FRANCE: Remy Cointreau predicts slowdown - report
The Chairwoman of French Cognac and Champagne group Remy Cointreau has said emerging markets in Asia will feel the effects of a slowdown in western economies, according to a report.
Dominique Heriard-Dubreuil told Reuters last week that Remy had planned for a year of stagnation as economic problems in the US and Europe reverberated into emerging Asian markets, albeit not as seriously.
Her stark comments were in contrast with drinks giants Diageo and Pernod Ricard, which have both strenuously denied vulnerability to falling consumer confidence and worsening economic conditions in key western markets.
Remy said in July that sales dropped 5.6% in its first quarter ended 30 June, largely because of a slowdown in the US. It warned of a tough year ahead.
Some drinks analysts have suggested emerging markets in Asia may help to insulate international drinks firms from the worst of the economic problems in the west.
Pernod Ricard CEO Pierre Pringuet said at the French wine & spirit group's results conference in July that there was "no sign of a slowdown in Asia".
He added that Asian economies, particularly China, had loosened ties with the US. "These economies rely much more on their domestic markets than before," he said.
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