Let $\mathfrak g$ be a symmetrizable Kac-Moody Lie algebra with Cartan subalgebra $\mathfrak h$. We prove that unique factorization holds for tensor products of parabolic Verma modules. We prove more generally a unique factorization result for products of characters of parabolic Verma modules when restricted to certain subalgebras of $\mathfrak h$. These include fixed point subalgebras of $\mathfrak h$ under subgroups of diagram automorphisms of $\mathfrak g$. This is joint work with K.N. Raghavan, R. Venkatesh and S. Viswanath.