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  • 00:00WE HEARD FROM JEFF CURRIE OF GOLDMAN SACHS YESTERDAY WHO SAID, I DON'T CARE IF IT IS OIL, GAS, ALUMINUM, YOU NAME IT, WE ARE OUT OF IT. WHAT ARE YOU SHORT OF AT REMY COINTREAU? WHAT IS HARD TO SOURCE? > > OVER THE LAST TWO YEARS OF THE PANDEMIC, THE TRENDS THAT WERE THERE BEFORE EXPLODED. THE CONSUMPTION WAS UNPRECEDENTED IN TERMS OF THE TRENDS. IT WAS HARD TO FORECAST. WE HAVE SEEN CONSUMERS TRADING UP. THE SUPPLY CHAIN WAS A CHALLENGE OVER THE PAST COUPLE OF YEARS AND FOR THE FORESEEABLE FUTURE WILL BE PROBLEMATIC. OVERALL, WE ARE PERFORMING WELL. WE ARE HIGH DOUBLE-DIGIT GROWTH. WE ARE EXCEPTIONALLY PLEASED WITH OUR PERFORMANCE AND IN INVESTMENT MODE IN THE AMERICAS, WHICH IS OUR LARGEST REGION ACROSS THE GLOBE. MANUS: WELCOME TO THE SHOW. IN THE BREAK, WE WERE TALKING ABOUT WHAT IS THE MOST PROFITABLE PART OF THE BUSINESS AND IT IS YOURS. HOW ARE YOU ABLE TO RAISE PRICES IN THIS ENVIRONMENT IN THE STATES? WHERE ARE YOU ABLE TO RAISE PRICES THE MOST AND WILL THEY STICK? GOOD MORNING. > > THE TREND I MENTIONED EARLIER ABOUT TRADING UP IS NOT NECESSARILY CONSUMERS DRINKING MORE, BUT DRINKING BETTER QUALITY. IF YOU HAVE BRAND POWER, THE CONSUMER IS WILLING TO PAY MORE FOR YOUR BRAND. WE HAVE BEEN QUITE AGGRESSIVE IN TERMS OF OUR PRICE INCREASES. WE HAVE HAD TWO OVER THE LAST 12 MONTHS AND WE HAVE ANOTHER COMING THE FIRST OF APRIL, WHICH IS PUBLIC KNOWLEDGE. WE BELIEVE THAT OUR BRAND HAS THE ABILITY TO CHARGE A PREMIUM. WE CONTINUE TO INVEST BEHIND OUR BRAND. DANI: I LOVE THIS IDEA THAT EVERYBODY STUCK AT HOME HAS BECOME MORE PICKY ABOUT WHAT ALCOHOL THEY DRINK. DO YOU EXPECT THAT TO REVERSE AS WE EXIT LOCKDOWN? ARE CONSUMER HABITS GOING TO REVERT BACK TO WHAT THEY WERE PRE-PANDEMIC? > > I THINK THAT HABITS HAVE CHANGED. THE POSITIVE IS THAT OUR DRINKS CABINET HAS WIDENED, SO THE NUMBER OF ALCOHOLIC DRINKS THAT YOU HAVE IN YOUR REPERTOIRE THAT YOU CONSUME REGULARLY HAS GOTTEN BROADER. PANDEMIC HAS FUELED THAT. THE OLD PREMISE WAS HARD-HIT DURING THE PANDEMIC. IT IS STARTING TO COME BACK. IT IS PROBABLY A 90% OF WHAT IT WAS BEFORE. A NUMBER OF OUTLETS HAVE CLOSED. THE PANDEMIC IS NOT OVER, HOWEVER THE CONSUMER HAS STARTED TO GO OUT. THE CONSUMERS WILLING TO SPEND MORE ON PREMISES. THE AVERAGE CHECK IS ABOUT 15% MORE THAN BEFORE THE PANDEMIC. THE BRANDS PERFORMING WELL OR BRANDS ABOUT $35. WE SEE IN NUMBER OF CATEGORIES THAT HAVE DONE EXCEPTIONALLY WELL, COGNAC BEING ONE. PREMIUM GINS ABOVE $35 HAVE A TREMENDOUS OPPORTUNITY. THAT IS ONE OF THE THINGS WE ARE SUPER EXCITED ABOUT. THE PREMIUM GIN CATEGORY WITH THE BRAND WE ARE LAUNCHING CALLED SPIRIT OF COMMUNITY, WHICH IS ABOUT SUPPORTING THE ON PREMISES AND THE BARTENDERS IN THE RESTAURANT DOORS ACROSS THE U.S., AND WE BELIEVE THIS TREND YOU HAVE SEEN DURING THE PANDEMIC WILL CONTINUE. MYTHOLOGY AT HOME WILL CONTINUE. MORE IMPORTANTLY, WE ARE NOT GENERALLY GOOD AT IT. WE LET THE PROFESSIONALS, THE BARTENDERS DO IT FOR US. MANUS: AND WE GET A LOT WORSE AT IT AS THE EVENING FINDS -- ONE FINDS. MIXOLOGY TAKES ON A WHOLE NEW LEVEL OF ADVENTURE. WANTED TO KNOW IN DOLLAR TERMS, HOW MUCH, WHAT ARE YOU DOING IN THE U.S., HOW MUCH YOU PUTTING IN, WHAT IS THAT IN TERMS OF THAT DEPTH OF DONATION -- DESTINATION? > > I'VE BEEN IN THIS ROLE FOR OVER THREE AND A HALF YEARS IN THE INVESTMENT BEHIND OUR BRANDS HAS DOUBLED BEHIND THAT TIME. OUR INVESTMENT IS GROWING AHEAD OF OUR SALES. WE BELIEVE THAT OUR GIRL BULL PRIORITY BRANDS -- GLOBAL PRIORITY BRANDS, WE BELIEVE THE INVESTMENT IS PAYING BACK AND WE WILL CONTINUE TO INVEST HEAVILY BEHIND OUR BRANDS. THE MORE THAT WE CAN MAKE OUR BRANDS FRONT OF MIND AND UNDERSTOOD IN TERMS OF THE STORY, EACH OF OUR BRANDS HAS A VERY UNIQUE STORY IN TERMS OF WHERE WE ARE FROM. WE BELIEVE THAT TARAWA ARE MATTERS. WE BELIEVE THAT TIME MATTERS. THE VAST MAJORITY OF MY PRODUCTS ARE AGE. WE HAVE PATIENCE IN TERMS OF BUILDING OUR BRANDS. DANI: THE AMERICA STORY STANDS IN STARK CONTRAST TO CHINA, WHERE THEY HAVE A ZERO COVID POLICY, WHERE YOU CONTINUE TO SEE LOCKDOWNS AND RESTRICTIONS OF MOVEMENT. HOW CONCERNED ARE YOU ABOUT CHINA AND DROPPING CONSUMPTION? > > I DON'T DIRECTLY MANAGE CHINA, SO I CAN ONLY COMMENT ON AMERICAS, BUT ACROSS MY ZONE I STILL HAVE COUNTRIES THAT ARE LOCKED DOWN IN LATIN AMERICA AND THE PANDEMIC IS BY NO MEANS OVER, BUT IF I LOOK AT THE AMERICAS, WHAT HAS HAPPENED HAS BEEN GOOD FOR OUR BUSINESS. CLEARLY, THE HEALTH AND SAFETY OF OUR EMPLOYEES AND OUR CUSTOMERS AND OUR CONSUMERS IS THE MOST IMPORTANT THING, BUT OVERALL IN AMERICA, THE PANDEMIC HAS BEEN GOOD FOR OUR BUSINESS. I CAN'T COMMENT ON CHINA SPECIFICALLY. MANUS: THAT NEGATES MY NEXT CONVERSATION WHICH IS ABOUT THE FRENCH ELECTION, BUT LET'S GIVE IT A GO ANYWAY. YOU ARE HEADQUARTERED IN FRANCE AND YOU HAVE A VERY FRENCH FLAVOR TO THE CORPORATE. YOU ARE AT THE BOARD MEETINGS. HOW WORRIED ARE THE BOARD ABOUT THE UPCOMING ELECTION BEING A DISRUPTER IN ANY WAY TO THE CORE OF REMY COINTREAU? WHAT IS THE CONVERSATION IN THE BOARDROOM? > > AS A NORTHERN IRISH PERSON, I DON'T GET INVOLVED IN POLITICS IS MY QUICK ANSWER. MANUS: AS A NORTHERN IRISH ANCHOR, I WOULD EXPECT NOTHING LIKE THE REPAST I GREW UP IN. POLITICS IS CRITICALLY IMPORTANT. WHAT HAPPENS IN FRANCE IS GOING TO BE IMPORTANT. JUST GIVE US A FLAVOR, ARE WE ANXIOUS? ARE WE RELAXED? TAKE IT AWAY. > > I THINK THERE IS AN UNPREDICTABILITY ACROSS THE WORLD IN MANY ELECTIONS IN MANY COUNTRIES, WHETHER THAT BE THE U.K., FRANCE, THE U.S., ETC. OUR JOB IS WE HAVE TO MAKE THE MOST OF IT AND TRY AND PREDICT WHAT COULD HAPPEN, THE DIFFERENT SCENARIOS, BUT I'M NOT OVERLY CONCERNED IN THE AMERICAS.
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Remy Cointreau's McLernon: On-Premise Market Recovering

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February 8th, 2022, 8:41 AM GMT+0000

Remy Cointreau Chief Executive Officer for the Americas Ian McLernon says average spending at bars and restaurants is up 15%, while on-premise market is at about 90% of pre-pandemic levels. The wines and spirits makers is in 'investment mode' in the Americas. He speaks on "Bloomberg Daybreak: Europe." (Source: Bloomberg)


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