[Exclusive] 'KOICC', Importer of Lanvin, Jimmy Choo, and Montblanc Perfumes, Struck by Inter Parfums' Direct Entry... Receives 'Disclaimer of Opinion' Due to Supply Contract Termination

Uncertainty regarding the survival of KOICC, the corporation that has been exclusively responsible for the official import and distribution of famous global perfumes such as Lanvin, Jimmy Choo, Van Cleef & Arpels, Boucheron, and Moncler in Korea, has been highlighted as it received a 'disclaimer of opinion' in its audit report. The decisive cause is the collapse of the exclusive distribution system that had continued for about 20 years, triggered by the direct entry into the Korean market of the original contractor, the global perfume manufacturer 'Inter Parfums'.

The Core of KOICC's Growth: A 20-Year Partnership with Global Perfume Giant 'Inter Parfums'

Established in 1996, KOICC is a first-generation importer that has led the market by successfully launching numerous perfumes such as Anna Sui, Ferrari, Karl Lagerfeld, and Repetto in Korea. In particular, the core background that enabled KOICC to generate massive profits by selling perfumes in the Korean market was the exclusive domestic distribution contract for 'Inter Parfums' perfumes.

Inter Parfums is the world's largest perfume manufacturing company, producing most of the mid-to-low-priced designer perfumes familiar to the public, such as Lanvin, Montblanc, Van Cleef & Arpels, Jimmy Choo, Coach, Boucheron, Moncler, Paul Smith, and Abercrombie & Fitch. KOICC has established a close partnership by successfully establishing their flagship brands, such as Lanvin, Jimmy Choo, and Boucheron, in department stores and drugstores.

The End of the 20-Year Distributor System and the Painful 'Disclaimer of Opinion' Incident

However, the solid relationship between the two companies met its demise in September 2025, when Inter Parfums converted the domestic distributor (agency) system it had maintained for about 20 years into a direct-entry structure and established 'Inter Parfums Korea'.

The breakup with its flagship partner dealt an immediate and fatal blow to KOICC's financial condition. Samduk Accounting Corporation expressed a 'disclaimer of opinion' in KOICC's 2025 audit report. The auditor stated the core basis for the disclaimer of opinion, noting, "As the supply contract with the French perfume supplier was terminated during the current term, business activities have effectively ceased, and as of December 31, 2025, there is no inventory balance."

In fact, KOICC's sales amounted to approximately 30.239 billion won in 2024, but plummeted to about 22.486 billion won in 2025 when the supply was cut off, and the company turned to a deficit by recording a net loss of about 1.25 billion won. It was confirmed that the inventory of goods and supplies, which amounted to approximately 7.488 billion won at the end of the previous year (2024), was fully depleted and disposed of, resulting in a balance of '0 won' at the end of 2025. Regarding this, the auditor pointed out, "This situation implies a material uncertainty that will determine whether the company can continue as a going concern depending on future developments."

Inter Parfums Korea Forewarns Aggressive Moves, Perfume Market Faces Seismic Shift

Having lost its core supply chain and entirely lacking inventory to sell, KOICC is on the edge of a cliff where even its immediate survival as a company has become uncertain. On the other hand, the newly established Inter Parfums Korea is expected to aggressively penetrate the Korean perfume market in the future based on the solid distribution network and brand awareness previously established by KOICC. While KOICC, which led the popularization of imported perfumes in Korea, is in crisis after failing to overcome the wave of direct entry, a massive seismic shift is expected to occur in the domestic beauty and perfume industry with the full-fledged appearance of Inter Parfums Korea.