Latest news with #Cognac
Bloomberg
15 hours ago
- Business
- Bloomberg
France Says Positive Outcome Possible in Cognac Probe Talks With China
France's trade minister said he believes Beijing and Paris can resolve a spat over duties on Cognac that is hammering French producers and complicating broader discussions on global commerce. China imposed temporary duties on the French alcoholic beverage in October, alleging dumping practices. In March, producers won a reprieve when Chinese authorities postponed the conclusion of their investigation to July 5.
Business Insider
6 days ago
- Business
- Business Insider
An LVMH exec says the luxury giant can't jack up prices on 2 key products to cover the hit from Trump's tariffs
French luxury giant LVMH said it had margins to increase the prices of its premium goods by 2 to 3% to offset President Donald Trump's tariffs, but two products will likely not see any price hikes. LVMH finance chief, Cécile Cabanis, said in a hearing in the French parliament on Wednesday that increasing the price of cognac and lower-priced beauty products would be difficult, per Reuters' translation. Cabanis said "the capacity to raise prices is not there" for these two products, per Reuters. Other products, like high jewelry, could withstand price increases. Per Reuters, LVMH's deputy CEO, Stéphane Bianchi, said in the hearing that buyers of LVMH's most premium products, like high jewelry, are likely to be able to absorb price increases. LVMH has seen a difficult few quarters, particularly with its alcohol sales. The company's cognac and spirits division reported a 17% sales decline in the latest quarter compared to the year before, per its earnings report. The report cited reasons for the slow performance, including "soft demand for Cognac in the United States and in China" and "uncertainties surrounding tariff policies." LVMH's cognac and spirit sales in 2024 were down 14% compared to 2023. Its perfumes and cosmetics sales remained flat in the recent quarter. It's not just cognac that's suffering — in the first half of 2024, LVMH sold 15% fewer Champagne bottles than the year before. In April, LVMH said it was looking at moving more of its production from Europe to the US to mitigate tariff risk. Per Trump's announcement on April 2, a baseline 10% tariff would be applied to goods from all countries entering the US. Goods from the European Union would be subjected to an additional 10% "reciprocal" tariff. But on April 9, Trump announced a 90-day pause on the additional tariffs to allow room for trade negotiations. Many of Trump's tariffs were blocked on Wednesday by the US Court of International Trade. However, the court did not specify what tariff-related action the administration must take. The Justice Department has appealed the court's order.
Yahoo
7 days ago
- Business
- Yahoo
Rémy Cointreau appoints new CEO
French spirits group Rémy Cointreau has appointed Franck Marilly as its new CEO. Marilly, whose appointment is effective 25 June, will succeed Éric Vallat, who stepped down last month to pursue 'a new professional project'. The newly appointed CEO brings over three decades of experience from FMCG companies including Unilever, Chanel and the Japanese group Shiseido. Marie-Amélie de Leusse, chairwoman of the board of directors of Rémy Cointreau said: 'We are convinced that he [Marilly] will bring a new dynamic and will be able to confidently address the new challenges of the group's growth in a complex macroeconomic and geopolitical context.' At Shiseido, which he joined in 2018, Marilly was the president and CEO of the EMEA region and the global fragrance division. Prior to joining the Japanese company, he spent nearly 17 years at Chanel, where held the title of chief executive of the EMEA region for the group's fragrance and beauty unit, and held multiple executive positions at multiple international subsidiaries. Before his time at Chanel, Marilly was president of the fragrance division for Unilever in France and held general management positions in various international subsidiaries. According to the Bruichladdich Scotch whisky owner, Marilly will bring "solid experience in international management, which is crucial for the global success of the group, as well as his deep knowledge of its key markets'. In February, Marilly was appointed Foreign Trade Advisor of France by a decree signed by the Prime Minister. Commenting on his appointment, Marilly said: 'Rémy Cointreau is today recognised for its unique centures-old heritage and its portfolio of exceptional brands. I will levearge my experience to pursue its value strategy and support the teams in a dynamic of sustainable performance. "Together, we will continue to accelerate the Group's development, capitalising in particular on the excellence of its know-how and its capacity for innovation, while meeting the expectations of a constantly evolving sector.' In its most recent financial update, Rémy Cointreau reported an 18% drop in annual sales on an organic basis, totalling €984.6m ($1.12bn). It is in line with the Rémy Martin Cognac manufacturer's prediction in January forecast that its sales would land 'at the lower end of the guidance range (close to 18%)'. Rémy Cointreau will announce its complete yearly results in June, having confirmed on 30 April its 2024-25 'current operating margin' goal of 21% to 22% on an organic basis. The group's Cognac division, which accounts for most of its revenue, experienced a 32.8% sales decline on an organic basis in the fourth quarter that ended in March, affected by an industry-wide halt on sales via China's duty-free channel. In the Americas, Rémy Cointreau's Cognac sales 'rebounded sharply', especially in the US, according to the company. "Rémy Cointreau appoints new CEO " was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
Who is Remy Cointreau's new CEO, Franck Marilly?
May 28 (Reuters) - French wines and spirits company Remy Cointreau ( opens new tab announced on Wednesday that Franck Marilly will replace CEO Eric Vallat who resigned earlier this year. Marilly will take up his new role on June 25, after a transition period working with Vallat. Marilly, 59, is from France and has more than 30 years of experience working in luxury and cosmetics groups. He is a graduate of the EDC Paris Business School. Having lived and worked internationally, he said in a press release he has a deep attachment to the land in south-west France, where he is from and where the Cognac region is located. Marilly started his career in the luxury industry as a general manager for a division of the fragrance group Chanel in 1991. He worked for consumer goods giant Unilever between 1994 and 2001, first as managing director of the cosmetics export division then managing cosmetics for Spain and Portugal followed by France and Belgium. Marilly came back to Chanel to be managing director of the Italian and then French market before being promoted to senior vice president of U.S. fashion. In 2010, he returned to Europe to become the continent's managing director for Chanel's fragrance and beauty until 2017. Before joining Remy Cointreau, he was working for Japan's Shiseido as President and CEO and Chairman of the EMEA and global fragrance division. In February, he was also appointed as Foreign Trade Adviser of France. Marilly will have to lead the French cognac maker through a period of sales decline and tariff threats in its key U.S. and Chinese markets. "We are convinced that he will bring a new dynamic and will be able to confidently address the new challenges of the Group's growth in a complex macroeconomic and geopolitical context," Chairwoman of the Board of Directors Marie-Amélie de Leusse said in a press release. Remy makes some 70% of its sales from cognac, mostly in the U.S. and China, but right now, drinkers in those nations are not buying the brandy and sales have fallen.
Yahoo
22-05-2025
- Business
- Yahoo
World Whiskey Society Unveils 20-Year-Old American Light Whisky Cigar Blend Gothic Edition
NEW YORK, May 22, 2025 /PRNewswire/ -- World Whiskey Society (WWS), renowned for curating rare and ultra-premium expressions, proudly introduces the newest addition to its exceptional portfolio: the American Light Whisky Cigar Blend Gothic Edition, aged 20 years. This 48% ABV whisky reflects World Whiskey Society's dedication to innovation and craftsmanship, blended with six different cask finishes that lend depth and character. Crafted to complement a fine cigar, this expression features finishing in Cognac, Tawny Port, Awamori, Tequila, PX Sherry, and Madeira casks. Each barrel type contributes its own unique layers of flavor, from rich dried fruits and dark chocolate to subtle spice, citrus, and herbal nuances. This Gothic Edition reveals a deep amber hue and an aromatic bouquet of figs, raisins, caramel, toffee and aged tobacco leaves. The palate unfolds in bold waves of roasted nuts and dark chocolate, brightened by hints of citrus and herbaceous undertones. The long, warming finish brings lingering impressions of dried fruit, dark caramel, and a touch of smokiness, enhanced by a trace of citrus zest and oak for a refined close to each sip. "The 20YR Cigar Blend showcases our passion for creating one-of-a-kind spirits," said Alex Kogan, CEO of World Whiskey Society. "From the blend of six distinct cask finishes to the bold presentation, this release is designed for whiskey enthusiasts looking for something truly special." The American Light Whisky Cigar Blend Gothic Edition is now available for $169 on the WWS online shop and select local retailers. For more information about World Whiskey Society and its full portfolio of rare and collectible whiskeys, please visit - About World Whiskey Society Established in 2020, the World Whiskey Society (WWS) comprises an ultra-premium collection of rare expressions previously unavailable to even the most sophisticated whiskey enthusiasts. WWS scours the globe far and wide with a singular goal in mind – uniqueness – before selecting a distillery partner to join WWS. Or they may choose to release something completely new by finishing small-batch American bourbon in exotic oak barrels from Japan. Whether it is the Classic Collection, the Reserve Collection, the tributes to Doc Holliday, or the Diamond Collection, WWS offers whiskies for everyday enjoyment and moments of celebration. Media Contact: Huiru Guo, hguo@ View original content to download multimedia: SOURCE World Whiskey Society
