Rémy Cointreau has a strong position in the cognac category, which is dominated by the top four producers. Natural supply constraints and aging requirements result in high barriers to entry and pricing power for the leading cognac makers. We estimate the majority of Rémy’s revenue stems from its luxury cognac offerings, with the XO label retailing at nearly EUR 200 per bottle and Louis XIII retailing for around EUR 3,000, depending on the region. The rest of Rémy’s portfolio skews premium across scotch, gin, liqueur, and champagne.