Inter Parfums Returns to Profit, Hikes ’15 Guidance

Inter Parfums Inc. converted an 18.6 percent increase in sales in the fourth quarter into a return to profitability and provided guidance for higher profits for 2015 than originally projected. In the three months ended Dec. 31, the New York-based fragrance firm recorded net income of $3.3 million, or 11 cents a diluted share, versus a net loss of $4.2 million, or 13 cents, in the year-ago quarter. Analysts on average expected EPS of 9 cents in the most recent period. Revenues rose to $125.1 million from $105.5 million, with sales up 25 percent at constant currency. Included in the revenue increase were a 19.3 percent sales gain, to $93.6 million, in European-based operations, and a 16.4 percent rise in U.S. based operations, to $27.1 million. Gross margin expanded to 59.4 percent in the quarter from 57.3 percent a year ago. Jean Madar, chairman and chief executive officer, attributed the revenue improvement to “a steady stream of product launches, the contribution of our new brands and the staying power of our best-sellers. In fact, in 2014, ongoing brand sales were ahead in all regions.” He said Inter Parfums’ three largest markets – Western Europe, North America and Asia – had sales growth of 14.4, 13.6

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Arrests Made in Lapo Elkann Case

Two men have been arrested for blackmailing Lapo Elkann, the Italian entrepreneur and founder of trendy eyewear and lifestyle brand Italia Independent, bringing the total number of people involved in the case to three. A spokeswoman for Elkann acknowledged the arrests of Fabrizio Pensa and Giovanni Bellavista, but declined to comment on the case against them. Bellavista is the brother of Enrico Bellavista, a waiter who, as reported, was arrested last December while waiting to receive about $111,000 from an Elkann associate at a Milan hotel. The Bellavista duo and photographer Pensa had already received about $37,000 from Elkann and were allegedly trying to up their demands; they all face charges of blackmail and attempted blackmail. Local media reports indicate that Pensa and the Bellavista brothers took Elkann into their home last year after finding him wandering the streets either drunk or high, and proceeded to film him “in compromising situations.” After initially paying them off to shield his family from negative publicity, Elkann reported the trio to the police when their demands escalated.

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