Remy Cointreau has hit the bottom in China - CEO
Valerie Chapoulaud-Floquet said 2017 will be a year of good results for Remy Cointreau in China
Remy Cointreau has bottomed out in China, the company's CEO has said as she predicted improved results in the country for 2017.
The Remy Martin owner has suffered in China over the past two years as anti-extravagance measures have hit Cognac demand. However, speaking yesterday, Valerie Chapoulaud-Floquet said she felt "confident" and "ambitious" over prospects in the country.
"We now want to see real results," she said.
The CEO's comments are further evidence of a Cognac turnaround in China despite Remy warning earlier this year that the important Chinese New Year period was "good, but not terrific".
In January, Remy posted a flat third quarter in China, leading analysts to suggest sales had finally bottomed out and that a rebound is on the way. Moët Hennessy also posted a bounce-back in China sales in February.
In April, the Bureau National du Cognac released new figures that showed Cognac export volumes to East Asia jumped 7% in the 12 months to March.
The slump in China, caused by Government measures, introduced in late-2012, that clamped down on gifting and large-scale banquets among officials, has changed Remy Cointreau's geographical balance. Yesterday Chapoulaud-Floquet confirmed that the US, where Cognac demand has increased, has taken over from China as the company's biggest contributor to profit.
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