Rémy inventory days have actually increased over time and haven't reduced to what we would call a normal level or an inability to supply level. How do you reconcile the increased inventory days within Rémy and the challenges they're facing in supplying the US market?

Rémy was a special case during Covid because they were able to leverage their reserves and supply. The lion's share of Cognac in the US is owned by Hennessy, which covers between 60% and 70% of the market, depending on the state. The remaining 30% to 40% is made up by other Cognac suppliers, including Rémy.

Rémy inventory days have actually increased over time and haven't reduced to what we would call a normal level or an inability to supply level. How do you reconcile the increased inventory days within Rémy and the challenges they're facing in supplying the US market?

Rémy managed to capture significant market share during Covid. For instance, in South Carolina, Moët Hennessy lost 10% market share, which Remy gained by providing available inventory. Due to this growth, Remy invested to ensure they had enough Cognac to supply the market demand.

Rémy inventory days have actually increased over time and haven't reduced to what we would call a normal level or an inability to supply level. How do you reconcile the increased inventory days within Rémy and the challenges they're facing in supplying the US market?

However, over the last two years, Rémy has lost 30% to 40% year-over-year in the US, leading to increased inventory levels in their domestic warehouses in California and New Jersey, as well as in Belmont warehouses across 17 states.