PARIS (Reuters) - Remy Cointreau (RCOP.PA) said on Tuesday it named luxury sector specialist Valerie Chapoulaud-Floquet as the new chief executive officer of the French spirits group, which is grappling with falling cognac sales due to weak demand in China.
Remy Cointreau had been looking for a permanent CEO since January when Frederic Pflanz abruptly resigned following a profit warning tied to weakness in China.
Like global rivals Diageo (DGE.L) and Pernod Ricard (PERP.PA), Remy has been hit by a Chinese government crackdown on gift-giving and personal spending by civil servants, as well as slowing growth in the world’s second-biggest economy.
Last week Remy Cointreau reported a near 40 percent drop in profit for the year ended March 31 because of China.
Chairman François Heriard Dubreuil, who had been leading the search while acting as interim CEO said: “Her keen understanding of the brand, her knowledge of the luxury sector, and her well known temperament and charisma are all assets which will enable her to perform her role to the full.”
Chapoulaud-Floquet spent more than 20 years with cosmetics giant L‘Oreal (OREP.PA) where she successively held various executive positions in Asia, Europe and North America.
After heading the luxury products division at L‘Oréal in the United States, she joined luxury leather and luggage group Louis Vuitton in 2008,where she was recently President and CEO of the Americas region.
In January Remy Cointreau picked former LVMH (LVMH.PA) executive Eric Vallat as the new head of its Remy Martin cognac division.
Reporting by Dominique Vidalon; Editing by Nick Vinocur and David Evans