Rémy Cointreau returned to organic sales growth in the second quarter, with group sales up 4.2% and Cognac rising 12.4%. First-half sales reached €510.9 million, up 2.9% organically. The reversal from an 11% decline in the same quarter a year earlier is clear. Less certain is whether the rebound marks a recovery in demand or a recovery in shipments ahead of a major Chinese festival. Growth also came from other Asian markets and from Cognac in EMEA.
Sales have recovered faster than volumes, and the recovery has not been uniform across the portfolio. In the first half, group volume fell 0.4% while price and mix contributed 3.3 percentage points. Within Cognac the pattern ran in the opposite direction: volume rose about 16% while price and mix declined 5.7%. Management attributed the positive group-level mix effect largely to Cognac’s outperformance relative to Liqueurs & Spirits.
In Asia-Pacific, which drove much of the first-half improvement with organic growth of 14.3%, the acceleration was concentrated in China Mainland ahead of the Mid-Autumn Festival. Direct channels performed well. E-commerce sales in China Mainland rose more than 30% in the quarter and accounted for roughly 30% of the country’s sales. Louis XIII stood out, and Rémy Martin XO also strengthened, particularly in Hainan and certain travel-retail markets. First-half value depletions for Cognac in China Mainland rose by mid-single digits, with a stronger second quarter. Management has indicated that Mid-Autumn Festival depletions ran below expectations and that sell-in and sell-out will need to be realigned in the third quarter. The performance of Louis XIII and Rémy Martin XO suggests that demand for selected high-end expressions remains resilient, but the weaker-than-expected festival depletions leave open the question of how much of the shipment growth will be sustained.
In the Americas, shipments remained under pressure. Group sales in the region declined 5.5% in the first half, reflecting a high comparison base for Cognac and ongoing destocking linked to distribution changes in the United States. Sequential improvement in depletions points to a better underlying trend, although shipments remain affected by distribution changes and destocking. Cognac value depletions in the US were still down, but the rate of decline eased. Liqueurs & Spirits depletions in the same market continued to grow, supported by Cointreau, Mount Gay and The Botanist. European markets continued to face subdued consumption and elevated promotional activity, so the pressures on the group are not limited to channel effects in the United States.
Liqueurs & Spirits declined 7.4% organically in the second quarter and 7.0% in the first half. The division’s American depletions remained positive and the UK returned to growth, helped by new distribution and products such as Cointreau Spicy and Mount Gay Spiced. Cognac and Liqueurs & Spirits have not moved in step. The latter’s relative resilience in US depletions has not been enough to offset softer conditions in Europe.
Rémy Cointreau has reaffirmed its expectation of a return to sustainable organic sales growth in 2026-27, with momentum expected to build through the year. The next test is whether the improvement can extend beyond seasonal shipments and selected high-end expressions. Post-festival depletions in China Mainland, alongside further progress in US distribution and a stabilisation of Liqueurs & Spirits, will offer a clearer indication of whether the rebound can be sustained.
