Rémy Cointreau, the French high-end spirits group behind Rémy Martin cognac and Mount Gay rum, put out some disappointing numbers on Tuesday.
Sales dived by 9% in first quarter of its financial year, largely due to one big problem: A crackdown on corruption in China, which has led to plummeting sales in China for luxury brands and premium spirit makers.
Western whiskeys and luxury handbags had become a currency of influence in the world’s biggest Communist republic. But for the past two years, China’s President Xi Jinping has been cracking down on corruption in Chinese government and business, and a big part of that has been stopping the bribery of officials.
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