Walter
Cramer
Export Director
Laurent-PerrierEurope, America, Caribbean (excluding subsidiaries & Scandinavian countries)
How did the Europe, Americas and Caribbean (out of LP Subsidiaries and EU Nordics) zone fare in 2023-2024? In general, Laurent-Perrier has outperformed expectations over the period and in particular with the high-end range of Cuvées. More and more trade players and end consumers recognize Laurent-Perrier for its oenological commitment, the quality of its wines and its innovative spirit. The launches of Grand Siècle Itération N°26, Alexandra Rosé 2012 and Brut Millésimé 2015 as well as the notes of the great wine critics contributed to this success. The high-value policy introduced over the years has undoubtedly borne fruit in a context of allocations for the first semester and with a high rate of inflation for the second half of the year.
How are the premium cuvées progressing on your zone? During the first half of the period, growth was very strong, especially for Grand Siècle, Cuvée Rosé and Blanc de Blancs Brut Nature. During the second part, in a context where the wines of all the houses became available and with high inflation, the growth continued but at a more modest pace. Consumers (particularly in Europe and Canada) continue to consume less but better. The summer destinations with a high number of affluent customers (Spain, Greece, Portugal, Croatia) have contributed significantly to the growth and consolidation of the House's premium wines.
How do you see the future? We must continue to develop a high-value policy for all our wines, especially our high-end cuvées. The quality of the relationship with our network of importers/distributors is one of the keys to success thanks to their commitment to the brand and their ability to promote the recommendation and enhancement of our wines. Their ongoing training must continue. Laurent-Perrier enjoys a very strong brand image, an increasingly established reputation and some well-consolidated positions in the area. We have a relatively healthy and optimistic outlook for the upcoming months.
Sezaï
Ozkan
Managing Director
Laurent-PerrierGermany and Switzerland
How did the zone Germany, Austria and Switzerland fare in 2023-2024? Our expectations were confirmed that the general market situation would be very challenging in 2023. High inflation rates, economic uncertainties following escalating global conflicts and increasing interest rates showed their impacts on the market. As a result, the champagne market in 2023 decreased noticeable in volume but increased considerably in value. Well anticipating these challenges helped us to gain significant market share in volume and value and to strengthen Laurent-Perrier position in the DACH region. Managing balanced but long-term focused price increases and handling perfectly the allocated volumes helped us very much to build confidence with existing clients, gaining new customers and keeping them, especially in the most valuable channels.
How are the premium cuvées progressing on your zone? While Cuvée Rosé constantly continues to gain market share in the DACH region, Grand Siècle made a vast jump in relevance achieving around 2.5% market share in the prestige champagne segment. The sales force focus, the media campaign with Morgan Freeman, the high ratings achieved, e.g. from James Suckling and Falstaff helped a lot to establish Grand Siècle in premium gastronomy and selected wine stores as a top choice. And this seems to be only the beginning of a long success journey.
How do you see the future? Until 2026 we expect the situation on the market to become even more challenging. While economic challenges and global conflicts are most likely to continue - the competitive intensity will increase. Due to a flat or even declining market most houses are having overstocks in all categories - the result will be more competitive pressure that we are already facing. Continuing to increase the investments into the organisation (quality and quantity), strengthening customers loyalty, gaining new customers and increasing the brand quality perception will be key to continue our performance and beating once again the market trend.
Adam
Guy
Managing Director
Laurent-Perrier UKHow did the UK market fare in 2023-2024? Laurent-Perrier experienced a return to more normal levels of demand for its champagnes as the post-covid boom subsided. In 2023 retail sales of champagne declined 12.4% in volume and on trade sales declined 19.2%. Within the on trade, more premium venues performed better than less premium and London performed better than the regions. While demand from domestic consumers declined, demand from tourists (particularly American tourists) increased as people returned to foreign travel. Poor weather restricted sales at several outdoor venues where Laurent-Perrier supported champagne terraces. Inflation in the UK persisted at elevated levels and again there were significant rises in champagne prices in both the on trade and the off trade.
How are the premium cuvées progressing on your market? Imports of prestige cuvées champagne to the UK declined 16.6% in 2023. Sales of Laurent-Perrier's prestige cuvées performed better than the market, driven by significant growth of Grand Siècle in retail and in the on trade. Laurent-Perrier started to work more closely with wine trade media to help expand distribution of its premium champagnes. During F24 Laurent-Perrier UK made significant changes to its team to enable it to expand distribution of its premium champagnes more rapidly. Exports of rosé champagne to the UK declined 13.7% in 2023. Sales of Laurent-Perrier's Cuvée Rosé also fell as the market contracted, particularly in the on trade.
How do you see the future? We expect the market decline to moderate but the exact level and timing is unclear. Inflation in the UK is coming down but economic growth is flat. The forthcoming UK election is unlikely to have much impact on economic prospects. Levels of tourism may reduce with an election in the US and conflict in Europe and the Middle East. While we have a long track record of selling substantial volumes of “La Cuvée” and Cuvée Rosé, in the year ahead the priority is to grow sales of prestige cuvée. This involves expanding distribution by winning new customers, as well as increasing ranging within existing customers. Laurent-Perrier has hired several new team members to help achieve this and is working with wine trade media partners to support this.
Olivier
Kanengieser
Managing Director
Laurent-Perrier FranceHow did the French market fare in 2023-2024? In a complicated context and after a strong 2022-2023, the French market has tightened. Laurent-Perrier, thanks to its selective distribution and its dedicated sales force, has strengthened its positions in its tactical circuits: restaurants and wine shops.
How are the premium cuvées progressing in France? The premium cuvées have followed the same evolution as the whole range. Grand Siècle is increasingly present in high-end gastronomic restaurants, while Cuvée Rosé remains the reference in the market of rosé champagnes.
How do you see the future? This year will be an Olympic year for France and for Paris in particular. Let's hope it will for champagne too! Nevertheless, there are still many uncertainties on many levels: economic, political, etc. Adaptability and responsiveness will be the key words for Laurent-Perrier in France in order to consolidate the past year and continue to advance the premium cuvées in the brand's historical distribution channels.
