Interparfums reported an 8% increase in gross margin for the first half of the year on Tuesday, as tight control over invoicing prices helped to limit the impact of higher raw material prices.

Over the first six months of the year, the French group recorded a gross margin of 274.4 million euros, or 64.9% of sales, which rose by 7% to 422.6 million euros over the period.

"On the basis of the good level of activity recorded over the summer, we are therefore approaching the second half of the year with confidence, and confirm our sales target for the full 2024 financial year of between 880 and 900 million euros", said Philippe Benacin, the Group's Chairman and CEO.

Interparfums also stated its intention to reduce inventories and improve cash flow in the second half of 2024.

(Written by Pauline Foret)