The French, of brandy – and-likeurmaker, Rémy Cointreau saw it on Friday, nearly half a billion dollars (450 million euros) in market value to evaporate after the release of the sales figures. In a commentary on the figures, warned the group that the potential impact of an outbreak of corona virus in China, the demand for cognac.
The Chinese people are particular fans of that expensive brandy. “The potential impact of the corona virus in our business can be significant, as we are exposed to in China,” said the financial director, and Luca Marotta at business analysts, in a note to the sales figures for the third quarter of the year.
“We don’t have hard numbers, but it is clear that we need to worry, since China has become a major driver of growth, it is.”
The stock Remy Cointreau – a mixture of Remy Martin cognac and Cointreau (liqueur) – had a 10 percent decline. Cognac accounts for more than 70 per cent of the turnover of the group’s sales in China, an estimated 20 percent of the profits.
as the Chinese new year, which is Saturday, begins and in two weeks it is held, it is an important time for the treatment. Marotta, of Rémy Cointreau said that in the case of the corona virus has no direct effect on exports to China. “Because it’s morning already. However, the likelihood is that this is for the sale of European spirits in the coming months, and will get, it is very real to them.”
