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Press Release

Oettinger Davidoff reports the second straight record year

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second straight record year

Oettinger Davidoff reports the second straight record year and strengthens its leading position in the handmade premium cigar business

Publication Date: 20.06.2024

Media Release

Basel/Switzerland, 20 June 2024: Oettinger Davidoff reports another record year in the company’s history. Despite the difficult and volatile business environment and the many challenges and crises that shaped the world’s economy, the Basel-based family-owned company succeeded in surpassing the record results of 2022 and delivered the strongest year to date in this millennium with sales of CHF 546.2 million, representing an increase of 10.5% compared to the previous year.

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Headquarter Maison Davidoff in Basel, Switzerland

• Total sales turnover for the year 2023 increased by 10.5% to CHF 546.2 million

• Production of handmade cigars increased by 13.3% to 48.8 million cigars

• Largest growth contributor is the group's core brand Davidoff (+ 32.3%)

• Another strong result for the Zino brand (+ 32.2%) in its third year after relaunch

• Turnover of the company's own-brand business is up by 18.2%

• Strong performance and gain of market share across most markets

• Strengthening of leading position in the handmade premium cigar business

• Expansion of production site in Dominican Republic has started and will be inaugurated in February 2025

"The year 2023 was another record year for Oettinger Davidoff in its almost 150-year history. We over-delivered against all financial targets, enhanced our EBIT and further improved our cash situation, despite a global economy which continued to face the challenge of inflation and low growth prospects. The encouraging 2023 results prove that we are doing things in the right way and that our continued investments in innovation, marketing and trade, in particular for our two global brands, Davidoff and Zino have paid off."

comments CEO Beat Hauenstein.

Turnover developments were encouraging for all the group's own brands (+18.2%), especially for the global core brands Davidoff and Zino which both registered sales increases of over +32% compared to 2022. These favourable results derived from an extremely positive development across all markets, with a stellar year for Asia and for Global Travel Retail/Partner Markets. The outstanding performance of the Davidoff brand (+32.3%) is built on the success of its "The Difference" campaign celebrating the Davidoff White Band Collection and its "Cigar History Re Rolled" concept which brings back some of the most iconic cigars of the company's past as Limited Editions. The Zino brand (+32.2%) has meanwhile become the second global brand of the company after its global relaunch in 2021 thanks to an extension of its distribution, very strong activation at trade and consumer level as well as the introduction of the Zino Half Corona Pre-Cut cigar. In addition, the development of the third-party business continued to show solid performance, especially for the company's sole-agency products.