Rémy Cointreau CEO resigns
Eric Vallat will step down as CEO of the French spirits group this summer in order to “dedicate himself to a new professional project”.
Following five years at the helm of Rémy Cointreau, Eric Vallat will hand over the reins to an unknown successor later this year.
According to the company, the search for a suitable replacement is already underway and Vallat has said that his “commitment will remain total until my official departure date”.
“On behalf of the board of directors, I would like to express our sincere gratitude to Eric for his commitment, leadership, and strategic vision,” said Marie-Amélie de Leusse, chairwoman of Rémy Cointreau’s board of directors.“Over the past five years, marked by Covid, a period of exceptional growth, and more recently a volatile economic and geopolitical environment, Eric has successfully maintained the course of a long-term value-driven strategy.
“Under his leadership, the group implemented a portfolio strategy that enabled us to gain market share for our liqueurs and spirits division, develop an efficient and effective digital plan, and strengthen the transition to sustainable development. We wish him every success in his future endeavours.”
Task ahead
Whoever steps in to fill Vallat’s shoes will have a task ahead of them. Rémy Cointreau, which counts brands including Rémy Martin, Mount Gay rum, single malt Bruichladdich and The Botanist gin among its portfolio, reported an organic sales drop of 17.8% in the first nine months of 2024-25, with a decline of 21.5% in the third quarter.
This will be partly due to the anti-dumping tariffs threatened by China on EU brandy, which the Cognac industry said was costing it €50 million per month. Exports of Cognac to the Far East, mainly represented by China, dropped by 24.2% as a result of the 30.6% to 39% tariffs introduced in the form of guarantees from 11 October 2024.
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Rémy Cointreau said in January that it would be “obliged” to increase Cognac prices for consumers in China as a result of the newly-imposed tariffs, which may also have impacted sales.
In March, China announced it was postponing the permanent application of extra customs duties on Cognac for three months. Originally due to come into force in early April, the tariffs are now again up in the air, but the move was celebrated by French commerce representatives.
“This delay is a crucial first step, and we’re committed to taking further actions to fully resolve this issue,” said French Foreign Minister Jean-Noel Barrot.
Rémy Cointreau has not revealed the nature of the project that Vallat intends to pursue following his resignation.
“I will be leaving the group with the sense of having strengthened its foundations, and I am convinced that my future successor will be able to rely on strong brands to prepare for the recovery and give new momentum to our value strategy,” said Vallat.
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