Remy Cointreau to enter perfume market at $5,424 a bottle

PARIS – Known for its award-winning Louis XIII cognac, Remy Cointreau is entering the luxury fragrance market with the launch of Maison Psyche, a luxury perfume house that will sell perfumes from €5,500 a bottle.

The French spirits group will leverage its expertise in spirit blending and aging, as well as marketing to high-end customers, as it seeks to tap into affluent consumers’ thirst for exclusivity.

The new business could be “potentially strategic,” Remy Cointreau Chief Executive Eric Vallat told Reuters.

The executive did not provide financial details, but said he would start small, compared with the spirits group, which has annual sales of about 1.3 billion euros.

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“We have real ambition. If this project works, others will follow,” Vallat said, noting that he sees the label as “a natural extension” of Remy Cointreau’s activities.

The move comes as the luxury industry bends to cater to wealthier customers who can still afford to spend on high-quality goods despite rising inflation.

The world’s largest luxury group, LVMH, has been investing in luxury hospitality serving high-end customers, opening five-star Cheval Blanc and Bulgari hotels in Paris, while recent business upgrades have surpassed expectations from brands like Hermes, which sells US handbags. $10,000, illustrate the resiliency of labels at the high end.

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The market for high-end niche fragrances has also been growing, with strong appetite in the US in particular, leading to investments such as Puig’s purchase of Byredo.

Maison Psyche by Remy Cointreau was born from the collaboration of Baptiste Loiseau, Cellar Master by Remy Martin and Sophie Labbe, head perfumer of the Swiss fragrance group Firmenich.

Maison Psyche’s first collection of five exclusive fragrances spent time maturing in Cognac, western France, in specially designed small oak barrels.

They will be sold in Baccarat crystal bottles, adorned in gold – some with diamonds, numbered and available only in very limited quantities.

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Orders are already pouring in, Vallat said, noting that the label would aim to cater to wealthy customers who already buy the group’s Louis XIII cognac, its blend of eaux de vie aged up to 100 years and priced at more than $3,000 a month. bottle.

Maison Psyche will sell its perfumes directly to consumers through appointments in special locations, such as an exclusive apartment in Paris, with a plan to expand worldwide within six months, Vallat said.

(Reporting by Dominique Vidalon, additional reporting by Mimosa; editing by Elaine Hardcastle)

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