76,116,227 shares comprising the share capital
Dividends €87,533,661.05
as of December 31, 2024, the total dividend amount will
Retained earnings €43,246,589.15
be adjusted accordingly, and the amount allocated to
retained earnings will be determined based on the actual
The General Meeting notes that the gross dividend per dividends paid.
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share is set at €1.15 and that the retained earnings balance
will increase from €225,393,657.07 to €268,640,246.22.




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In accordance with Article 243 bis of the French Tax Code, the General Meeting acknowledges that, for the past three
fiscal years, the distributions of dividends and income have been as follows:

Eligible income for tax reduction
Non‑eligible
Other income for
Dividends distributed income tax reduction

For fiscal year 2021
Amount distributed €53,756,014.06 (1) - -
Dividend per share €0.94 - -
Dividend per share (adjusted
for free share allocations) (2) €0.70 - -
For fiscal year 2022
Amount distributed €66,051,271.65 (1) - -
Dividend per share €1.05 - -
Dividend per share (adjusted
for free share allocations) (2) €0.87 - -
For fiscal year 2023
Amount distributed €79,576,055.50 (1) - -
Dividend per share €1.15 - -
Dividend per share (adjusted
for free share allocations) (2) €1.045 - -

(1) Includes the amount of dividends corresponding to treasury shares, which is not paid out and is instead allocated to retained earnings.
(2) Free share allocations to shareholders as part of annual capital increases through the capitalization of reserves. This calculation is based on the
following formula: amount distributed/number of shares outstanding after capital increase following the bonus share issue.



Resolution 4
Statutory Auditors’ special report on regulated agreements – Ratification of a new agreement




Explanatory statement
As a preliminary note, we remind you that only new agreements entered into during the last fiscal year and at
the beginning of the current fiscal year are subject to approval by this General Meeting.
We ask you to ratify the agreement entered into on December 12, 2024, formalized by a conciliation report
signed with Frédéric Garcia-Pélayo, for a lump‑sum settlement amount of €1,581,900 in connection with the
termination of his employment contract.
This agreement was ratified by the Board of Directors at its meeting held on February 25, 2025, in accordance
with Recommendation 2012-05 of the French Financial Markets Authority (AMF) (Section 4.11), which concluded
that, given the financial terms, the agreement was in the best interests of the Company, taking into account the
employee’s length of service and the reference to a scale set by decree in such cases. It is further noted that, in
accordance with Article L.1235‑1 of the French Labor Code, the conciliation report recording this agreement
constitutes a waiver by both parties of all claims and compensation related to the termination of Frédéric
Garcia-Pélayo’s employment contract.
It is also presented in the related Statutory Auditors’ special report, which will be presented to you at the
General Meeting and which is included in Part 9 of the 2024 Universal Registration Document. Information on
this agreement has been published on the Company’s website in accordance with regulations.
We also remind you that the subscription agreement between (FCPI) ATEKO Capital (Label Capital) and our
Company was executed on July 5, 2024, thus constituting a regulated agreement for part of the 2024 financial
year, but had already been approved by the Annual General Meeting of April 16, 2024. It is therefore not subject
to approval by the Annual General Meeting of April 17, 2025 in accordance with the law.
UNIVERSAL REGISTRATION DOCUMENT 2024




It should be noted that no agreements entered into and authorized in previous years were performed during
the current fiscal year.


— Fourth resolution
Statutory Auditors’ special report on regulated agreements – Ratification of a new agreement
The General Meeting, having reviewed the Statutory Auditors’ special report on regulated agreements, ratifies the
new agreement mentioned therein.
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Resolution 5 and 6
Mandates of the Statutory Auditors responsible for certifying the financial statements




Explanatory statement
You are reminded that the appointments of SFECO & FIDUCIA AUDIT and FORVIS MAZARS SA as Statutory
Auditors responsible for certifying the financial statements will expire at the end of the next General Meeting
called to approve the financial statements for the year ended December 31, 2024.
On the recommendation of the Audit Committee, the Board of Directors proposes that FORVIS MAZARS SA
be re‑appointed as Statutory Auditors for a period of six financial years.
Since FORVIS MAZARS SA cannot serve as a Statutory Auditor for more than 24 years in accordance with
Article L.821‑45 of the French Commercial Code, we ask you to note that the mandate of FORVIS MAZARS
SA as principle Statutory Auditor will expire at the end of the Annual General Meeting to be held in 2028 to
approve the accounts for the year ending December 31, 2027.
Furthermore, in light of the 24‑year term limit for Statutory Auditors responsible for legal audit engagements,
and in accordance with Article L.821‑45 of the French Commercial Code and Regulation (EU) No. 537/2014 of
April 16, 2014, the mandate of SFECO & FIDUCIA AUDIT could not be renewed due to the duration of its service.
As a result, a competitive tender process was launched, following which the Audit Committee selected GRANT
THORNTON, citing both the need for robust financial audit oversight by an international audit firm and the
firm’s demonstrated expertise in financial matters.
On the Audit Committee’s recommendation, the Board of Directors therefore proposes appointing GRANT
THORNTON as principal Statutory Auditor, replacing SFECO & FIDUCIA AUDIT, for a term of six fiscal
years, until the conclusion of the Annual General Meeting to be held in 2031, which will approve the financial
statements for the year ending December 31, 2030.
The Audit Committee confirms that its recommendation was made independently, without any influence from
third parties, and that no contractual clause restricted its choice.


— Fifth resolution — Sixth resolution
Renewal of FORVIS MAZARS SA Appointment of GRANT THORNTON
as principal Statutory Auditor responsible to replace SFECO & FIDUCIA AUDIT,
for certifying the financial statements, as principal Statutory Auditor responsible
for certifying the financial statements
On the proposal of the Board of Directors, the General
Meeting reappoints FORVIS MAZARS SA, whose term On the proposal of the Board of Directors, the General
of office expires at the close of this General Meeting, Meeting appoints GRANT THORNTON to replace SFECO
as principal Statutory Auditors responsible for certifying & FIDUCIA AUDIT, whose term of office expires at the
the financial statements, for a term of six financial years, close of this General Meeting, as principal Statutory Auditors
expiring at the close of the Annual General Meeting called responsible for certifying the financial statements, for a
to approve the financial statements for the year ending term of six financial years, until the close of the Annual
December 31, 2030. General Meeting to be held in 2031 to approve the financial
statements for the year ending December 31, 2030.
As FORVIS MAZARS SA has indicated in advance its
willingness to renew its term, and has informed the Company
that its mandate cannot continue through to the end of
the full term due to the provisions of Article L.821‑45 of
the French Commercial Code, which limits the maximum
duration of the statutory auditor’s mandate for public interest
entities to 24 years, the General Meeting acknowledges
that the term of office of FORVIS MAZARS SA as principal
Statutory Auditor will expire at the close of the Annual
General Meeting to be held in 2028, which will approve the
UNIVERSAL REGISTRATION DOCUMENT 2024




financial statements for the year ending December 31, 2027.
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Resolution 7 and 8
Mandate of Statutory Auditors responsible for certifying sustainability‑related information




Explanatory statement
We remind you that, pursuant to Article 33 of Ordinance No. 2023‑1142 of December 6, 2023, companies that
qualify as large undertakings, or as parent or combining entities of a large group, within the meaning of Articles
L.230‑1, L.230‑2, D.230‑1, and D.230‑2 of the French Commercial Code, will be required – starting with reports
relating to fiscal years beginning on or after January 1, 2025 – to disclose sustainability‑related information and
to have this information certified in accordance with the CSRD (Corporate Sustainability Reporting Directive).
To carry out this task of certifying sustainability‑related information, the Audit Committee recommended
that the Board of Directors propose to this General Meeting the appointment of FORVIS MAZARS SA, the
current statutory auditor, and GRANT THORNTON, whose appointment as statutory auditor responsible
for certifying the financial statements is also being proposed at this General Meeting, for a term of three fiscal
years, i.e. until the close of the Annual General Meeting to be held in 2028 to approve the financial statements
for the year ending December 31, 2027.
In accordance with the recommendations of the Middlenext Corporate Governance Code, a competitive tender
process was conducted for the selection of these auditors.


— Seventh resolution — Eighth resolution
Appointment of FORVIS MAZARS SA Appointment of GRANT THORNTON
as Statutory Auditor responsible for as Statutory Auditor responsible for
certifying sustainability‑related information certifying sustainability‑related information
On the proposal of the Board of Directors, the General On the proposal of the Board of Directors, the General
Meeting appoints FORVIS MAZARS SA as Statutory Meeting appoints GRANT THORNTON as Statutory
Auditors responsible for certifying sustainability‑related Auditor responsible for certifying sustainability‑related
information, for a term of three fiscal years, until the information, for a term of three fiscal years, until the
end of the Annual General Meeting to be held in 2028 end of the Annual General Meeting to be held in 2028
to approve the financial statements for the year ending to approve the financial statements for the year ending
December 31, 2027. December 31, 2027.


Resolution 9 and 10
Board mandates




Explanatory statement
We remind you that the terms of office of Dominique Cyrot and Chantal Roos as members of the Board of
Directors will expire at the close of the upcoming General Meeting.
On the recommendation of the Governance, Nominations and Compensation Committee, we ask you to
note that the terms of office of Dominique Cyrot and Chantal Roos will expire at the close of the upcoming
General Meeting, as they have not asked for their terms of office to be renewed and the Board of Directors
has not proposed that they be replaced.
We also inform you that at its meeting on November 26, 2024, the Board of Directors acknowledged the
resignation of Frédéric Garcia-Pélayo from his position as Board Member, effective at the close of the General
Meeting on April 17, 2025, two years before the scheduled end of his term, for personal reasons.
Further details are available in Part 4 of the 2024 Universal Registration Document on Corporate Governance,
section 1.3.5.
UNIVERSAL REGISTRATION DOCUMENT 2024




At the close of this General Meeting:
— t he number of members on the Board of Directors will be reduced to 8;
— the Board will therefore comprise 5 independent members (i.e. 62.5%), thereby continuing to comply
with the recommendations of the Middlenext Code regarding the proportion of independent Directors;
— in terms of gender balance, the Board will comprise four women and four men, in full compliance with
legal requirements.
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— Ninth resolution — Tenth resolution
Non‑renewal and non‑replacement Non‑renewal and non‑replacement
of Dominique Cyrot as Director of Chantal Roos as Director
The General Meeting, having noted that the term of office The General Meeting, having noted that the term of office
as Director of Dominique Cyrot expires at the close of this as Director of Chantal Roos expires at the close of this
Meeting, resolves not to renew or replace her. Meeting, resolves not to renew or replace her.


Resolution 11, 12, 13 and 14
Say on Pay




Explanatory statement
Approval of the fixed, variable and exceptional components of total compensation and all benefits paid
during the past financial year or awarded for the same financial year to Philippe BENACIN, Chairman &
Chief Executive Officer
By voting on the 11th resolution, and in accordance with the provisions of Article L.22‑10‑34 II of the French
Commercial Code, you are asked to approve the fixed, variable, and exceptional components of the total
compensation and benefits in kind paid during the 2024 financial year, or awarded in respect of 2024, to Philippe
Benacin, Chairman and Chief Executive Officer.
These components are detailed in the Corporate Governance Report, in Part 4 of the 2024 Universal Registration
Document, under section 2.3.
They were determined in accordance with the executive compensation policy for corporate officers, as approved
by the General Meeting held on April 16, 2024.
Approval of the information referred to in I of Article L.22‑10‑9 of the French Commercial Code
In accordance with the provisions of Article L.22‑10‑34 I of the French Commercial Code, you are invited,
by voting on the 12th resolution, to approve the information referred to in Article L.22‑10‑9 I concerning the
compensation of corporate officers for the 2024 fiscal year, as presented in the Corporate Governance Report,
in Part 4 of the 2024 Universal Registration Document, under section 2.2.
Approval of the compensation policy for corporate officers
In accordance with the provisions of Article L.22‑10‑8 of the French Commercial Code, the following resolutions
are submitted to the General Meeting:
— u nder the 13th resolution, to approve the compensation policy for the Chairman and Chief Executive
Officer and/or any other executive corporate officer for 2025;
— under the 14th resolution, to approve the compensation policy for Directors for 2025.
The compensation policies for the Chairman and Chief Executive Officer and/or any other executive corporate
officer, as well as for the Directors, are set out in the Corporate Governance Report, in Part 4 of the 2024
Universal Registration Document, particularly in sections 2.1, 2.1.1, and 2.1.2.
These policies were established by the Board of Directors on the recommendation of the Governance,
Nominations and Compensation Committee (GNRC).


— Eleventh resolution — Twelfth resolution
Approval of the fixed, variable and exceptional Approval of the information
components of total compensation and referred to in I of Article L.22‑10‑9
benefits of any kind paid in or granted of the French Commercial Code
for the period to Philippe Benacin,
The General Meeting, voting in accordance with Article
Chairman & Chief Executive Officer
L.22‑10‑34 I of the French Commercial Code, approves the
UNIVERSAL REGISTRATION DOCUMENT 2024




The General Meeting, voting in accordance with Article information referred to in I of Article L.22‑10‑9 of the French
L.22‑10‑34 II of the French Commercial Code, approves Commercial Code contained in the corporate governance
the fixed, variable and exceptional components of the report in the 2024 Universal Registration Document, in
total compensation and all benefits paid during the past Part 4, section 2.2.
financial year or awarded for the same financial year to
Philippe Benacin, Chairman & Chief Executive Officer, as
presented in the corporate governance report in the 2024
Universal Registration Document, in Part 4, section 2.3.
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— Thirteenth resolution — Fourteenth resolution
Approval of the compensation policy for Approval of the compensation
the Chairman & Chief Executive Officer policy for Directors
and/or any other executive corporate officer
The General Meeting, voting in accordance with Article
The General Meeting, voting in accordance with Article L.22‑10‑8 of the French Commercial Code, approves
L.22‑10‑8 of the French Commercial Code, approves the the compensation policy for Directors presented in
compensation policy for the Chairman and Chief Executive the corporate governance report in the 2024 Universal
Officer and/or any other executive corporate Director Registration Document, in Par t 4, section 2.1 and in
presented in the corporate governance report in the 2024 particular section 2.1.2.
Universal Registration Document, in Part 4, section 2.1
and in particular section 2.1.1.


Resolution 15
Proposal to renew the authorization to implement the share buyback program




Explanatory statement
You are invited to approve the renewal of the authorization granted to the Board of Directors, for a period of
18 months, to purchase shares of the Company, in one or more transactions and at times of its choosing, up
to a maximum number of shares representing no more than 2.5% of the total number of shares comprising
the Company’s share capital as of the date of this General Meeting, adjusted as necessary to account for any
capital increases or reductions that may occur during the term of the program.
This authorization would supersede the authorization granted by the General Meeting of April 16, 2024, under
its 11th ordinary resolution.
The main features of this proposed resolution are as follows:
— n o share buybacks may be made during a public offer for the Company’s shares;
— the maximum purchase price is set at €80 per share, representing a theoretical maximum total amount of
€152,232,400; In the event of a capital operation, particularly a stock split, reverse stock split or the free
allocation of shares to shareholders, the aforementioned amount will be adjusted in the same proportions
(a multiplier coefficient equal to the ratio between the number of shares composing the capital before the
operation and the number of shares after the operation);
— the maximum number of shares repurchased may not exceed 2.5% of the total number of shares comprising
the Company’s share capital as of the date of the General Meeting;
— the Company does not intend to use options or derivatives.
The objectives, conditions under which shares may be acquired, and the detailed terms of the authorization
are set out in the full text of the 15th resolution below.


— Fifteenth resolution The repurchases may be carried out for the following
Authorization to be granted to the Board of purposes:
Directors to buy back the Company’s own
— to suppor t liquidity and enhance the secondary
shares in accordance with Article
market activity of Interparfums shares through an
L.22-10-62 of the French Commercial Code
investment services provider under a liquidity contract
The General Meeting, having reviewed the report of the in accordance with applicable regulations, provided that
Board of Directors, authorizes the Board, for a period of for the purpose of calculating the above‑mentioned
eighteen (18) months, in accordance with Articles L.22‑10‑62 limit, the number of shares taken into account shall
et seq. and L.225‑210 et seq. of the French Commercial correspond to the number of shares purchased, less
Code, to purchase shares of the Company, in one or more the number of shares resold;
transactions and at times of its choosing, up to a maximum — to hold the repurchased shares for subsequent use as
number of shares representing no more than 2.5% of the consideration or payment in the context of mergers,
UNIVERSAL REGISTRATION DOCUMENT 2024




total number of shares comprising the Company’s share demergers, asset contributions or external growth
capital as of the date of this General Meeting, adjusted as transactions;
necessary to account for any capital increases or reductions — to cover share option plans and/or bonus share plans
that may occur during the term of the program. (or similar plans) benefiting employees and/or corporate
officers of the group, including Economic Interest
This authorization supersedes the authorization granted to
Groups and affiliated companies, as well as allocations
the Board of Directors by the General Meeting of April 16,
of shares under an employee or group savings plan
2024, under its 11th ordinary resolution.
(or similar schemes), profit‑sharing schemes or any
other form of share allocation to employees and/or
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corporate officers of the group, including Economic
Interest Groups and affiliated companies;
— to cover securities that grant rights to receive shares of
the Company, in accordance with applicable regulations;


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— to cancel the repurchased shares, subject to the The Company does not intend to use options or derivatives.
authorization granted or to be granted by the
The maximum purchase price is set at €80 per share.
Extraordinary General Meeting;
In the event of a capital operation, particularly a stock
— more generally, to implement any market practice
split, reverse stock split or the free allocation of shares to
that may be recognized by the AMF, and to carry out
shareholders, the aforementioned amount will be adjusted
any other transaction in compliance with applicable
in the same proportions (a multiplier coefficient equal to
regulations, provided that in such cases, the Company
the ratio between the number of shares composing the
will inform shareholders via a public announcement.
capital before the operation and the number of shares
These share buybacks may be carried out by any means, after the operation).
including block trades, and at times determined by the
The maximum amount of the operation is set at
Board of Directors, provided that, unless prior authorization
€152,232,400.
is granted by the General Meeting, the Board may not
use this authorization during a public tender offer period The General Meeting grants full authority to the Board of
initiated by a third party for the Company’s shares, until Directors to carry out these operations, determine their
the end of the offer period. conditions and procedures, enter into all agreements, and
complete all necessary formalities.


Resolution 16 and 17
Financial delegations and authorizations




Explanatory statement
The Board of Directors wishes to maintain the necessary delegations to carry out, if deemed appropriate, any
share issuances that may be required to support the Company’s business development.
For this reason, you are invited to renew the financial delegations and authorizations that are due to expire.
An overview of the current delegations in force, including the table summarizing delegations and authorizations
granted by previous General Meetings and their status of use, is available in the Corporate Governance Report,
Part 4 of the 2024 Universal Registration Document, under section 3.2.
Delegation of authority to the Board of Directors to increase capital by incorporation of reserves, profits
and/or premiums (16th resolution)
The current delegation of this type expires this year and has already been used twice, for a total amount of
€39,630,762, to carry out free share allocations to shareholders.
You are therefore asked to grant the Board of Directors, for a new 26‑month period, the authority to decide,
on one or more occasions, and at times and under conditions of its choosing, to increase the share capital
by capitalizing reserves, retained earnings, premiums or other amounts eligible for capitalization, through the
issuance and allocation of free shares, or by increasing the par value of existing ordinary shares, or through a
combination of both methods.
The nominal amount of share capital increases resulting from this delegation may not exceed €75,000,000
(representing approximately 32.84% of the Company’s share capital as of the date of this report). This amount
would exclude any nominal increase required to preserve, in accordance with the law and, where applicable,
any contractual provisions providing for other preservation methods, the rights of holders of securities or
instruments granting access to the Company’s share capital.
This cap would be independent of all the caps set by other resolutions of this General Meeting.
The Board of Directors would be granted full powers to implement this delegation, and, more generally, to
take all necessary measures and complete all required formalities for the successful completion of each capital
increase, to record its completion and to amend the Company’s Articles of Association accordingly.
This delegation would supersede, as of the date of this General Meeting and, where applicable, to the extent
not yet used, any prior delegation granted for the same purpose.
UNIVERSAL REGISTRATION DOCUMENT 2024




Authorization to grant free shares (existing and/or newly issued) to employees and/or certain corporate
officers (17th resolution)
You are also invited to renew the authorization to grant free shares to employees of the Company and its
affiliated companies or economic interest groupings, and/or to certain corporate officers.
Accordingly, we propose to authorize the Board of Directors, for a period of 38 months, to proceed, on one
or more occasions, in accordance with Articles L.225‑197‑1, L.225‑197‑2, L.22‑10‑59, and L.22‑10‑60 of the
French Commercial Code, with the allocation of free shares, resulting from a capital increase by capitalization
of reserves, premiums or profits, or existing shares.
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The beneficiaries of these allocations may include:
— e mployees of the Company or of companies or economic interest groupings directly or indirectly affiliated
with it within the meaning of Article L.225‑197‑2 of the French Commercial Code;
— and/or corporate officers who meet the conditions set out in Article L.225‑197‑1 of the French Commercial
Code.
The total number of shares granted free of charge under this authorization may not exceed 0.5% of the Company’s
share capital as of the date of the award decision. It is further specified that, for corporate officers, the number
of shares granted will be limited to 0.10% of the share capital on the same date.
This limit will be increased, if necessary, by the nominal amount of any capital increase required to preserve
the rights of the beneficiaries of free share allocations in the event of capital transactions carried out by the
Company during the vesting period.
The allotment of shares to beneficiaries will become final at the end of a vesting period, the duration of which
shall be set by the Board of Directors, but which may not be less than three years. The General Meeting
authorizes the Board of Directors to determine whether or not a retention obligation will apply at the end of
the vesting period.
As an exception, the final allotment of shares shall occur before the end of the vesting period in the event of
the beneficiary’s disability, corresponding to classification in the second or third categories defined in Article
L.341‑4 of the French Social Security Code.
This authorization would automatically entail the waiver of your pre‑emptive right to subscribe for new shares
issued by capitalization of reserves, premiums and profits.
The Board of Directors would therefore have full powers to do whatever is necessary to implement this
authorization, in accordance with current legislation.
This authorization would supersede, as of the date of this General Meeting and, where applicable, to the extent
not yet used, any prior authorization granted for the same purpose.


— Sixteenth resolution 3) S ets the validity period of this delegation at twenty‑six
Delegation of authority to the Board of (26) months, starting from the date of this General
Directors to increase capital by incorporation Meeting.
of reserves, profits and/or premiums
4) D
 ecides that the total capital increase under this
The General Meeting, ruling under the quorum and majority resolution shall not exceed the nominal amount of
conditions required for Ordinary General Meetings, having €75,000,000, excluding the nominal amount of any
reviewed the report of the Board of Directors, and in capital increase necessary to preserve, in accordance
accordance with the provisions of Articles L.225‑129‑2, with the law and, where applicable, any contractual
L.225‑130, and L.22‑10‑50 of the French Commercial Code: provisions stipulating other preservation methods, the
rights of holders of rights or securities granting access
1) D
 elegates to the Board of Directors its authority to
to the Company’s capital.
decide on an increase in share capital, in one or more
transactions, at the times and under the conditions This cap is independent of all the caps set by other
it determines, by incorporating into capital reserves, resolutions of this General Meeting.
prof its, premiums or other amounts eligible for
5) The General Meeting grants full authority to the Board
capitalization, either through the issuance and free
of Directors to implement this resolution and, more
allocation of shares or by increasing the nominal value
generally, to take all necessary measures and complete
of existing ordinary shares, or by a combination of
all required formalities for the successful completion
these two methods.
of each capital increase, to record its completion
2) D
 ecides that, if the Board of Directors makes use and to amend the Company’s Articles of Association
of this delegation, and in accordance with Articles accordingly.
L.225‑130 and L.22‑10‑50 of the French Commercial
6) Acknowledges that this authorisation supersedes,
Code, in the event of a capital increase in the form of
as of today and to the extent of any unused portion,
the allocation of free shares, fractional share rights shall
any prior authorization with the same purpose.
not be tradable or transferable, and the corresponding
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capital securities will be sold. The proceeds from the
sale will be allocated to the holders of the rights within
the timeframe set by the applicable regulations.
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— Seventeenth resolution Full powers are granted to the Board of Directors to:
Authorization to be given to the Board
— d etermine the conditions and, where applicable, the
of Directors to allocate free shares to
criteria for the definitive allocation of shares;
employees and/or certain corporate officers
— identify the beneficiaries and determine the number
The General Meeting, having reviewed the Board of of shares allocated to each of them;
Directors’ repor t and the Statutory Auditors’ special — where applicable:
repor t, authorizes the Board of Directors, on one or
– v erify the existence of sufficient reserves and, at
more occasions, in accordance with Articles L.225‑197‑1,
the time of each allocation, transfer the necessary
L.225‑197‑2, L.22‑10‑59 and L.22‑10‑60 of the French
amounts to a restricted reserve account for the
Commercial Code, to allot existing or newly issued ordinary
release of newly issued shares,
shares in the Company to:
– decide, when appropriate, on one or more capital
— e mployees of the Company or of companies or economic increases by incorporating reserves, premiums,
interest groupings directly or indirectly affiliated with or profits, correlating to the issuance of the new
it within the meaning of Article L.225‑197‑2 of the shares allocated free of charge,
French Commercial Code; – acquire the necessary shares within the framework
— and/or corporate officers who meet the conditions set of the share buyback program and allocate them
by Article L.225‑197‑1 of the French Commercial Code. to the allocation plan,
– determine the impact on beneficiaries’ rights in
The total number of free shares allotted under this
the event of operations that modify the capital or
authorization may not exceed 0.5% of the share capital
may affect the value of the allotted shares during
on the date of the allotment decision. It is specified that for
the vesting period, and consequently modify or
executive Directors, this number shall be limited to 0.10%
adjust, if necessary, the number of shares allotted
of the share capital on the date of the allotment decision.
to preserve the beneficiaries’ rights;
This limit will be increased, if necessary, by the nominal
amount of any capital increase required to preserve the — d ecide whether to impose a retention obligation after
rights of the beneficiaries of free share allocations in the the vesting period, and, where applicable, determine
event of capital transactions carried out by the Company its duration and take all necessary measures to ensure
during the vesting period. that beneficiaries comply with this obligation;
— a nd, more generally, do whatever is necessar y
The allocation of shares to beneficiaries will become final
under applicable law for the implementation of this
at the end of a vesting period, the duration of which shall
authorisation.
be set by the Board of Directors, but which may not be
less than three years. This authorization entails an automatic waiver by shareholders
of their pre‑emptive subscription rights to the newly
The General Meeting authorizes the Board of Directors
issued shares resulting from the incorporation of reserves,
to determine whether or not a retention obligation will
premiums, and profits.
apply at the end of the vesting period.
It is granted for a period of thirty‑eight months from the
As an exception, the final allocation of shares shall occur
date of this General Meeting.
before the end of the vesting period in the event of the
beneficiary’s disability, corresponding to classification in the This authorization supersedes, as of today and to the extent
second or third categories defined in Article L.341‑4 of of any unused portion, any prior authorization with the
the French Social Security Code. same purpose.




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6


Resolution 18, 19 and 20
Amendments to the Articles of Association




Explanatory statement
We propose the following amendments to the Articles of Association:
Amendment of the 5th and 6th paragraphs of Article 14 of the Articles of Association regarding the use of
telecommunication means for Board of Directors’ meetings
Law No. 2024‑537 of June 13, 2024, known as the “Attractiveness Law” has revised the rules governing
remote par ticipation of Directors in Board meetings, as set out in Ar ticle L.22‑10‑3-1 of the French
Commercial Code, now referring exclusively to the use of telecommunication means. This law also
abolished the requirement to include such provisions in the Board’s internal rules, and removed the
prohibition on using such means for the approval or review of the annual financial statements and
the management report.
We propose that Article 14 of the Articles of Association be amended accordingly.
Amendment of the last sentence of Article 14 of the Company’s Articles of Association regarding the written
consultation of Board members,
The Attractiveness Law has expanded the scope of written consultation, as provided for in Article L.225‑37 of the
French Commercial Code, which now states that the Articles of Association may provide that Board decisions,
or certain decisions, may be taken by written consultation, subject to the inclusion of a right of objection.
We therefore propose to amend the final sentence of Article 14 of the Articles of Association to specify the
conditions under which written consultation may be used by the Board of Directors, and to establish a right of
objection for each Director, in accordance with the new applicable legal provisions.
Amendment of the 3rd paragraph of the “Access to General Meetings – Representation” section of Article
19 of the Articles of Association regarding the use of telecommunication means for shareholder meetings
We propose to amend the 3rd paragraph of the “Access to General Meetings – Representation” section of
Article 19 of the Articles of Association, in order to bring the terminology into line with the provisions of Article
L.225‑103‑1 of the French Commercial Code, as amended by Law No. 2024‑537 of June 13, 2024, regarding
the use of telecommunication means in shareholder meetings.


— Eighteenth resolution
Amendment of the 5th and 6th paragraphs of Article 14 of the Company’s Articles of Association
regarding the use of telecommunication means for Board of Directors’ meetings
The General Meeting, having reviewed the report of the Board of Directors, resolves:
— t o amend the 5th and 6th paragraphs of Article 14 of the Articles of Association in light of the provisions of Article
L.22‑10‑3-1 of the French Commercial Code, introduced by Law No. 2024‑537 of 13 June 2024, regarding the use
of telecommunication means in Board meetings;
— to amend the 5th and 6th paragraphs of Article 14 of the Articles of Association accordingly and as follows:

Previous wording New wording
The internal regulations may provide that Directors Directors participating in Board meetings via telecommunication
participating in Board meetings via videoconference or means shall be deemed present for the calculation of the
telecommunication means shall be deemed present for the quorum and the majority, in accordance with legal and
calculation of the quorum and the majority, in accordance regulatory provisions.
with legal and regulatory provisions.
The internal regulations may specif y that cer tain
This provision does not apply to decisions concerning decisions cannot be made during meetings held in such
UNIVERSAL REGISTRATION DOCUMENT 2024




the approval of the annual and consolidated financial conditions.
statements, the preparation of the Company’s and/or
Group’s management report.
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— Nineteenth resolution
Amendment of the last sentence of Article 14 of the Company’s Articles of Association
regarding the written consultation of Board members
The General Meeting, having reviewed the report of the Board of Directors, resolves:
— to amend Article 14 of the Articles of Association in light of the provisions of Article L.225‑37 of the French Commercial
Code, as amended by Law No. 2024‑537 of 13 June 2024, regarding the written consultation of Board members;
— to amend the last sentence of Article 14 accordingly, while keeping the rest of the article unchanged:

Previous wording New wording
The Board of Directors may also make decisions through At the initiative of the Chairman of the Board, the Board
written consultation of the Directors, in accordance with of Directors may also make decisions through written
legal provisions. consultation of its members. In this case, the Directors are
required, at the request of the Chairman, to express their
vote by any written means, including electronically, on the
proposed decisions within three business days following
their receipt. Any Director has two business days from
the sending of the request to object to the use of written
consultation. In the event of an objection, the Chairman
shall immediately inform the other Directors and convene
a Board meeting. Directors who fail to respond within the
given time and in accordance with the specified process
shall be deemed absent and not to have participated in the
decision. A decision may only be adopted if at least half of
the Directors have participated in the written consultation
and if it is approved by a majority of those participating.
The Chairman of the Board shall be deemed to preside
over the written consultation and shall have a casting vote
in the event of a tie. The internal regulations shall specify
any other procedures relating to written consultation that
are not defined by applicable legal or regulatory provisions
or these Articles of Association.


— Twentieth resolution
Amendment of the 3rd paragraph of the “Access to General Meetings – Representation”
section of Article 19 of the Articles of Association regarding the use of telecommunication
means for shareholder meetings
The General Meeting, having reviewed the report of the Board of Directors, resolves:
— t o align the 3rd paragraph of the “Access to General Meetings – Representation” section of Article 19 of the Articles
of Association with the provisions of Article L.225‑103‑1 of the French Commercial Code, as amended by Law
No. 2024‑537 of June 13, 2024, regarding the use of telecommunication means in shareholder meetings;
— to amend this paragraph accordingly, as follows:

Previous wording New wording
Any shareholder may also, if the Board of Directors so Any shareholder may also, if the Board of Directors so
decides at the time of convening the General Meeting, decides at the time of convening the General Meeting,
participate in said meeting by videoconference or any participate in said meeting by a means of telecommunication,
other telecommunication and remote transmission means, in accordance with the applicable regulations at the time
including the Internet, in accordance with the applicable of its use. If applicable, this decision shall be communicated
regulations at the time of its use. If applicable, this decision in the meeting notice.
shall be communicated in the meeting notice published in
the Bulletin des Annonces Légales Obligatoires (B.A.L.O.).
UNIVERSAL REGISTRATION DOCUMENT 2024




The Board of Directors invites you to vote in favor of the proposed resolutions.
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6


Resolution 21
Powers




Explanatory statement
The 21st resolution is a standard resolution enabling all the legal formalities required by law to be carried out
after the General Meeting.


— Twenty‑first resolution
Powers for formalities
The General Meeting confers all necessary powers to the bearer of an original, copy, or extract of these minutes to
carry out all filing and publication formalities required by law.
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200
7 — GROUP
ORGANIZATION




UNIVERSAL REGISTRATION DOCUMENT 2024
7




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201
7


INTERPARFUMS SA AND ITS SUBSIDIARIES
Commercial operations are conducted largely through Pursuant to the Rochas brand acquisition in 2015,
Interparfums S.A. As part of its development, Interparfums Interparfums SA created a subsidiary for the distribution of
created a wholly‑owned subsidiar y in Switzerland, fragrances under this new brand in Spain (Parfums Rochas
Interparfums Suisse Sarl. This subsidiary is the owner of Spain Sl). This entity is 51%-held.
the Lanvin brand name for class 3 products.
At June 30, 2020, Interparfums acquired 25% of the capital
In 2010, Interparfums SA further strengthened its presence of Divabox, specialized in e‑commerce for beauty products.
in markets and major regions by creating wholly‑owned
distribution subsidiaries in Singapore (Interparfums Asia
Pacific) and the United States (Interparfums Luxury Brands)
respectively.

Philippe Benacin
Jean Madar Public




44% 56%


Interparfums Inc.
(Nasdaq – New York) Public




72% 28%


Interparfums SA
(Euronext – Paris)




100% 100% 100% 51% 25%

Interparfums Interparfums Interparfums Parfums Divabox
UNIVERSAL REGISTRATION DOCUMENT 2024




Asia Pacific Luxury Suisse Sarl Rochas SAS
Pte Ltd Brands Inc. Spain Sl
(Singapore) (United States) (Switzerland) (Spain) (France)



Details of the percentages of voting rights are given in Chapter 2.3 “Breakdown of capital and voting rights” in Part 5
“Information on the Company and its capital”.
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202
8



8 — AUDITORS, RESPONSIBILITY
STATEMENTS AND REPORTS


1 — AUDITORS — 204
2 — PERSON RESPONSIBLE FOR THE FRENCH VERSION
OF THE UNIVERSAL REGISTRATION DOCUMENT — 204
3 — EXECUTIVE OFFICER RESPONSIBLE FOR FINANCIAL
INFORMATION — 204




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203
8


1 — AUDITORS
The Statutory Auditors having issued reports on the parent Company and consolidated financial statements are:

FORVIS MAZARS SFECO & Fiducia Audit
61 rue Henri Renault 50, rue de Picpus
92400 Courbevoie 75012 Paris
represented by Francisco Sanchez represented by Gilbert Berdugo
appointed by the AGM of December 1, 2004 appointed by the AGM of May 19, 1995
reappointed by the AGM of April 26, 2019 reappointed by the AGM of April 26, 2019
expiration date: 2025 AGM expiration date: 2025 AGM

Auditors’ fees are described in note 6.6 to the consolidated financial statements in Part 3 of this Universal Registration
Document.




2 — PERSON RESPONSIBLE FOR THE
FRENCH VERSION OF THE UNIVERSAL
REGISTRATION DOCUMENT
I declare that to the best of my knowledge the information in this Universal Registration Document is accurate and
there are no omissions likely to alter its import.
I declare that, to the best of my knowledge, the financial statements have been prepared in accordance with the applicable
financial reporting standards and give a true and fair view of the assets and liabilities, financial position and results of
the operations of the Company and consolidated companies and that the management report included Part 1 this
Universal Registration Document faithfully presents business trends, the results and financial position of the Company
and describes principal risks and uncertainties they face.
Done in Paris, March 26, 2025
Philippe Santi
Executive Vice President




3 — EXECUTIVE OFFICER RESPONSIBLE
FOR FINANCIAL INFORMATION
Philippe Santi
Executive Vice President
psanti@Interparfums.fr
00 (33) 1 53 77 00 00
UNIVERSAL REGISTRATION DOCUMENT 2024
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8


REQUEST FOR INFORMATION
Requests for information or for inclusion
on the distribution list for all documents
issued by the Company may be sent
to Karine Marty – Shareholder Relations:
By telephone: +33 (0)1 53 77 00 00
On the website: www.interparfums.fr




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UNIVERSAL REGISTRATION DOCUMENT 2024
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This document was printed by an Imprim’Vert labeled printer
on a FSC certified paper, made from sustainably managed forests
and controlled sources.
Design: Agence Marc Praquin.



208
boucheron
coach
jimmy choo
karl lagerfeld
kate spade
lacoste
lanvin
moncler
montblanc
rochas
van cleef & arpels