French spirits group Rémy Cointreau has hired Franck Marilly to be its new chief executive, replacing the outgoing Éric Vallat.
Marilly, who brings extensive experience in the luxury consumer sector from stints at Chanel and Japanese group Shiseido to Rémy Cointreau, will take office on 25 June.
Vallet’s departure – after five years in the CEO role – was announced by Rémy last month.
Marilly had demonstrated an ability to successfully navigate “high-stakes environments” and was a “strategist with leadeship based on the ability to unite and transform”, said Rémy Cointreau.
He faces a tough task to turn around fortunes at the Rémy Martin cognac, Cointreau liqueur and Mount Gay rum brand owner. Sales at Rémy Cointreau dipped by 18% last year organically, driven by a collapse in cognac sales in China.
Shares in Rémy Cointreau are down 45% year on year, with investors spooked by an ongoing investigation into brandy dumping allegations by Chinese authorities, the possibility of further US tariffs on European exports and declining alcohol consumption globally.
“We are delighted to welcome Franck Marilly,” said Rémy Cointreau chair Marie-Amélie de Leusse. “His in-depth knowledge of international environments, his successful track record, and his inspiring leadership will be key assets that will enable him to meet the challenges ahead.
“We are convinced that he will bring a new dynamic and will be able to confidently address the new challenges of the group’s growth in a complex macroeconomic and geopolitical context.”
Marilly added: “Rémy Cointreau is today recognised for its unique centuries-old heritage and its portfolio of exceptional brands. I will leverage my experience to pursue its value strategy and support the teams in a dynamic of sustainable performance. Together, we will continue to accelerate the group’s development.”
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