Key Takeaways:Interparfums forecasts modest 2026 growth amid macro pressures and inventory destocking.Strategic brand extensions and owned labels drive the company’s cautious expansion.2026 investments position Montblanc, Guess, Ferragamo for major 2027 acceleration.With the fragrance category under pressure from macroeconomic headwinds, inventory restocking, and shifting consumer behavior, licensed fragrance house Interparfums SA is signaling a transitional year ahead. The group announced its guidance for its fiscal year ending December 31, 2026: net sales of $1.48 billion (up roughly 1% vs. full-year 2025 guidance of $1.47 billion) and diluted earnings per share (EPS) of $4.85, a decline of 5% vs. the $5.12 EPS figure for FY 2025.Conservative Growth in 2026While the business's top line modestly expands, the earnings decline reflects both one-time items and planned investments. On the earnings call, CEO Jean Madar stated that in 2026, the company will focus on consolidation and lay the foundation for long-term, profitable growth.“While current market dynamics largely influence a conservative outlook for 2026, we expect 2027 to be a very strong year as we ramp up the distribution of our newest brands.” He went on to explain that while the business intends to deliver a strong line of new fragrances in the coming year, broader macroeconomic challenges and ongoing inventory destocking are expected to persist into 2026.