Key Takeaways:Interparfums is exploring new licenses with fashion houses that lack a fragrance line or want to switch partners, while also eyeing full-brand acquisitions as niche players grow.Brick-and-mortar remains competitive, but e-commerce demand is running ahead of expectations and helping offset store softness.Madar is optimistic for the holiday season, saying retailers are already “building inventory” ahead of Christmas.Jean Madar has been in the fragrance business since founding Interparfums in 1982 and becoming its chief executive in 1997. One could argue the French executive has seen it all as one of the biggest players in the industry alongside competitors Coty and Puig, which started off as pure fragrance houses. Yet the recent slowdown—paired with the continued resilience of the category—is prompting a shift in how the New York- and Paris-listed company thinks about scaling the business.“Next year will be a year where the growth will be modest, similar to 2025, but we are gearing up for 2027,” Madar said in an interview just hours ahead of releasing a full-year outlook that guided for a 1% increase in sales to $1.48 billion and a 5% drop in profitability to earnings per share of $4.85.Interparfums is watching the fragrance market return to more normal levels after several years of explosive expansion driven by the coronavirus pandemic and a continuing wellness wave. Today’s low-single-digit sales guidance follows years of low-double-digit gains, but consumer interest remains, Madar said.