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China assists Remy Cointreau to offset US decline
Rémy Cointreau has posted its third-quarter sales showing a less-than-expected dip thanks to exports of Cognac to China.
French spirits maker told Reuters this week that reduced Cognac consumption in the US was stemmed by shipments to China ahead of the Lunar New Year celebrations.
Rémy Cointreau reported revenues of €437.6 million (US$475.6 million) for the three months through December as well as an organic drop of 6% from a year earlier, which was still ahead of analysts’ predicted €433.3 million.
Sales at its Rémy Martin Cognac division dropped 11% in the quarter largely due to the slowdown of Cognac sales in the US.
In its financial report, Rémy Cointreau stated: “Despite disruptions triggered by unprecedented levels of Covid, the group successfully generated robust sales growth ahead of the Chinese New Year and in anticipation of a full recovery in business.”
Never resting on its laurels, Rémy Cointreau recently the first global brand to introduce a closed loop spirits distribution system in the UK through a partnership with ecoSpirits in a bid to make headway towards its sustainability objectives.
The group also returned to the TFWA show in Cannes last year, showcasing the launch of its first travel retail exclusive gin, The Botanist Hebridean Strength Gin, illustrating that it was determined to innovate, prioritise sustainabilty and also network to make new deals for the future.