Welcome in, today is Friday, July twenty-fourth, and we begin with Interparfums, where Premium Beauty News reports a second quarter of low single-digit growth. Interparfums Inc. reported second quarter net sales of three hundred forty-one million dollars, a two percent increase year over year, according to Premium Beauty News. The company develops and distributes fragrances under license for brands including Guess, Jimmy Choo, Coach, and Montblanc. That spread across accessible prestige and luxury makes its quarter one of the earlier reads on whether prestige scent demand is holding at low single-digit growth as currency and trade conditions tighten. Premium Beauty News characterises the first half as resilient growth despite geopolitical headwinds. That framing is not landing evenly. Industry reaction leans skeptical, with some in the trade pointing to a gap between the organic growth headline and steeper declines in published revenue. A recurring read in the channel is wait-and-see rather than confidence in a near-term recovery. For licensors and retail partners, the working number is the one on the page. Two percent leaves the category's summer trading marked at low single digits, on a portfolio broad enough that few fragrance operators can call it an outlier. Also today, the Financial Conduct Authority has tightened its regulation of Buy Now Pay Later, and Cosmetics Business reports the change lands directly on UK beauty brands and retailers that offer split payments at checkout. The outlet sets out what the regime means for the businesses offering the service, and for the customers who use it to spread the cost of a basket. The practical work sits in checkout mechanics, affordability checks, and the compliance language attached to them, which reads through to conversion and to average basket size for any brand running the option on its own site. Industry reaction frames the move as an overdue structural correction rather than anything new. A recurring point in that discussion is that Buy Now Pay Later expanded roughly two hundred times over seven years while sitting in a regulatory grey area, a pattern some in the trade compare to the payday lending cycle. There is also caution about durability. Some in the channel expect lobbying from the providers to soften or delay parts of the promised framework. Separately, LVMH has named Yann Musquin chief executive of LVMH Fragrance Brands, announced Thursday, July twenty-third, per Premium Beauty News, FashionNetwork, and WWD Beauty. This follows our earlier report on Romain Spitzer's move to Kering to lead Bottega Veneta. Musquin succeeds him and takes up the role on August third, reporting to Véronique Courtois, chair and chief executive of Parfums Christian Dior and of the group's beauty division. His brief centres on Givenchy Parfums and Kenzo Parfums. The reporting puts twenty-two years of luxury beauty behind him. L'Oréal from two thousand four, then Parfums Christian Dior, where as international marketing director for fragrances he oversaw the creation of Sauvage and work on Miss Dior and La Collection Privée. He moved to Louis Vuitton in twenty twenty-one to run fragrance and beauty and launch its make-up category, then to Givenchy at the end of twenty twenty-four. For scale, LVMH's perfumes and cosmetics division turned over eight point two billion euros in twenty twenty-five, ten percent of group revenue, per the same reporting. Now, a few more headlines moving the trade today. Chanel is expanding its Les Extraits line, sold by appointment in about fifty doors in China and two hundred globally, WWD Beauty reports. Symrise has signed an agreement to acquire all of Floral Concept, a French natural perfumery ingredients specialist, per Premium Beauty News. Signed, not yet completed. Sephora has opened a smaller, quicker boutique format on London's Carnaby Street, extending the UK run we reported on from Edinburgh, according to Cosmetics Business. And finally, Puig has increased its stake in Charlotte Tilbury, FashionUnited reports, following what it describes as unsuccessful integration talks with Estée Lauder, and ahead of Puig's next results.