Davidoff Announces $470.7 Million in 2020 Revenue, 6.7 Percent Decline

Oettinger Davidoff AG announced that it generated CHF 423 million ($470.7 million) in revenue for 2020, a 6.7 percent decline compared to the CHF 453 million it reported for 2019.

The company said that the effects of the coronavirus COVID-19 pandemic, particularly the global travel and duty-free businesses, as well as negative exchange rates are the key reasons for the decline. The company was also hurt by the closure of its stores due to various lockdown efforts. In addition to its eponymous Davidoff of Geneva since 1911 stores, it also owns Wolsdorff Tobacco GmbH, a chain of over 170 stores in Germany, and A. Dürr & Co. AG in Switzerland, which includes 28 stores.

While the overall revenue declined, the company said that its branded cigar business was actually up 1.2 percent compared to 2019. Brand-by-brand performance varied:

• Davidoff -8.2 percent
• Camacho +20.1 percent
• AVO +13.8 percent

“The results of the cost optimisations achieved in 2020, within the ‘Way Forward’ framework, were crucial to deliver a good result also in this extraordinary year 2020,” said Beat Hauenstein, CEO of Oettinger Davidoff AG, in a press release. “We are definitely on the right path, and I am proud that, thanks to our motivated employees and our ‘Crop- to-Shop’ philosophy, we were able to successfully navigate through the pandemic and supply our partners without interruption, and in the usual best quality. We have proven that Oettinger Davidoff is a reliable and indispensable partner for our customers. Even though the effects of the pandemic will continue to challenge us for some time to come, we are well equipped to look towards the future with confidence.”