Latest news with #RemyMartin
Business Times
12-06-2025
- Business
- Business Times
French cognac makers offer China minimum import prices to fend off tariffs
[PARIS/LONDON] Negotiators representing French cognac producers suggested minimum prices for exports to China of between US$20 and around US$300 per litre as an opening bid in talks aimed at ending a tariff stand-off with China, a document seen by Reuters shows. The minimum prices are part of efforts to avoid permanent tariffs of up to 39 per cent amid tense negotiations with China's commerce ministry, which has opened an anti-dumping investigation focused on the sector. They were sent to producers several weeks ago for their approval by a Paris-based law firm negotiating on the spirit makers' behalf. A spokesperson for the law firm, GIDE, declined to comment. The industry, grappling with falling sales and simultaneous tariff threats from the US, its other key market, has been fighting to secure a deal with China since Beijing first threatened to levy the duties in January 2024. The move came amid a wider trade dispute with the European Union after it imposed tariffs on imports of Chinese electric vehicles. A flurry of political meetings in Paris and technical discussions in Beijing last week raised hopes that a settlement of the trade spat was imminent. But the talks ended with no deal, leaving just weeks to go before a Jul 5 deadline for Beijing to wrap up its anti-dumping probe. Chinese authorities subsequently announced that the industry had made a voluntary 'price pledge' and it was reviewing its terms. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The price list seen by Reuters included a 'minimum import price' for different bands of cognac defined by how long the spirit has been aged, ranging from two years for the cheapest 'Very Special' (VS) cognacs to the most expensive 'Extra Extra Old' (XXO), aged 14 years or more. Under the offer, VS cognac would have a minimum import price of 144.70 yuan (S$25.78) per litre, while 'Very Superior Old Pale' (VSOP), aged for at least four years, would be priced at 177.92 yuan. High-end 'Extra Old' (XO) would cost 526.52 yuan to import, with the XXO category, where prices reach thousands of US dollars per bottle and more, costing at least 2,126.07 yuan per litre. France's BNIC industry body declined to comment on the prices, citing confidential negotiations. 'We keep waiting and hoping for a good outcome,' a BNIC spokesperson said. The prices in the document refer to the price paid for cognac by importers in China, with distributors, wholesalers, retailers and consumers paying more to buy it. Reuters was not able to determine current import prices across the sector, led by LVMH's Hennessy, Pernod Ricard's Martell and Remy Cointreau's Remy Martin. Hennessy's VS cognac currently sells to consumers for around US$100 per litre on Tmall. Remy Martin's cheapest label meanwhile fetches around US$110 to US$350 for its XO cognac. Talks ongoing Chinese authorities have already imposed steep provisional duties on imports of European brandy – mostly made up of French cognac – in the dispute with the EU. Laurence Whyatt, analyst at Barclays, said it wasn't clear the industry had made a major concession in the price offer seen by Reuters. 'Import prices are usually a third to a half of the retail price, so the prices detailed appear commensurate to the existing import prices,' he said. However, the document seen by Reuters reflected the sector's opening offer and talks are ongoing. A source familiar with the discussions said after weeks of back and forth, the two sides seem potentially close to agreement, but another person said the talks were tough and the sector was being pushed to make a bad deal. A settlement with China, the most important export country by value for France's US$3 billion cognac industry, that removes the duties would be a boon for the sector, whose growth prospects have been hurt by the tariff dispute. REUTERS
Yahoo
12-06-2025
- Business
- Yahoo
Exclusive-French cognac makers offer China minimum import prices to fend off tariffs
By Tassilo Hummel and Emma Rumney PARIS/LONDON (Reuters) -Negotiators representing French cognac producers suggested minimum prices for exports to China of between $20 and around $300 per litre as an opening bid in talks aimed at ending a tariff stand-off with China, a document seen by Reuters shows. The minimum prices are part of efforts to avoid permanent tariffs of up to 39% amid tense negotiations with China's commerce ministry, which has opened an anti-dumping investigation focused on the sector. They were sent to producers several weeks ago for their approval by a Paris-based law firm negotiating on the spirit makers' behalf. A spokesperson for the law firm, GIDE, declined to comment. The industry, grappling with falling sales and simultaneous tariff threats from the United States, its other key market, has been fighting to secure a deal with China since Beijing first threatened to levy the duties in January 2024. The move came amid a wider trade dispute with the European Union after it imposed tariffs on imports of Chinese electric vehicles. A flurry of political meetings in Paris and technical discussions in Beijing last week raised hopes that a settlement of the trade spat was imminent. But the talks ended with no deal, leaving just weeks to go before a July 5 deadline for Beijing to wrap up its anti-dumping probe. Chinese authorities subsequently announced that the industry had made a voluntary "price pledge" and it was reviewing its terms. The price list seen by Reuters included a "minimum import price" for different bands of cognac defined by how long the spirit has been aged, ranging from two years for the cheapest "Very Special" (VS) cognacs to the most expensive "Extra Extra Old" (XXO), aged 14 years or more. Under the offer, VS cognac would have a minimum import price of 144.70 yuan ($20.16) per litre, while "Very Superior Old Pale" (VSOP), aged for at least four years, would be priced at 177.92 yuan. High-end "Extra Old" (XO) would cost 526.52 yuan to import, with the XXO category, where prices reach thousands of dollars per bottle and more, costing at least 2,126.07 yuan ($296.16) per litre. France's BNIC industry body declined to comment on the prices, citing confidential negotiations. "We keep waiting and hoping for a good outcome," a BNIC spokesperson said. The prices in the document refer to the price paid for cognac by importers in China, with distributors, wholesalers, retailers and consumers paying more to buy it. Reuters was not able to determine current import prices across the sector, led by LVMH's Hennessy, Pernod Ricard's Martell and Remy Cointreau's Remy Martin. Hennessy's VS cognac currently sells to consumers for around $100 per litre on Tmall. Remy Martin's cheapest label meanwhile fetches around $110 to $350 for its XO cognac. TALKS ONGOING Chinese authorities have already imposed steep provisional duties on imports of European brandy - mostly made up of French cognac - in the dispute with the EU. Laurence Whyatt, analyst at Barclays, said it wasn't clear the industry had made a major concession in the price offer seen by Reuters. "Import prices are usually a third to a half of the retail price, so the prices detailed appear commensurate to the existing import prices," he said. However, the document seen by Reuters reflected the sector's opening offer and talks are ongoing. A source familiar with the discussions said after weeks of back and forth, the two sides seem potentially close to agreement, but another person said the talks were tough and the sector was being pushed to make a bad deal. A settlement with China, the most important export country by value for France's $3 billion cognac industry, that removes the duties would be a boon for the sector, whose growth prospects have been hurt by the tariff dispute. ($1 = 7.1788 Chinese yuan renminbi) Sign in to access your portfolio
Daily Mail
09-06-2025
- Entertainment
- Daily Mail
James Haskell reveals he's undergone surgery on painful injury just days after his dad's death as he shares new health update
James Haskell has revealed he underwent secret surgery on his arm, just days after his father's death. The former English rugby player, 40, took to social media to pay tribute to his dad Jonathan, who recently passed away after a long illness. Previously announcing his death, James told his followers: 'This is never an easy thing to write. 'My dad has passed away, and while it's unbearably sad, it's also a celebration of an incredible man.' The former I'm A Celebrity campmate added: 'He made me who I am. He supported me at every game, pushed me to be better, and loved me unconditionally. From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the Daily Mail's new Showbiz newsletter to stay in the loop. 'His work ethic was second to none. He was an amazing husband, a loving father, and a man who would help anyone in need.' On Monday, James raised a glass to his father, sharing a picture of him drinking his favourite drink, writing: 'It's never easy losing someone you love, but moments like these are made a little more bearable @remymartin. 'Their Cognac was one of my old man's favourites. Raising a glass feels like the perfect way to honour his memory and celebrate his life.' As the dad-of-one raised a glass for his father, one fan noticed James' right hand was bandaged. The eagle-eyed follower probed: 'Hope u are ok bro what happened to the hand mate.' James was swift to reply, revealing: 'Had a screw removed, wear and tear throughout the years.' According to the NHS, the procedure is typically carried out under local or general anesthesia. Meanwhile, James recently admitted what really caused his marriage to Chloe Madeley to end after five years of marriage. Haskell and Chloe, 37, the daughter of television presenters Richard Madeley and Judy Finnigan, split when their daughter, Bodhi, was aged just one at the time. He explained his love of boozing contributed to the demise of their union. 'If I put more time into my marriage than I did Guinness, then I wouldn't be divorced now,' Haskell said. Speaking at the Pub in the Park festival in west London, James said he now has a much better relationship with Chloe. 'It's one of those things in life where some things don't work out, but I have so much love for my daughter and Chloe,' he told the Daily Mail's Richard Eden. 'It's team work.' He added: 'What we all forget is when you have children and a marriage finishes, it's all about the kids. Chloe and I are amazing co-parents. Our priority is always Bodhi.' Haskell said he's now single after dating advertising executive Helen Barclay at the start of the year. 'I don't really date,' he says. 'My priority is not that at the moment. I don't need anyone. I'm very happy and comfortable. My focus is, obviously, saying goodbye to my dad, work, and being the best dad in the best order.'
Daily Mail
04-06-2025
- Business
- Daily Mail
French brandy and liqueur-maker Remy Cointreau axes sales targets as Trump tariffs bite
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.
Fashion Network
04-06-2025
- Business
- Fashion Network
Remy Cointreau withdraws its mid-term goals and posts lower annual profits
French spirits group Remy Cointreau reported a smaller-than-expected 30.5% drop in annual organic operating profit, withdrew its mid-term goals, and said sales would return to mid-to-single-digit growth during the next financial year. The maker of Remy Martin cognac and Cointreau liqueur said on Wednesday that the lower profits reflected weak sales in its key markets of China and the United States, where the group also faces tariff threats. Remy Cointreau, which last week named luxury goods veteran Franck Marilly as its new chief executive, said it had decided to withdraw its objectives for 2029–30, citing continued uncertainty around tariffs. Its group operating profit fell 30.5% on an organic basis to 217 million euros ($246.7 million) for the full year ended March 31, 2025. This compares with analysts' expectations of a 31.7% fall in a company-compiled consensus of 15 analysts. ($1 = 0.8796 euros)
