• May 28, 2024

Habanos Revenues Reach $545 Million

 Habanos Revenues Reach $545 Million

Credit: Timothy S. Donahue

Credit: Timothy S. Donahue

Habanos S.A. has announced it generated $545 million in revenue in 2022. It’s nearly a 2 percent boost over its 2021 revenue, a representative of the manufacturing and distribution arm of the Cuban cigar industry told Tobacco Reporter during its coverage of the 23rd edition of the Habano Festival on Monday.

The company also stated that its largest markets for cigar sales are Spain, France, Germany, China and Switzerland, consecutively. These are the same five top countries as 2021, though China was listed second and France was listed fourth.

Globally, Europe, with a 53.7 percent market share, continues to hold the top spot for regional sales, however, its percentage was the only region to experience a decline in sales. Europe is followed by the Asia-Pacific region (19.3 percent), the Americas (15.3 percent), and Africa/Middle East (11.7 percent).

“These results reflect the perfect combination of the passion we all feel in this wonderful Habano business and the strength of our brands,” said Maritza Carrillo González and Luis Sánchez-Harguindey Pardo de Vera, co-presidents of Habanos S.A., in a press release. “They put the cherry on top of the unique tobacco that grows in this land and that offers unparalleled moments and experiences to aficionados from all over the world.”

Habanos says it grew its worldwide network of official sales outlets by 10 percent in 2022. It also announced the current count of its cigar retail experiences as follows:

  • 17 Cohiba Atmosphere locations (20 in 2021)
  • 157 La Casa del Habano stores (160 in 2021)
  • 1,264 Habanos Specialists (1,217 in 2021)
  • 2,744 Habanos Point designated stores (2,465 in 2021)
  • 587 Habanos Lounge and Habanos Terrace locations (486 in 2021)

Last year, Habanos S.A. announced a new “global pricing standard,” which greatly increased the prices of Cuban cigars around the world. The company has already announced at least two additional price increases for 2023.

Habanos reported a turnover of $568 million in 2021, up 15 percent growth over the previous year.