All articles tagged with #cognac
Hennessy workers have initiated a strike in response to the company's decision to begin bottling its cognac in China, a move that has raised concerns over job security and the preservation of traditional production methods in France.
LVMH reported a 9% sales growth in 2023, but its Moet Hennessy wines and spirits division saw a 4% organic sales decline, particularly in Cognac, due to challenges in the US and China markets. Meanwhile, Rémy Cointreau's Cognac sales fell by 33.9% in the third quarter, leading to concerns about overstocking and potential tariff sanctions from China. Despite this, the company aims to focus on premiumization and reaffirms its targets. Speculation arises about the possibility of LVMH considering a standalone drinks company, but Chairman Bernard Arnault remains committed to the conglomerate.
Beam Suntory, the owner of Maker's Mark, is selling its Courvoisier Cognac brand to Campari Group for $1.2 billion. The deal includes full ownership of the brand, its operations in France, maturing stocks, and finished goods. Campari aims to expand its presence in the US and transform its growth profile in Asia and global travel retail. The acquisition allows Campari to strengthen its premium spirits portfolio and leverage its expertise in the Cognac category. Courvoisier is one of the world's largest Cognac brands, with significant revenue from the US market. The deal is expected to close in 2024.
French spirits company Rémy Cointreau has seen its shares drop to a three-year low as US consumers are turning away from cognac. The company's sales have been hit by a decline in demand for its Rémy Martin cognac brand, particularly in the US market. This drop in sales has led to a decrease in the company's stock price, reaching its lowest point in three years.
50 Cent's cognac brand, Branson, has settled a lawsuit with Rémy Martin over allegations that the bottle design was copied from Rémy Martin's jewel-shaped glass bottle. The terms of the settlement were not disclosed. Rémy Martin stated that they respect 50 Cent's entry into the cognac market.