Rémy Cointreau is mulling the sale of its Champagne division, which has been hit hard by the economic downturn.

Rémy Cointreau said today (15 November) that it has commissioned the Crédit Agricole bank to initiate a competitive tendering procedure ahead of a possible sale of the Champagne business, which includes the Piper-Heidsieck and Charles Heidsieck brands.
 
The French wine and spirits group did not disclose a timeframe for the tendering. No one from the group was immediately available to comment further when contacted by just-drinks.

In 2006, Rémy Cointreau relinquished its secondary Champagne brands, retaining only Piper-Heidsieck and Charles Heidsieck. This year, faced with a slump in exports, the group announced it would cut a quarter of jobs at Piper-Heidsieck.

Rémy Cointreau’s results have increasingly been led by the Rémy Martin Cognac brand in Asia. Cognac sales rose by 20% in the firm’s fiscal half-year, to the end of September. Champagne sales also rose in the period, by 16%, but this was not enough to claw back a drop of 42% in the same period of 2009.

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