Oettinger Davidoff AG announced that its annual revenue was CHF 456.8 million, an 8 percent increase from the CHF 423 million in 2020. That number currently translates to $475.1 million, though the number was $500 million based on currency exchange rates on Jan. 1, 2022.
Despite the fact that Oettinger Davidoff AG is a privately-held company, it discloses its financial performance annually. The company is the parent of Davidoff, AVO, Camacho, Zino and other brands, as well as a variety of retail businesses including its eponymous Davidoff of Geneva since 1911 stores; Wolsdorff Tobacco GmbH, a chain of over 170 stores in Germany; and A. Dürr & Co. AG in Switzerland, which includes 28 stores.
While Davidoff routinely makes these announcements, this year’s announcement contained one detail that is normally not mentioned. The company wrote, “production was increased in the Dominican Republic and Honduras to meet strong market demand: the 34.1 million hand-made premium cigars produced in 2021 were a +35% increase on the prior-year volume.” The most recent Davidoff financial announcements have not contained information about how many cigars the company rolls.
All three of Davidoff’s core brands increased in revenue compared to 2020:
- Davidoff +43.9 percent
- Camacho +11.3 percent
- AVO +5 percent
Despite this, Davidoff says the European cigar market remains in decline and Asia remains “severely impacted by the collapse of the global travel retail sector.” It says the U.S. market “developed well.”
“The last business year confirmed that Oettinger Davidoff is both resilient and well equipped to operate successfully in a demanding market environment, even in challenging times,” said Beat Hauenstein, ceo of Oettinger Davidoff AG, in a statement. “Despite the many and varied challenges that the COVID pandemic posed – especially along the value chain – we were able to keep our customers unfailingly supplied throughout the year, introduce innovative new products and thanks to our well-cadenced new product launches and our intensified focus on our digital customer engagement meet our customers’ expectations.”