News Briefs for July 21, 2020
July 21, 2020•Remy Cointreau posted sales down 33% to €150.1 million ($172m) in its first quarter ended in June, as its core Remy Martin Cognac brand declined 39% to €99 million ($113m) owing to distributor destocking and weakness in the hard-hit travel retail sector. “The gradual recovery in global demand since May and very strong performance by Rémy Martin in the United States since the beginning of lockdown are masked by destocking by wholesalers,” the company noted. Meanwhile, Remy’s Liqueurs & Spirits division was boosted by a strong performance by the Cointreau brand in the U.S., Germany, and the U.K., where consumption of cocktails at home have made up for the closure of the on-premise. Overall, the Liqueurs & Spirits unit saw sales slip 17% to €46 million ($53m).
•Chilean winemaker Viña Tarapacá has named Washingtonville, New York-based Brotherhood Winery as its exclusive U.S. importer, effective immediately. Viña Tarapaca’s U.S. portfolio includes its Gran Reserva Tarapacá Etiqueta Azul, Gran Reserva Tarapacá Etiqueta Negra, and Gran Reserva Tarapacá Etiqueta Blanca, whose three varieties include Gran Reserva Tarapacá Cabernet Sauvignon, Gran Reserva Tarapacá Carmenère, and the Gran Reserva Tarapacá Organic range, a red blend made from organically grown grapes. The Viña Tarapacá range previously was handled in the U.S. by Winebow.
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