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Family business roundup: Cheers to growth at Remy Cointreau and Prada

Crisis or no crisis, French family-controlled drinks-maker Remy Cointreau has reported annual revenues of more than €1 billion for the first time in its history, while luxury goods group Prada has seen net income for the first quarter shoot up by more than 100%.

Crisis or no crisis, French family-controlled drinks-maker Remy Cointreau has reported annual revenues of more than €1 billion for the first time in its history, while luxury goods group Prada has seen net income for the first quarter shoot up by more than 100%.

Paris-based Remy Cointreau, behind brands such as Remy Martin cognac and Mount Gay rum, said preliminary sales for the year ending 31 March rose by 13% to €1.02 billion. It had a turnover of €907.8 million in the previous fiscal year.

The rise was largely led by its cognac brand, which saw growth of 22%, said the group, controlled by the Heriard Dubreuil and Cointreau families.

Meanwhile, luxury goods-maker Prada, based in Italy and run by the husband-wife team of Patrizio Bertelli and Miuccia Prada, said on 7 June that revenues for the quarter ended 30 April increased by 47.9% to €686.7 million. Sales grew across all the group’s brands, including flagship Prada and Miu Miu, added the company.

Besides the rise in turnover, net income also increased significantly to €121.7 million from €57.7 million in the first quarter of 2011 – a jump of 111%. The family business said the results showed “excellent performance in Europe”, where sales rose by 55.5% in the quarter.

“We are more certain than ever that we have chosen the correct route to growth based on a balanced geographical presence around the world and on the strength of our brands,” said Bertelli, who serves as chief executive.

Across the Atlantic, Canadian dairy company Saputo, controlled by the eponymous family, said on 5 June that revenues for fiscal 2012 rose by 15.4% to CAN$6.93 billion (€5.38 billion). Earnings before interest, tax, depreciation and amortisation rose marginally by 5.4% to CAN$830.9 million.

But the group reckoned the next year will be challenging due to “the competitive dairy market of recent years”. Separately, Saputo said on 11 June that it is buying back 1.06 million common shares from a third-party seller, as part of its entitlement to “repurchase for cancellation”.

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