Moncler said on Thursday it had signed an agreement with France's Interparfums to start selling perfumes, as it seeks to diversify its brand and lessen the impact of the coronvirus crisis on the luxury goods sector.
The perfume maker has announced a 46.8% decline in Q1 net income, due to hefty sales declines in the Middle East and Asia early in the quarter, followed by decreases in other markets as the coronavirus pandemic evolved.
The perfume maker announced on Wednesday that its sales dropped 18.7% in the first quarter, with Coach and Guess-branded fragrances helping to offset some of the negative impact of the ongoing Covid-19 pandemic.
Following its announcement of record annual sales, the international fragrance company has reported a 12% increase in full-year earnings but reduced its 2020 outlook due to the ongoing coronavirus outbreak.
The fragrance company has announced record annual sales of $713.5 million for fiscal 2019, reporting particularly solid progress in its U.S.-based operations, where Guess, Abercrombie & Fitch and Hollister led gains.