Davidoff Posts Modest Sales Growth Despite 21% Decline in Cigar Production

Oettinger Davidoff reported a slight sales increase for 2024, even as its cigar production fell sharply. The Swiss-based cigar house remains optimistic as it celebrates its 150th anniversary.

In a year marked by global economic turbulence, Oettinger Davidoff AG managed to post a modest gain in sales despite a substantial drop in production. For fiscal year 2024, the Swiss parent company behind Davidoff, Zino, Avo and Camacho cigars recorded revenues of 541.7 million Swiss francs ($677.6 million USD), a 0.9% increase over the previous year. However, total cigar production dropped by 21%, down to 38.5 million units.

Despite the decrease in output, Davidoff described the year’s performance as “solid,” citing resilience in the face of a volatile global market. Manufacturing operations in both the Dominican Republic and Honduras were affected, though the company has moved forward with significant expansions in both locations. In February, Davidoff completed an upgrade to its Dominican factory, doubling its production capacity. A similar expansion is underway at its Honduran site.

Among its portfolio, Zino emerged as the standout performer, with sales up more than 28%, while Davidoff’s accessories division reported a 15% rise, buoyed by strong consumer interest in branded cutters, lighters, and humidors.

The year also holds special meaning for Davidoff as the company celebrates 150 years of operation. Founded in 1875 by Max Oettinger in Basel, the brand has grown from a local cigar shop into a global powerhouse, distributing products in more than 130 countries and employing over 4,000 people. Today, it operates 65 flagship stores and maintains relationships with over 700 appointed merchants.

Reflecting on the milestone year, CEO Beat Hauenstein said, “The solid 2024 results prove that our investments in our brands, retail and shopping experiences have paid off.”