The Misfits: Inter Parfums (IPAR) (IPT)

A luxury fragrance marketer with an unconventional approach to the market.

Allegory of Vanity, Antonia de Pereda, circa 1632, oil on canvas (Kunsthistorisches Museum)

Luxury retail is a unique beast in investing. Some clear winners have nurtured timeless brands, while others rise and fall with customer preferences.

Inter Parfums (NASDAQ: IPAR) doesn’t have what you would call the crème de la crème of luxury brands. Still, it is a unique player in the industry that has manufactured a 27,000% return for shareholders since going public in 1988 and has more than doubled the returns of the S&P 500 over the past 30 years.

Inter is an interesting study of the luxury business and how a company that can’t lay claim to brands in the upper echelon of luxury can still generate impressive returns. Let’s dig into how Inter Parfum has accomplished this uncommon feat.

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