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A high-growth paradise

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Maison Francis Kurkdjian’s flagship store closure in Nanjing’s Deji Plaza mall has become a telling metaphor for the shifting tides of niche fragrance brands in China. Once hailed as a crown jewel of LVMH’s ultra-premium fragrance portfolio, the closure (the brand maintains a presence in SKP and duty-free counters) speaks volumes about the mounting pressures brands now face in what was once a high-growth paradise.

— Read more in ‘Eau de exit’: Why Aesop, MFK are shuttering stores in China at Jing Daily.

Record Q1 2025 results

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Interparfums (NASDAQ: IPAR) reported record Q1 2025 results with net sales reaching $339 million, a 5% increase from $324 million in Q1 2024. European operations saw a 7% growth to $248 million, while US-based sales declined 1% to $94 million (3% organic growth excluding Dunhill impact).

Key brand performance included Jimmy Choo (+36%), Lacoste (+30%), and Coach (+11%) showing strong growth, while Montblanc declined 16%. Donna Karan/DKNY grew 5%, MCM increased 17%, and Roberto Cavalli saw 28% growth. The company is implementing selective price increases in August 2025 to offset new tariffs and higher costs.

— Read more in Interparfums, Inc. Reports Record 2025 First Quarter Sales at Stock Titan.

A bigger-than-expected drop

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Cosmetics giant Estee Lauder (EL.N), forecast a bigger-than-expected drop in fiscal 2025 sales on Thursday, signaling a slowdown in demand for beauty products in the American market and a longer road to recovery in the key China region.

— Read more in Estee Lauder sees bigger sales fall in 2025 on US slowdown, sputtering China recovery at Reuters.

Estée Lauder Cos. on Thursday said it’s moving ahead with plans to cut up to 7,000 jobs as it deepens its head-count reduction efforts, while reporting a 10% drop in third-quarter sales.

— Read more in Estée Lauder lays off 2,600 workers, out of its 7,000 target, as sales drop at MarketWatch.

Old news

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Shares of LVMH plunged 7.8% on Tuesday, losing its position as the world’s largest luxury firm to rival Hermès after an unexpected decline in first-quarter sales. LVMH reported a 3% year-on-year fall in first-quarter sales in a trading update published shortly after the market close on Monday, missing consensus analyst expectations for slight growth.

[...] LVMH shares on course for the worst session since March 2020. A 0.2% increase in the share price of Hermès saw the Birkin bag-maker’s market capitalization surpass that of LVMH.

— I meant to post this news when it came out in mid-April but I didn't! If you still want to know, read more in Luxury LVMH dethroned by Hermès as world’s most valuable luxury stock after sales miss at CNBC, or see LVMH perfume and cosmetics sales remain flat at The Industry.

Particular dynamism

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On Thursday, Amouage, the luxury perfume line based in Oman, reported a 48 percent increase in sales in its first quarter, reaching $100 million in retail sales. Growth was led by its 17 owned boutiques, which lifted 75 percent, while e-commerce and travel retail increased 52 and 49 percent respectively.

[...] Amouage noted particular dynamism in the US, where sales increased 41 percent, and became a top ten fragrance brand in the department store Neiman Marcus this year, whilst also climbing the rankings in SKP in China and Harvey Nichols in Saudi Arabia.

— Read more in Fine Fragrance Brand Amouage’s Sales Lift 48% at Business of Fashion.

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