Who says cigar imports to China are too difficult? Habanos S.A, Cuba’s state cigar monopoly and the world’s premier cigar maker announced recently that in 2020 – for the first time – China displaced Spain as its top export market. By region, Europe still remains the leading market for Habanos with 60% of sales by volume, followed by Asia Pacific with 16.4%, then the Americas with 13.6%, and Africa and the Middle East combined for 10.4%
However, the company noted that rising demand in China did not make up for declining sales elsewhere. Habanos said its year-on-year decline was mainly due to reduced sales in countries the benefit from tourism and the drop off in duty free sales. Global revenue for Habanos declined 4% to US$507 million.
Due to the global pandemic, Habanos World Days, the group’s cigar festival held annually in Havana, Cuba for cigar aficionados and global retailers and wholesalers, changed to a virtual event this year and was held May 4-6.
"2020 has been a challenging year not just for our business but for the whole of humanity," Habanos said in a statement. Cigars are one of the top exports for the Cuban economy.
At Habanos World Days, the company underscored that the iconic Cohiba brand celebrates its 55th birthday in 2021 and to mark the occasion a series of new releases will be forthcoming. Habanos also announced several other new releases, including Cohiba, Hoyo de Monterrey, and Montecristo, as it kicks off the celebration of the “Year of Cohiba”.
“Our most prestigious and acknowledged brand in the world of premium cigars today marks 55 years of history,” said Leopoldo Cintra González, vice president in charge of commerce, Habanos said as he addressed a special virtual launch event. “Cohiba is synonymous with tobacco.”