FRANCE: Remy Cointreau revamps Champagne
Remy Cointreau is looking to restructure its Champagne business, according to local reports. Les Echos reported yesterday (9 June) that the French Champagne and spirits company is looking to offload some brands. Remy's Champagne business is presently posting an operating margin of 12.3% less than the group average of 18.5%, the paper noted.
The group will sell some of its Champagne brands, such as Bonnet, and abandon others to focus its efforts on Piper-Heidsieck and Charles Heidsieck, the paper claimed. Remy's three sites based in Rheims will also be merged into a single site within the next two years. No redundancies are expected from the move.
Remy Cointreau was unavailable for comment when just-drinks tried to contact the company earlier today.
Earlier this week, Remy Cointreau posted a large drop in full year net profit, following the assessment of an independent consultant who concluded that some of the group's regional values were overvalued. Net profit for the 12-month period to 31 March fell by 68.3% year-on-year to €24m from €76m a year earlier. Revenues rose slightly, however, by 1.9% to 905.3m.
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