French spirits group Rémy Cointreau, best known for its Rémy Martin cognac and Cointreau liqueur, is going through hard times. Amidst plummeting sales and geopolitical uncertainty, sales and profits are in free fall.
100 million euro tariff hit looms
In its latest financial year, ending 31 March, the French company saw its turnover fall 18 % to 985 million euros. Operating profit took a 29 % hit, dropping to 217 million euros, while net profit per share fell by more than a third to 2.36 euros. The disappointing results came as no surprise: the company had already issued several warnings and CEO Eric Vallat stepped down. Franck Marilly, who has a background in the luxury and cosmetics sector, will start as new CEO later this month and is tasked with finding a path out of the storm.
