Coty locks in 40-year Marc Jacobs licence as Interparfums lifts target

Two reports published on the same day describe the same trade: fragrance and beauty under licence. Coty is securing Marc Jacobs for decades just as Gucci Beauty slips away, while Interparfums is improving its margin on flat sales.

A 40-year licence, no amount published

Coty’s statement of 4 November announces a long-term extension with WHP Global and G-III Apparel Group, the brand’s co-owners, and refers to a 40-year licence duration. The group gives no amount, royalty rate or expiry date, and does not say whether the 40 years run from 2003, when the partnership began, or from this extension. By way of comparison, its annual report puts the average duration of its licences at about 24 years.

WHP Global and G-III completed the purchase of Marc Jacobs from LVMH on 1 September 2026, through an equally owned joint venture in which WHP Global leads licensing. Marc Jacobs remains founder and creative director. The planned sale had surfaced in May.

From Daisy in 2007 to make-up in 2026

Daisy in 2007, Perfect in 2020, Daisy Wild in 2024: fragrance came before beauty, which was added to the licence in 2023. The group now ranks Marc Jacobs fragrances among the top 10 to 15 prestige women’s fragrances in the United States, the United Kingdom, Canada and Australia.

Marc Jacobs Beauty make-up, launched on 28 May 2026 on the brand’s website, sells for 26 to 42 dollars in the United States and 22 to 35 pounds in the United Kingdom. According to Coty, its retail sales are already exceeding targets.

Gucci Beauty: 250 million dollars banked

The contrast comes from Gucci. Under the agreement announced on 7 July 2026, Coty is handing the licence back to Kering and will run Gucci Beauty until at least 30 June 2027, about a year before the original term. The 250 million dollars cited on 4 November is the payment received at signing, not the total price. Coty states total consideration of about 400 million dollars, with a further 150 million by 30 September 2027 at the latest, of which up to 30 million is contingent.

This payment and free cash flow have cut financial net debt by more than 300 million dollars since June, to 2,576.4 million, or leverage of 3.1 times.

1,555.2 million dollars for Coty

In the first quarter of its 2027 fiscal year, ended on 30 September, Coty’s revenue fell 1%, and 2% on a like-for-like basis. Prestige accounted for 1,058.4 million dollars and Consumer Beauty for 496.8 million. Gross margin lost 120 basis points to 63.3%, partly because of freight and material costs linked to the Middle East conflict.

The six core prestige brands returned to growth of 5% like for like, against a 6% decline in the first half of fiscal 2026. Hugo Boss, Burberry, Calvin Klein, Marc Jacobs, Chloé and Kylie Cosmetics make up 73% of the division’s sales.

Interparfums: 430 million and a 67.1% margin

Interparfums, Inc. reported a flat third quarter at 430 million dollars. Its gross margin rose 360 basis points to 67.1%. That margin includes 7.9 million dollars of one-off tariff refunds, or about 1.8 points of sales by simple arithmetic.

The target moves by just 10 million dollars, to 1.49 billion in 2026 sales, and expected earnings per share remain at 4.85 dollars. Over nine months, sales reached 1,115 million, up 1% but down 1% organically.

Coach, Montblanc and Jimmy Choo drive sales

Over nine months, Coach grew 15%, Montblanc 8% and Jimmy Choo 5%, while Ferragamo slipped 2% and Lacoste 9%, despite a return to 4% growth in the third quarter. Asia-Pacific gained 12% and North America 4%, while the Middle East and Africa lost 19%, mainly because of the war.

The group is preparing the first fragrances from Longchamp, Off-White and Puma. With 240 million dollars in cash and investments, its management says it has the flexibility to take on one or more brands, owned or under licence.

What to watch before the end of the year?

Coty gives no full-year target and calls this a transition year. The group aims to complete its strategic review by the end of 2026 and then publish a broader outlook. Interparfums will give its first 2027 guidance on 18 November, after the market closes. Among competitors, Puig has set its course to 2032.

Information verified on 5 November 2026. Sources: Coty statement on Marc Jacobs, Coty results, agreement between Coty and Kering, Interparfums results filed with the SEC, WHP Global.