The maker of Remy Martin cognac and Cointreau liqueur has become the latest global drinks company to abandon its sales targets in the face of the trade war declared by US president Donald Trump.
Paris-listed Remy Cointreau, which has teamed up with The White Lotus actress Aubrey Plaza to promote one of its brands, said that the 2030 goals that it had set out in 2020 were no longer realistic.
It blamed tariffs as well as persistently slow US sales. However, the company’s shares climbed 4 per cent as it said the worst has passed in terms of sluggish sales.
‘We believe this difficult phase is now behind us,’ said chief executive Eric Vallat.
Its rivals, including Diageo and Pernod Ricard, have also withdrawn their sales targets as the sector endures a sharp slowdown from previous boom years for pricey liquors.
But Remy, which makes 70 per cent of its sales from cognac, mostly in the US and China, has suffered more than peers as drinkers in both nations ditch the brandy and both governments have levied tariffs.
Slow sales: Remy Cointreau – which White Lotus actress Aubrey Plaza (pictured) helps promote – said its 2030 goals were no longer realistic
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