The brand’s portfolio, led by Campari and Aperol, performed well in the Americas and Germany, with double-digit growth from Espolón and Grand Marnier in the US.
Growth in EMEA was hampered by “very poor weather” which impacted high-margin aperitif sales.
“We recorded a solid performance in the first half of the year with acceleration in the second quarter, yet again outperforming the industry,” said chief executive Matteo Fantacchiotti.
“In the remainder of the year, we expect to continue to outperform the industry leveraging our strong brands playing in growing categories in an environment currently showing softer market dynamics and increased price competition in core markets, while the macro remains volatile.
“On a full-year basis, our ability to expand gross margin is expected to be impacted by some temporary headwinds (such as poor weather affecting high-margin aperitifs and agave supply contract renewals) guiding both unfavourable sales mix and shifting some of the related expected COGS benefits into next year. However, for the medium-term, we remain confident in the continued growth momentum and our ability to deliver profitable growth with consistent operating margin expansion.
“We have palpable excitement in the organization around Courvoisier. In parallel to the first-time brand consolidation in the last two months of the semester, we started to enhance our capabilities to compete in this category and build this brand unleashing its long-term great potential.”
