Philippe Benacin on pricing strategy
From La grande interview : Interparfims affiche une belle croissance · · BFM Crypto
“We have practically not increased our prices in the last two years, with the first significant price increase of only 5% made this year in February. Our price levels remain relatively low, around 100 to 110 euros for 100 ml sizes.”
On , Philippe Benacin, Co-Founder, Vice Chairman & President at INTERPARFUMS INC, spoke about pricing strategy during La grande interview : Interparfims affiche une belle croissance on BFM Crypto.
About Philippe Benacin
Philippe Benacin, co-founder and president of Interparfums, has discussed the company's financial performance and strategic outlook in several interviews in 2023. He reported a 43% increase in net profit for the first half of 2023 and raised the company's annual revenue forecast to around 800 million euros, driven by strong growth in the United States and Europe. Benacin noted that the company is aiming to approach one billion euros in revenue within three to four yearskus. He described the current period as "very difficult" due to supply-chain problems, raw-material shortages, and inflation, but stated that the company has not significantly raised prices, with only a 5% increase in February 2023. Benacin has commented on the company's brand portfolio and market trends. He stated that Interparfums is not heavily dependent on China, which represents about 3% of revenue, and that growth in that market has been flat. He expressed confidence in the company's licensing agreements, noting the renewal of the Mont Blanc license until 2030 and the upcoming launch of a Lacoste license in 2024. Benacin also observed a growing demand for niche, high-end perfumes priced between 200 and 300 euros, a segment he previously doubted. He attributed the unexpected success of the Jimmy Choo "Legend" launch to the product's quality and immediate consumer appeal, noting it exceeded initial sales projections.