Remy Contreau’s CEO bullish on Africa’s potential
Remy Cointreau’s CEO, Valerie Chapoulaud-Floquet, said on Thursday Africa’s contribution to the spirit maker’s revenue continues to grow and will soon be equal to 15% of Europe’s sales, up from less than 10% in the previous fiscal year.
Commenting on the firm’s full-year financial results, which saw the French spirits maker post an impressive 10.6% rise in profits, Ms. Chapoulaud-Floquet, said that Africa is like Asia 25 years ago, forecasting that the continent’s sales contribution to the firm will accelerate in the coming years.
She said that the company is looking to open new markets in Africa, particularly Ghana and Kenya.
“Over the next five or six years, the role of Africa might involve some 12 or 15 countries. In other words, it would basically double our geographical presence. We can perhaps double our sales very quickly in Africa with no problems on the local markets.”
She added that the company has set up a phased roll-out plan for its brands in Africa, where it already sells Cognac and brandy. However, Chapoulaud-Floquet, noted that it was important to set investment priorities, adding that orange-flavoured liqueur, Cointreau has “excellent potential”.
The CEO said that “Salaries in Asia are becoming too high, so certain Asian countries are now subcontracting to Africa, which creates a big middle class. You now have cities, downtown areas, with shopping malls that are every bit as luxurious, sometimes even more so, than what you can find in Europe.”