Latest news with #RémyMartin
New York Times
17 hours ago
- Business
- New York Times
China Sets Steep Duties on European Brandy but Spares Biggest Producers
China said on Friday that it would impose steep duties on European brandy, mostly French Cognac, but softened the blow by sparing the largest producers after they agreed to change the prices they charged. The deal came at a delicate moment in trade relations between Europe and China as each accuses the other of dumping, of unfairly subsidizing industries and of imposing other barriers to trade. The Chinese Ministry of Commerce announced duties of up to 34.9 percent on imported European brandy, the conclusion of a dumping investigation started last year that sent shudders through the industry, particularly among French Cognac brands with extensive sales in China. Beijing imposed preliminary penalties against European brandy makers in October after the European Union voted to impose anti-subsidy tariffs on Chinese electric cars. France had led the push for the electric car tariffs, and almost all the brandy imports targeted by China come from France. But after a flurry of diplomatic efforts, the biggest European Cognac producers — including the makers of Hennessy, Martell and Rémy Martin — were spared the duties by making a 'minimum price commitment,' the Chinese Commerce Ministry said. China's foreign minister, Wang Yi, was scheduled to meet President Emmanuel Macron of France in Paris on Friday. European leaders are scheduled to be in Beijing for a summit starting July 24. Want all of The Times? Subscribe.
Business Wire
a day ago
- Business
- Business Wire
Price Undertaking Agreement in China for Rémy Cointreau
PARIS--(BUSINESS WIRE)--Regulatory News: As part of the anti-dumping procedure initiated on January 5, 2024, by the Ministry of Commerce of the People's Republic of China (MOFCOM), Rémy Cointreau (Paris:RCO) announces the conclusion of an agreement between the Chinese authorities and certain cognac producers regarding 'Price Undertaking agreement' applicable to imports of grape-based spirits in containers of less than 200 liters originating from the European Union. Under this agreement, certain cognac stakeholders affected by the procedure commit, each according to their own terms, to comply with a minimum import price in China. In return, the 'definitive' anti-dumping duties that were to be imposed on European exports will not be applied (for reference, the official 'provisional' rate was 38.1% for Rémy Cointreau's cognac division since October 11, 2024, in the form of a guarantee-backed deposit, and was reduced to 34.3% in its final version). This agreement in no way constitutes an acknowledgment of dumping practices. While the commercial terms of this agreement are less favorable than those that were in effect prior to the initiation of the investigation, they nonetheless represent a significantly more favorable outcome, or at the very least, a substantially less punitive alternative, compared to the imposition of definitive anti-dumping duties. At this stage, Rémy Cointreau is still awaiting further details regarding the practical arrangements for implementing this agreement, in order to be able to assess the impacts accurately. Thanks to this agreement, these impacts are expected to be far less restrictive than those initially anticipated at the time of the annual results publication on June 4, 2025, and will enable the strengthening of some investments in China. As a result, Rémy Cointreau will update its annual guidance when publishing first-quarter results on July 25. About Rémy Cointreau All around the world, there are clients seeking exceptional experiences; clients for whom a wide range of terroirs means a variety of flavors. Their exacting standards are proportional to our expertise – the finely-honed skills that we pass down from generation to generation. The time these clients devote to drinking our products is a tribute to all those who have worked to develop them. It is for these men and women that Rémy Cointreau, a family-owned French Group, protects its terroirs, cultivates exceptional multi-centenary spirits and undertakes to preserve their eternal modernity. The Group's portfolio includes 14 singular brands, such as the Rémy Martin and LOUIS XIII cognacs, and Cointreau liqueur. Rémy Cointreau has a single ambition: becoming the world leader in exceptional spirits. To this end, it relies on the commitment and creativity of its 1,856 employees and on its distribution subsidiaries established in the Group's strategic markets. Rémy Cointreau is listed on Euronext Paris.
South China Morning Post
4 days ago
- Business
- South China Morning Post
China offers tax refund to French cognac makers amid EU brandy anti-dumping probe: source
Beijing has extended an olive branch to French cognac producers by promising a 'significant' tax refund if they cooperate with its anti-dumping investigation into European Union brandy sold in China, according to an industry source with knowledge of the matter. Major brands Hennessy, Martell and Rémy Martin have been offered the terms, said the person, who spoke anonymously due to the sensitivity of the issue. To qualify, producers must agree to Beijing's demands, commit to a minimum selling price and refrain from dumping practices, the person said, adding that negotiations were ongoing but the refunded amount should be 'pretty significant'. Last October, Beijing imposed temporary anti-dumping duties on brandy and cognac imported from the EU in retaliation for the bloc's tariffs on made-in-China electric vehicles. The investigation into European cognac, mainly produced in France, will conclude on July 5. If no agreement is reached by then, the temporary tariffs of up to 39 per cent could become permanent. The Bureau National Interprofessionnel du Cognac (BNIC) – France's leading representative for the cognac industry – said both sides had negotiated a preliminary agreement to establish a minimum import price, pending approval from Chinese authorities.
Times
16-05-2025
- Times
My extravagant weekend on the cognac trail
Nothing says status like cognac, that's why rappers love it so much. But Cognac itself, a tranquil town in rural western France, is not quite what one might be expecting. To the casual observer wandering the cobbled streets, passing pale stone buildings with white sun-bleached shutters, it will not be apparent that this sleepy place is home to the most prestigious liquor houses in the world. It is behind closed doors and in dark cellars that since the 17th century cellar masters have fermented, distilled and aged grapes to create rare eau-de-vie spirit, which is then blended to create the amber liquid with which this town is synonymous. A two-hour drive from Bordeaux airport, the town is a honeypot for cognac lovers who come to make private tours of the vineyards and historic cellars of such prestigious cognac houses as Rémy Martin and Hennessy. Maison Martell's museum showcases the history of the production house, running since 1715 when Jean Martell arrived from Jersey aged 21. The museum's archives span 300 years, including letters written to the original vineries and art deco cognac ads. We enter the dim caves of the founder's cellar, sweet with the musky scent of cognac. There dusty oak barrels dating from the 1600s hold the original eau-de-vie which is still used to mix Martell today. Nearby, in the heart of the Bordeaux terroir, is the historic estate that was home to several generations of the Martell family. The 16th-century Château de Chanteloup is so idyllic that as we arrive in soft sunshine the tame baby deer that live in the grounds come to greet us on the terrace. Inside, it's art de vivre elegance, exquisitely decorated with pink velvet sofas with orange trim, white marble fireplaces, turquoise lamps and antique rugs found in the attic and hung on the walls as tapestries. The château has recently been opened to the public, although still only 'private friends of Martell' can stay. For everyone else, at the cost of €500 per person, it is possible to book a private table for six for a unique gastronomic experience: a pairing menu created by the Martel cellar master Christophe Valtaud and the three-Michelin-star chef Alexandre Mazzia in which rare Martell cognac is paired with gourmet cuisine, and served in a private dining room. The decor is softened minimalism. To one side of us is the open kitchen — all steel and chefs in whites. The menu is an opera of foods, prepared by the orchestra of chefs who we watch apply glazes, fire blow torches and sending our way edible objets d'art, some shaped like blossoming flowers, each paired to a richly smoked cognac. We are served langoustine with a seaweed and popcorn bonita and sesame and lemon-geranium condiment paired with Martell Odyssée. Followed by sweet, firm ceps cannele soaked and flambeed with cognac served with Martel XXO Grande Champagne. Coffee ice cream with cardamom, crystallised tobacco-leaf and cognac milk is served with Martell Epoche. It is an epic experience. And, like all the best things in this quiet town, only found if you know where to look. The Signature Martell Dining Experience costs €500pp, with a Cellar Experience €800, and with a Private Blending Experience, €1,800, House of Hennessy offers private visits dedicated to the life of its founder Richard Hennessy, which includes a rare tour of the founder's cellar, and a private guided tasting of Hennessy XO and Richard Hennessy, a blend made from some of the cellar's scarcest Richard Hennessy Private Tour, €500pp, An hour-long vintage horse-drawn carriage ride around the vineyards of this family-run artisanal cognac producer includes a tour with a member of the Bourgoin family and the chance to sample Pineau des Charentes among the vines. Details From €90, An experience dedicated to Louis XIII, Rémy Martin's finest cognac, takes guests inside the house's oldest cellars, on a tour of the Grande Champagne vineyards and includes tastings of the exclusive Louis XIII From €1500. Louis XIII The Experience. House of Remy Martin, Juillac-le-Coq,.
Yahoo
30-04-2025
- Business
- Yahoo
Rémy Cointreau: Annual Sales in Line With Expectations: -18.0% on an Organic Basis1
United States returns to strong growth in Q4 2024-25 COP organic margin confirmed Cognac (-32.8% on an organic basis in Q4): Steep decline in sales in China, reflecting an exceptionally high base of comparison, the inaccessibility of Chinese duty-free, a negative calendar effect (Chinese New Year) and harsh market conditions overall. Strong sales growth in the US following sequential improvements in volume depletions2 (RM VSOP steady in Q4) and a very favorable basis of comparison. Liqueurs & Spirits (+16.1% organic rise in Q4): significant growth in the United States and, to a lesser extent, in China Perfect execution of cost-cutting plan (over €50 million this year) 2024-25 COP organic margin target confirmed 2029-30 strategic plan confirmed PARIS, April 30, 2025--(BUSINESS WIRE)--Regulatory News: Rémy Cointreau (Paris:RCO) generated full-year sales of €984.6 million in 2024-25, down -18.0% on an organic basis. On a reported basis, sales declined -17.5%, including a positive currency effect of +0.5% linked mainly to trends in three currencies: the dollar, sterling and the renminbi. This integrates a -19.0% decline in organic growth in the fourth quarter of 2024-25, or -17.1% as reported. In 2024-25, the Americas region saw a decline of -20.2%, reflecting continued destocking in the first nine months of the year, in a market hit by slower consumption. Yet this figure does include a steep recovery in fourth-quarter sales growth. Sales in the APAC region were down -18.2%, impacted in particular by complex market conditions in China. Lastly, the EMEA region reported a -13.8% fall in sales that reflected mixed consumption trends, particularly for the Cognac division. Breakdown of sales by division: m(April 2024-March 2025) 2024-25 2023-24 Change asreported Organic change vs. 2023-24 vs. 2019-203 Cognac 611.8 778.6 -21.4% -21.9% -17.8% Liqueurs & Spirits 352.6 387.8 -9.1% -9.6% +33.7% Subtotal: Group Brands 964.3 1,166.5 -17.3% -17.8% -4.3% Partner Brands 20.3 27.7 -26.7% -27.2% -25.1% Total 984.6 1,194.1 -17.5% -18.0% -4.8% Cognac In the fourth quarter, Cognac division sales declined -32.8% on an organic basis. Excluding the impact of Chinese duty-free disruptions and calendar effects related to the Chinese New Year, the decline was -23.7%. As anticipated, this decline was primarily driven by a strong drop in sales across the APAC region, especially in China. The downturn was influenced by a high basis of comparison from the previous year, the inaccessibility of Chinese duty-free from December on, and, to a lesser extent, the negative calendar effect of Chinese New Year. Despite persistently challenging market conditions in China, Rémy Martin continued to gain market share and reported a slight increase in depletions during the New Year period. In contrast, the Americas—particularly the United States—rebounded sharply. Growth was driven by a very favorable base of comparison and a continued sequential improvement in volume depletions. Rémy Martin VSOP began to see the positive effects of its action plan, with volumes holding steady in the fourth quarter. Lastly, the EMEA region reported a sharp decline in sales, reflecting the Group's decision to optimize distributors' inventory levels in order to move into the 2025-26 fiscal year under the best possible conditions. Liqueurs & Spirits The Liqueurs & Spirits division reported sales up +16.1% on an organic basis in the fourth quarter. The Americas region, especially the United States, generated a significant rise in sales, driven by the favorable base of comparison and the outperformance of Cointreau, St Rémy, Mount Gay and The Botanist. Sales in the EMEA region saw a moderate decline despite resilient underlying consumption in Europe, which reflected the Group's focus on optimizing distributors' inventory levels at the end of the year. Lastly, the APAC region saw strong sales growth thanks to excellent showings in China (Cointreau and Bruichladdich) and Japan (Bruichladdich and Telmont). Partner Brands Sales of Partner Brands declined by -29.7% on an organic basis in the fourth quarter. Recent developments: customs duties The Group has taken note of the provisional decision by China's Ministry of Commerce (MOFCOM) to impose additional duties of 38.1% on cognac imports coming into China starting October 11, 2024. If these provisional duties are confirmed, the Group will trigger its action plan to mitigate the effects starting in fiscal 2025-26. The impact on fiscal year 2024-25 is marginal. For now, MOFCOM's investigation is still ongoing. On April 2, 2025, the ministry announced an extension of the inquiry through July 5, 2025. Also on April 2, 2025, the US government announced plans to impose tariffs on all imports entering the United States, effective April 9, 2025. For Rémy Cointreau, this would mean customs duties of 20% on all imports from the European Union; 10% on imports from the United Kingdom; and 10% on imports from Barbados. On April 9, 2025, the United States announced a 90-day suspension of so-called "reciprocal" duties for countries open to negotiation—notably the European Union—while maintaining a minimum 10% tariff on all foreign goods except those from China. The European Union declared a parallel 90-day suspension of its countermeasures to the US tariffs. Outlook confirmed Rémy Cointreau has protected its current operating margin in organic terms as much as possible through continued tight cost controls and the deployment of a new cost-cutting plan totaling over €50 million. As a result, for full-year 2024-25, Rémy Cointreau confirms its current operating margin target of between 21% and 22% on an organic basis. Rémy Cointreau expects exchange rates to have a positive full-year impact of around €5 million on Current Operating Profit. 2024-25 will be a year of transition, with highlights including finalization of destocking in the Americas, and 2025-26 will mark a resumption of the trajectory set for 2029-30: high single-digit annual growth in sales on average and on an organic basis a gradual organic improvement in Current Operating Profit margin Rémy Cointreau reiterates its financial targets for 2029-30: gross margin of 72% and Current Operating Margin of 33% based on 2019-20 consolidated scope and exchange rates. About Rémy Cointreau All around the world, there are clients seeking exceptional experiences; clients for whom a wide range of terroirs means a variety of flavors. Their exacting standards are proportional to our expertise – the finely-honed skills that we pass down from generation to generation. The time these clients devote to drinking our products is a tribute to all those who have worked to develop them. It is for these men and women that Rémy Cointreau, a family-owned French Group, protects its terroirs, cultivates exceptional multi-centenary spirits and undertakes to preserve their eternal modernity. The Group's portfolio includes 14 singular brands, such as the Rémy Martin and LOUIS XIII cognacs, and Cointreau liqueur. Rémy Cointreau has a single ambition: becoming the world leader in exceptional spirits. To this end, it relies on the commitment and creativity of its 1,943 employees and on its distribution subsidiaries established in the Group's strategic markets. Rémy Cointreau is listed on Euronext Paris. A conference call with investors and analysts will be held today by CFO Luca Marotta, from 9:00 am (Paris time). Related slides will also be available on the website ( in the Finance section. Appendices Q1 2024-25 sales (April-June 2024) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 135.5 -0.6 - 136.1 155.1 -12.6% -12.2% Liqueurs & Spirits 75.8 0.3 - 75.6 95.0 -20.1% -20.4% Subtotal: Group Brands 211.3 -0.4 - 211.7 250.0 -15.5% -15.3% Partner Brands 5.7 0.0 - 5.7 7.5 -24.3% -24.6% Total 217.0 -0.4 - 217.4 257.5 -15.7% -15.6% Q2 2024-25 sales (July-September 2024) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 206.0 -0.9 - 206.9 261.0 -21.1% -20.7% Liqueurs & Spirits 105.9 -0.4 - 106.3 111.7 -5.2% -4.9% Subtotal: Group Brands 311.9 -1.3 - 313.2 372.7 -16.3% -16.0% Partner Brands 4.8 0.0 - 4.8 6.4 -25.2% -25.4% Total 316.7 -1.3 - 318.0 379.2 -16.5% -16.1% H1 2024-25 sales (April-September 2024) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 341.5 -1.6 - 343.0 416.1 -17.9% -17.5% Liqueurs & Spirits 181.7 -0.1 - 181.8 206.7 -12.1% -12.0% Subtotal: Group Brands 523.2 -1.7 - 524.9 622.7 -16.0% -15.7% Partner Brands 10.5 0.0 - 10.5 14.0 -24.7% -25.0% Total 533.7 -1.6 - 535.3 636.7 -16.2% -15.9% Q3 2024-25 sales (October-December 2024) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 155.7 2.0 - 153.8 197.1 -21.0% -22.0% Liqueurs & Spirits 92.5 0.9 - 91.6 114.6 -19.3% -20.1% Subtotal: Group Brands 248.2 2.9 - 245.4 311.8 -20.4% -21.3% Partner Brands 5.8 0.1 - 5.8 8.1 -28.4% -29.2% Total 254.1 2.9 - 251.1 319.9 -20.6% -21.5% 9M 2024-25 sales (April-December 2024) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 497.2 0.4 - 496.8 613.2 -18.9% -19.0% Liqueurs & Spirits 274.2 0.8 - 273.4 321.3 -14.7% -14.9% Subtotal: Group Brands 771.4 1.2 - 770.2 934.5 -17.5% -17.6% Partner Brands 16.3 0.1 - 16.2 22.1 -26.1% -26.5% Total 787.8 1.3 - 786.5 956.6 -17.7% -17.8% Q4 2024-25 sales (January-March 2025) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 114.6 3.3 - 111.2 165.4 -30.8% -32.8% Liqueurs & Spirits 78.3 1.1 - 77.2 66.5 +17.7% +16.1% Subtotal: Group Brands 192.9 4.4 - 188.5 232.0 -16.8% -18.8% Partner Brands 3.9 0.0 - 3.9 5.6 -29.3% -29.7% Total 196.8 4.4 - 192.4 237.5 -17.1% -19.0% H2 2024-25 sales (October 2024-March 2025) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 270.3 5.3 - 265.0 362.6 -25.5% -26.9% Liqueurs & Spirits 170.8 2.0 - 168.8 181.2 -5.7% -6.8% Subtotal: Group Brands 441.1 7.3 - 433.8 543.7 -18.9% -20.2% Partner Brands 9.8 0.1 - 9.7 13.7 -28.8% -29.4% Total 450.9 7.4 - 443.5 557.4 -19.1% -20.4% FY 2024-25 sales (April 2024-March 2025) €m Reported24-25 Forex24-25 Scope24-25 Organic24-25 Reported23-24 Reportedchange Organicchange A B C A/C-1 B/C-1 Cognac 611.8 3.7 - 608.0 778.6 -21.4% -21.9% Liqueurs & Spirits 352.6 1.9 - 350.7 387.8 -9.1% -9.6% Subtotal: Group Brands 964.3 5.6 - 958.7 1 166.5 -17.3% -17.8% Partner Brands 20.3 0.1 - 20.1 27.7 -26.7% -27.2% Total 984.6 5.7 - 978.8 1 194.1 -17.5% -18.0% Regulated information in connection with this press release can be found at Definitions of alternative performance indicators Rémy Cointreau's management process is based on the following alternative performance indicators, selected for planning and reporting purposes. The Group's management considers that these indicators provide users of the financial statements with useful additional information to help them understand its performance. These indicators should be considered as supplementing those including in the consolidated financial statements and resulting movements. Organic sales growth: Organic growth excludes the impact of exchange rate fluctuations, acquisitions and disposals. The impact of exchange rate fluctuations is calculated by converting sales for the current financial year using average exchange rates from the prior financial year. For current-year acquisitions, sales of acquired entities are not included in organic growth calculations. For prior-year acquisitions, sales of acquired entities are included in the previous financial year but are only included in current-year organic growth with effect from the actual date of acquisition. For significant disposals, data is post-application of IFRS 5 (which reclassifies entities disposed of under "Net earnings from discontinued operations" for the current and prior financial year). It thus focuses on Group performance common to both financial years, over which local management has more direct influence. __________________________ 1 All references to "on an organic basis" in this press release refer to sales growth at constant exchange rates and scope of consolidation 2 Wholesalers' sales to retailers 3 At constant exchange rates (2023-24 rates) View source version on Contacts Investor relations: Célia d'Everlange / investor-relations@ Media relations: Mélissa Lévine / press@ Sign in to access your portfolio
