The Investors’ Day that Rémy Cointreau organised in Cognac provided a great opportunity to get a deep understanding of cognac production and the unique characteristics of Rémy Martin’s products. Beyond that, the group gave more details about its 2019-20 financial objective, which is for exceptional spirits (>USD50) to account for 60-65% of the group’s sales (vs 45% currently). To reach this goal, it has two priorities: 1/ a recovery of Louis XIII to its 2012 status and 2/ a focus on the intermediate qualities Rémy Martin Club & 1738 which are priced higher than VSOP but lower than XO. We personally think that the group’s target requires making some acquisitions.
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