Sales at the House of Rémy Martin declined 7.5% on an organic basis in 2019/20 (down 5.0% on a reported basis). Mainland China had another year of very strong growth despite fourth-quarter sales being hit hard by the pandemic. Performance in other markets was more mixed, particularly in Travel Retail, the United States (due to retailers reducing their stocks) and Europe (due to changes in the distribution network).

In spite of an unfavourable environment, the upscaling strategy continued to filter through into very positive mix and price effects (adding 2.6% to sales), partly making up for lower volumes over the period (down 10.1%).

Current Operating Profit totalled €199.5 million, down 15.3% on a reported basis, while the current operating margin came out at 27.1%, compared with 30.4% the previous year. Although the gross margin rose by one percentage point, structure costs and increased communication investment to support the autumn 2019 launch of the new Rémy Martin “Team Up for Excellence” campaign weighed on profitability.