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Remy Cointreau has bottomed out in China, the company's CEO has said as she predicted improved results in the country for 2017.

Valerie Chapoulaud-Floquet said 2017 will be a year of good results for Remy Cointreau in China

Valerie Chapoulaud-Floquet said 2017 will be a year of good results for Remy Cointreau in China

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.


Sectors: Company results, Spirits

Companies: Remy Cointreau

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