High end spirits and champagne suffered severely in the global economic crisis – and this, of course, included cognac. But recent figures released by Remy Cointreau, LMVH and others show that this time of downturn might well be over.
In all of the food related divisions, high-end spirits and champagne have shown the strongest recovery. Showing the strongest growth is Champagne Lanson-BCC at 57 per cent. LMVH ( Hennessy ) is up 55 per cent and Remy Cointreau (Rémy Martin) 48 per cent. Pernod Ricard ( Martell ), who still has a significant debt after its purchase of Absolut Vodka in 2008, showed only a more modest increase of 17 per cent last year and, despite its high-end strategy, is down 5 per cent so far this year.
Of course, Remy Cointreau’s sale of its champagne division has helped the company a great deal, and this has also had the effect of strengthening market interest in other champagne houses.