Habanos Reports $545 Million In Sales
Habanos S.A., the Havana-based company responsible for all of Cuba’s cigar sales, reported revenues of $545 million for 2022. The news was announced yesterday at a press conference in the Cuban capital at the start of the Habanos Festival.
Revenues were up two percent over 2021 numbers, according to the company. The results come at a time of considerably higher prices on Cuban cigars and considerable shortages on many brands, particularly high-profile lines such as Cohiba.
The company has increased the number of places where people can buy Cuban cigars all over the world, expanding its retail base by nearly 10 percent over the past two years to 4,769 outlets it refers to as specialized points of sale. Most of those (2,744) are Habanos Point retailers, followed by 1,264 Habanos Specialists and 587 Habanos Terraces and Habanos Lounges. The premier retail gems in the Habanos portfolio are the lavish Casa del Habanos, which now number 157 worldwide, and the luxurious Cohiba Atmospheres, a newer kind of store and cigar lounge dating back to 2007. Today there are 17 around the world.
Habanos S.A. sells to more than 140 countries, and named Spain, France, Germany, China and Switzerland as its top markets. As a region, Europe is its largest market by far, accounting for 53.7 percent of the company’s sales. The Asia/Pacific region accounts for 19.3 percent of sales, with China as the main driver; the Americas make up 15.3 percent of revenues; and Africa and the Middle East brings in the remaining 11.7 percent.
The United States, the world’s largest market for cigars, remains off limits to the company due to the U.S. Embargo on Cuba, which has kept Cuban cigars from legally being sold in America for more than 60 years. Cuban cigars, of course, make their way to the United States, but not on an official level, so there are no credible nor accurate numbers to reflect how many Cuban cigars end up in the United States each year.
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