Pflanz To Become Rémy Cointreau CEO In October, Inheriting Ambitious Goals
Frédéric Pflanz is succeeding Jean-Marie Laborde as CEO of Rémy Cointreau on October 1, 2013, the company said earlier today. Pflanz, 44, joined Rémy in 2010 as CFO, after spending more than a decade at L’Oreal, where he worked as a controller, regional CFO and, lastly, director of finance and controlling. Pflanz added the role of COO in December 2012, at which time Shanken News Daily reported that he was Laborde’s likely successor.
Pflanz is taking the helm at Rémy Cointreau at a time when the company is enjoying impressive growth and expanding its portfolio. Rémy’s sales advanced by 16.3% to €1.19 billion ($1.58b) for the 12 months ended March 31, 2013, while its operating profit rose by 18.1% to €245.4 million ($325.2m). The company has enjoyed solid progress in Asia on the strength of its Rémy Martin Cognac (which accounts for roughly 60% of overall sales), which has performed particularly well in light of a slowdown in the luxury goods trade in China since the recent curtailing of inter-governmental gift-giving and banquets.
Laborde, 64, has been CEO of Rémy since 2004, arriving after a long tenure at Pernod Ricard. During his leadership run, the company’s market capitalization has increased by roughly fourfold. Still, Laborde recently told Shanken News Daily that he sees considerable upside. “Our goal is to double profits within the next five years,” he said. Rémy has high hopes for Bruichladdich, the upscale single malt Scotch whisky brand it acquired last year. But the company is also intent on adding more brands. “We’re definitely considering acquisitions,” said Laborde. “But we’ll only look to make moves that fit in with our strategy and our portfolio.”