Marcella Cacci to head Burberry Fragrances
reigns as president of Burberry Fragrances worldwide on 15 March
2005.
Burberry Fragrances will be a new operating division dedicated solely to the Burberry brand within Inter Parfums, the company's Paris based subsidiary. Inter Parfums signed a new long-term fragrance license agreement with Burberry in October 2004.
Cacci will be responsible for the strategic direction, management and operational control of Burberry Fragrances.
Philippe Benacin, chief executive officer of Inter Parfums, said: "Marcella Cacci's understanding of the luxury market combined with strong commercial direction and marketing expertise will bring added dimension to the Inter Parfums team."
Last month, Inter Parfums reported a better than expected sales performance for the fourth quarter and full year 2004. The company said that favourable currency exchange and its Burberry branded fragrances were the main reason for the result, but added costs meant that profits should remain steady.
Fourth quarter net sales were reported to be better than expected at $63.4 million (€48.8m), raising net sales for the year to $235.6 million. This was a 29 per cent and 27 per cent increase over the $49.2 million and $185.6 million reported for the fourth quarter and full year in 2003.
The company said it did not expect to issue its operating results for the fourth quarter and full year until early March, but added that the figures were expected to meet projected net income goals for 2004 of approximately $15.8 million.
However, higher than anticipated sales are not expected to produce a corresponding increase in net income as the increased sales are partially the result of changes in currency exchange rates, combined with the fact that the company incurred increased expenses in connection with compliance with the new Sarbanes-Oxley internal controls requirements.
These controls were introduced by the US government to ensure that all companies in the country comply with regulations on corporate governance, accounting practices and financial disclosures.
The company also said that it was sticking to projected net sales of approximately $280 million for 2005, a 19 per cent increase compared with 2004. Net income for 2005 is expected to be approximately $15.8 million.
