Remy Well Positioned for Long-Term Growth but Portfolio Concentration Is a Risk

Outside of the Chinese baijiu makers, we think Remy Cointreau possesses the most premium portfolio among our global beverages coverage. In particular, Louis XIII, the firm’s ultrapremium cognac brand, can sell at retail prices well into four figures, while Remy Martin XO retails at around $200 per 75 centiliter bottle. Together, these two brands accounted for 72% of Remy's 2022 revenue. Other parts of the portfolio also sell in premium price segments, including The Botanist gin and some of the line extensions of Bruichladdich, Remy's Islay whisky.