Spirits maker Remy sees China sales drop

French spirits maker Remy Cointreau (RCO.EPA) reported a 22% decline in third-quarter sales to US$390.2 million as consumption fell in China, The Wall Street Journal reported. Sales of Remy Martin cognac, which account for around 70% of the company’s profits, fell 35% from a year earlier to US$188 million for the three months ended December 31, as the group sharply reduced its shipments to China. Remy, along with other rival spirits makers, has had to contend with an anti-corruption campaign launched by Chinese President Xi Jinping last year in which the long-standing tradition of gift-giving has been scrutinized.