Asian demand boosts sales at Remy Cointreau
French family business Remy Cointreau looks set for a double-digit rise in full-year turnover, after posting an 18.2% increase in sales for the first nine months of fiscal 2011/2012.
The Paris-based company, which is behind brands such as Remy Martin cognac, reported revenues of €821 million for April to December 2011.
This represents an organic increase, which excludes acquisitions, disposals and currency fluctuations, of 22.9%, or 18.2% when these factors are considered. Remy Cointreau sold off Piper-Heidsieck champagne in May in a deal worth €412 million.
The company had a particularly strong third quarter, with growth of 30.5%, thanks to high demand for Remy Martin in Asia and the early Chinese New Year – products have already been shipped to meet demand.
“Taking into account the exceptional items included in the third quarter, the group anticipates a decline in the fourth quarter. However, a strong full-year increase in turnover should be posted,” the company said in a statement. In fiscal 2010/2011, it reported revenues of €907.8 million.
Remy Cointreau was created through a merger of family-controlled companies Remy Martin and Cointreau. The Heriard Dubreuil and Cointreau families control just under 60% of the business, which is headed by family member Dominique Heriard Dubreuil.
The next issue of CampdenFB, to be published in February, features an exclusive interview with Heriard Dubreuil on the role of women in family businesses.
