French perfume maker Interparfums on Wednesday raised its 2020 sales forecast slightly, helped by a rebound in business following the easing of coronavirus lockdowns.
The company had to postpone some major launches due to the COVID-19 pandemic, which led to store closures and disrupted supply chains, but has seen a gradual improvement since early July as restrictions were lifted.
“Should this trend be confirmed, we are confident that we will be able to return to a robust rate of growth and a double-digit operating margin by 2021,” Executive Vice President Philippe Santi said in a statement.
The company, which develops perfumes for luxury brands, said it plans to launch an eco-friendly initiative by fashion and perfume house Rochas, a collection under Lanvin and a series for Montblanc Explorer in 2021.
Interparfums now predicts full-year revenue of above 340 million euros ($410.45 million), up from around 320 million-330 million euros previously, with an operating margin of around 7% to 8%.
Analysts in a company-provided poll had expected an 8.8% margin and 336.1 million euros of revenue for 2020.
By Sarah Morland and Juliette Portala; editors: Christian Schmollinger and Ramakrishnan M.