Dive Brief:
- Remy Cointreau has a new chief executive officer: Valerie Chapoulaud-Floquet.
- Chapoulaud-Floquet is a liquor industry veteran who most recently served as president and CEO of the Americas division of Moet Hennessy Louis Vuitton LVMH. She replaces Thierry Pflanz, who abruptly quit five months ago after serving in the role for only three months.
- Chapoulaud-Floquet joins the maker of Remy Martin cognac, Cointreau liqueur, and other champagne and spirits brands at a difficult time. The company's net profit fell 62% in the most recent fiscal year.
Dive Insight:
It's hard to imagine a company with more serious problems right now. Remy Cointreau had grown dependent upon China for much of its growth. But the anti-corruption efforts there have hurt all luxury brands -- particularly Remy Cointreau. It's high-end cognacs were seen as much-desired "gifts" for officials.
And there is also the big, unspoken question about Pflanz' departure: Just exactly did he see at the company that made him leave it so quickly?