NEW YORK — Fragrance supplier International Flavors & Fragrances said Wednesday that fourth-quarter profits slipped 1.6 percent on higher interest expenses.
Net earnings for the quarter ended Dec. 31 were $47.2 million, or 58 cents a diluted share, from almost $48 million, or 53 cents a share, in the same period a year ago. Excluding nonrecurring items such as restructuring charges, disposition of assets and a tax benefit, earnings per share for the fourth quarter were 53 cents, compared with 45 cents a year ago. Wall Street analysts expected earnings per share of 54 cents, according to Yahoo Finance.
IFF's quarterly sales increased by 7.6 percent to $553.5 million, from $514.3 million a year ago.
Robert M. Amen, chairman and chief executive officer, described the quarter as "strong," citing solid performance within the firm's flavors business, which grew 16 percent to $253 million. Within the fragrance business, however, which grew by 2 percent to $300 million, fine fragrance and beauty care experienced weakness in North America and Europe.
Last year "was a tough year for our fragrance [business] after a superb 2006," Amen said. "Fine [fragrance] and beauty [care] performed well until the fourth quarter, [which] ended 15 consecutive quarters of growth for the fine [fragrance] business." In total, fine fragrance and beauty care sales were down 2 percent for the quarter.
There was strength in the fragrance business in Asia, where sales rose 12 percent during the fourth quarter, and in Latin America, where 4 percent growth in fine fragrance and beauty care sales offset slight declines in functional fragrance and ingredient sales.
Yearly profits increased 9.1 percent to $247.1 million from $226.5 million in 2006.
IFF posted annual earnings per share of $2.86 last year, a 13.7 percent rise from $2.48 in 2006. Adjusted earnings per share for the full year were $2.66 compared with adjusted earnings per share of $2.32 in 2006, a 14.7 percent increase.
Annual sales neared $2.28 billion, an 8.6 percent rise from $2.1 billion in 2006 on fragrance sales that grew 6 percent to $1.27 billion.
Shares of IFF traded down Wednesday, closing at $39.48, a decrease of $4.02, or 9.24 percent. — Matthew W. EvansCoco Ribbon Enters Beauty
LONDON — Coco Ribbon is bringing its boudoir touch to bathrooms.
The luxury lifestyle brand has introduced a bath and body line dubbed CR by Cocoribbon. The five-unit collection is meant to round out the brand's offerings, which include apparel, chandeliers, artwork, furniture, lingerie and jewelry.
"We create all our Coco Ribbon products to be playful, unique and chic," said Alison Chow, who, with her business partner, Sophie Oliver, founded the brand in 2002. "Our philosophy for this range is a little bit of luxury every day."
All products in the beauty line feature a flower complex made with extracts of lotus, Chinese rose, black orchid and iris. The blend is said to soothe and soften skin to minimize the effects of free radical damage. Other ingredients include sweet almond oil, coconut oil and vitamin E.
The lineup comprises Little Miracle Balm, Heaven for Hands, Dream Body Cream, Angel Skin Bath Oil and Angel Skin Scrub. Prices range from 22 pounds, or $43.65 at current exchange, for a 50-ml. tube of hand cream to 40 pounds, or $79.37, for a 250-ml. jar of body scrub.
Distribution of CR by Cocoribbon includes the brand's Notting Hill boutique, Selfridges and Fenwick department stores, as well as a handful of independent retailers here. International launch plans have yet to be confirmed. Industry sources estimate the brand could generate retail sales of about 300,000 pounds, or $595,293, in its first year. — Lana Rose Silva
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast