Rémy Cointreau has launched a “Prestige” business unit, which will house a small clutch of its brands.
In a statement on LinkedIn today (11 March), the Rémy Martin owner said it had picked Ludovic du Plessis to head up the new division, which will look after the brands Louis XIII Cognac and Champagne Telmont.
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The unit will also oversee the group’s perfume house Maison Psyché.
Du Plessis will be in charge of “global development and brand awareness of our most exceptional luxury Maisons”, the group said.
He started at the French spirits major 14 years ago as executive director of the Louis XIII Cognac brand. Since 2020, he has been president of Champagne Telmont.
Following the appointment, du Plessis will also now join Rémy Cointreau’s executive team.
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By GlobalDataFranck Marilly, CEO of Rémy Cointreau, said: “This division has to be at the forefront of luxury trends and aims to drive new business opportunities, with boldness and the highest standards of luxury knowledge.
“I am convinced the experience and vision of Ludovic, nourished by more than 25 years of expertise in the luxury wines and spirits industry, will be key assets to achieve this ambition.”
Just Drinks has asked Rémy Cointreau for further details on the new division, including which countries it will focus on and how many staff will be working within the new business unit.
Earlier this year, Rémy Cointreau recorded a 2.8% increase in organic sales in its fiscal third quarter, which ran to the end of December.
Organic sales reached €261.1m ($311.2m) on a constant-currency basis, supported by an improved performance across its main business lines.
On a reported basis, sales dropped 3.3% to €245.8m, hit by exchange-rate fluctuations.
In the quarter, Rémy Cointreau’s Cognac business – its largest by sales – generated €150.2m in reported sales, down 3.5%.
However, the division delivered organic growth of 3.2%. Rémy Cointreau at the time said the “performance reflects solid momentum in the Americas region for the fourth consecutive quarter”.
Over the first nine months of its financial year, the company recorded sales of €735.4m, down 6.6% on the previous year.
On a constant-currency basis, sales were €772.4m, translating into an organic decline of 1.9%.
For its full financial year, Rémy expects organic sales to reach a range of flat year-on-year to low-single-digit growth.
In November, CEO Marilly said that growing sales was Rémy Cointreau’s “number one priority”.
“It is clear that a transformation is needed and transformation requires rhythm,” the former Shiseido and Chanel CEO reflected on an earnings call at the time, following the release of the company’s fiscal first-half results.
As the business goes through a “rethink and reset phase while targeting quick wins”, the CEO said he had found “five short-term priorities”.
These included “building a more agile, business driven organisation”, while “redefining how our brands express their DNA” and sticking to its “value strategy”.
Marilly added other priorities such as “revisiting mix and pricing with greater sharpness and alignment to today’s market conditions”.
He stressed the company was still “fully committed to our value strategy”.
