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Inter Parfums' (IPAR) Subsidiary Acquires Office Building Complex

Inter Parfums, Inc.‘s IPAR Paris-based subsidiary — Interparfums SA — concluded the acquisition of its envisioned headquarters from property developer, Apsys. The property, located at 10 rue de Solferino in the 7th arrondissement of Paris, consists of three buildings that are joined by two inner courtyards. The property’s purchase price of nearly $149 million is in line with its market value.

The new headquarters will enable Inter Parfums to host all teams in one location by the spring of 2022. This will promote enhanced flexibility and pleasant working environment. The company will redevelop the site keeping in mind elements of comfort and include features like temperature control.

 

What Else Should You know?

Inter Parfums’ focus on product launches to boost assortment strength is impressive. Progressing along these lines, the company recently debuted Kate Spade New York — first new fragrance for the brand for its European operations. Further, Kate Spade New York will be launched across Asia, the Middle East and Latin America in the second quarter of 2021. During the first half of the year, Montblanc is scheduled to add an extension to its Explorer collection for men. In its U.S. operations, the company’s new brand MCM is expected to roll out a genderless namesake fragrance in the spring. This scent will be launched in international markets. Bella Vita will also introduce Effect, complete men’s fragrance and grooming collection during the start of mid-year. Anna Sui Sky, which was first launched in China and Hong Kong at the end of 2020, is now set to be rolled out across Asia and other markets.

Inter Parfums is optimistic about its strategic partnerships with Origines-parfums as well as Moncler SpA. Interparfums SA signed an agreement with renowned luxury brand, Moncler SpA in June 2020. The deal gives Inter Parfums rights to fragrance-related items in Moncler monobrand stores along with few other specialty shops, department stores and duty-free shops.

In June, 2020 Inter Parfums’ subsidiary acquired 25% of Divabox’s capital. Notably, Divabox is the owner of Origines-parfums, a renowned French company in the online beauty market. The deal will enhance Inter Parfums’ fragrance line and product range as well as ramp up digital development, courtesy of Origines-parfums’ solid customer expertise. Well, management is on track to expand its business through new licenses or acquisitions.

We note that shares of this Zacks Rank #3(Hold) company have gained 18% year to date compared with the industry’s growth of 10.1%.

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The Estee Lauder Companies EL, with a Zacks Rank #2 (Buy), has a long-term earnings growth rate of 10.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The J. M. Smucker Company SJM, currently carrying a Zacks Rank #2, has a long-term earnings growth rate of 1.7%.

United Natural Foods, Inc. UNFI, currently carrying a Zacks Rank #2, has a trailing four-quarter earnings surprise of 13.6%, on average.

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