Voici une copie d'un rapport de synthèse qui circule aujourd'hui en interne au sein du groupe pour lequel je travaille (groupe de luxe, vins et spiritueux). J'ai seulement retiré les mentions stratégiques ou confidentielles, laissant les informations plus génériques. Il y a des informations d'ordre sanitaire et économique. Vous connaissiez déjà certainement plusieurs des éléments d'ordre sanitaire, mais le rapport apporte un complètement très intéressant sur la partie économique.
Merci de ne pas recopier ces informations en dehors de ce forum.
"Dear all, The current outbreak is at a critical stage, with the disease in Europe and the U.S. not effectively controlled and new cases increasing exponentially in less developed and underserved areas such as Africa, South America and India, bringing great uncertainty to the global fight against the disease. IMF forecasts worst global economic slump since the Great Depression
Coronavirus cases exceed 1.6 million worldwide, death toll hits 96K and the US has more COVID-19 cases than any other country — with 466 k confirmed. In the meantime, China is trying to relax its severe coronavirus lockdown, but a series of forced re-closures shows how hard it is to get back to normal.
Global • Twitter CEO Jack Dorsey Pledges $1 Billion for Coronavirus Relief • Competitors ahead of their financial and technical help, strengthen their digital social media to stay tune with their consumers, through Weibo, Wechat, Instagram, youtube • Art Basel postponed as Switzerland closes borders • The 2020 Olympics in Tokyo was postponed for about a year. • Pernod Ricard has revised its outlook for the current fiscal year, with operating profits expected to tumble by around 20%. • Facebook is doing its part to assist businesses impacted by COVID-19 with a US$100 million grant program for 30,000 small businesses across 30 countries around the world. • We note that our main competitors are very active to help the fight against covid-19 by providing hand sanitizer (USA, UK, France, RoI….) or by allocating funds : Latest is luxury group Kering to donate 3 million surgical masks to France
In USA, all states have confirmed cases with 466 299 cases (+ 66k vs Wed)
Negative trends • Already 10 million unemployment claims filed in the US in two weeks • 14 million US jobs could be lost to coronavirus response by 2020, report predicts • NRA (National Restaurant Association) “indicate that restaurants and the foodservice industry could sustain $225 billion in losses and eliminate 5-7 million jobs over the next three months.” • US sees deadliest day: At least 163 people died Tuesday, bringing the US death toll past 700, as the WHO warned the country could be the next epicenter of the virus. • Trump outlines National Guard activations for New York, California and Washington. For reminder, each States government can decide what measure they want to apply. Trump described the federal government as a "backup" to the state leaders, underscoring the importance of keeping governors "in command." • President Trump approves California disaster declaration • At least 8 states have issued stay-at-home orders: California, New York, Illinois, Ohio, New Jersey, Louisiana, Connecticut, Delaware. 43% of the US population is now being asked to stay home. • Many states closed schools, bars/restaurants/ theaters and entertainment venues (IL OH CA MA WA NYC PA TN LA NJ CT) except takeout or delivery • The New York Stock Exchange is temporarily closing trading floors and moving to fully electronic trading next week to prevent the spread of coronavirus • The state of California is under essential lockdown. • Trump announces closure of border with Canada to ‘non-essential traffic’ due to coronavirus • The Pennsylvania Liquor Control Board (PLCB) announced Monday the indefinite closure of online sales and all 585 Fine Wine & Good Spirits stores and licensee service centers • Gatherings of 50 people or more should be canceled for the next 8 weeks o Major hotels on the Las Vegas Strip are starting to close, including Wynn Resorts and MGM, both of which will close their hotel-casinos starting Tuesday. o Several retailers have proactively announced the closing of all stores in the US including Apple, Nike, Lululemon, Patagonia, and Urban outfitters o America's largest cruise lines have suspended operations for 30 days to help curb the spread of the virus, while airlines are facing layoffs and bailouts • Grocery stores are scaling back hours—Walmart and many others will no longer stay open around the clock in order to clean their stores and restock their shelves overnight. They (Save Mart, Ralphs, Walmart, CVS, Hawaï supermarket, Kappy’s) sent e-newsletters to customers about measures put in place to ensure a safe in-store shopping experience and an increased facility for pick-up or delivery • Trump Urges Americans to Stop Bulk Buying Food, Supplies
Positive trends • FED announced $2.3T in programs to support economy. DOW up nearly 13% this week • The Pennsylvania Liquor Control Board (PLCB) resumed online sales on April 1 • Senate passes historic $2 trillion stimulus package to curb effects of coronavirus • News that we have to be cautious about, Trump has declared that he ‘feels good’ about compounds with unproven efficacy, hydroxychloroquine and chloroquine. • “Helicopter money” planned (=give directly to consumers to reboost the economy, theorized by Friedman) • Boeing could receive billions from stimulus package • White House, Senate reach historic $2 trillion stimulus deal. The plan will deliver a massive infusion of financial aid into a struggling economy hard hit by job loss, with provisions to help impacted American workers and families as well as small businesses and major industries including airlines. • Trump wants country "opened up and just raring to go by Easter". 195,000 Americans tested, more masks ordered. • President D. Trump on Wednesday night signed a coronavirus aid package passed by Congress providing free testing and two-week paid sick leave for full-time workers who fall ill. • Pernod Ricard USA answered the Trump Administration's call to action announcing that it will produce and donate hand sanitizer to help in the national fight against the COVID-19 virus. • The Trump administration is working with Congress on a plan that would send checks to Americans in an effort to blunt the coronavirus pandemic’s effect on the economy. • Top Players (wholesalers/retailers) report surging Off-Premise sales, as On-Premise shuts down • Discus is working with states to explore creative solutions for on- and off-premise establishments, such as easing regulations in states to permit curbside pick-up and home delivery • Amazon seeking 100,000 extra staff to cope with spike in demand. US supermarket chains such as Albertsons, Kroger and Raley’s are also hiring extra workers • US Online sales have increased 52 percent compared with the same time frame a year ago, and the number of online shoppers has increased 8.8 percent since the coronavirus began, according to SaaS platform provider Quantum Metric. • The federal reserve cut interest rates to near zero and announced a range of other measures meant to stabilize financial markets
Competitors • In response to the coronavirus crisis, Jack Daniel’s released this spot, titled “With Love, Jack,” across its social platforms. • To support the hospitality community, Patrón is committing $1,000,000 to support non-profit partners that provide relief for the families, individuals and business owners who need it most. • Diageo has donated $100,000 to the U.S. Bartender’s Guild’s fundraising efforts, which will help those impacted by the loss of work in bars. • Guinness has donated $500,000 to the Guinness Gives Back Fund • Jameson has pledged to donate US$500,000 to the charity of the United States Bartenders’ Guild to support on-trade members affected by coronavirus. • The covid-19 outbreak has impacted numerous distilleries, with visitor centers temporarily closed by Brown-Forman, Heaven Hill Brands, Beam Suntory, emphasizing “The health and safety of our people and our guests is of paramount importance to us”
Asia: • Asia stocks rebound after US announce of $2 trillion plan • Non -residents banned from entering in most countries • Rise of imported cases prompts officials to tighten restrictions on new arrivals. Officials in South Korea, Taiwan and parts of China and south-east Asia are rushing through new measures after a second wave of new infections following weeks of declines.
China : 82924 confirmed cases (+141 vs Wed) • China-Russia land border crossings were temporarily closed after a surge of imported cases of Covid-19. Suifenhe City in Heilongjiang province, which shares its border with Russia, has begun to restrict the movement of its citizens. • Wuhan unlocked • Jia county (600 000 residents) in Henan province, has been put under total lockdown on Tuesday following signs of local coronavirus spread • China cuts international flights to stop imported coronavirus cases • China seals Borders to most foreigners starting Saturday • China ease lockdown on Hubei 2 Months After Imposing It • In addition to the billions of dollars Beijing is spending on medical supplies and treatment, the government has pumped money into infrastructure projects to create jobs. It has also reduced taxes on small businesses and required banks to defer loan payments for troubled households or companies as a way to help them survive the economic fallout. • Chinese state media is amplifying the message that the country can bounce back strong • For few days, since the Covid-19 pandemic began, China reported zero new infections of domestic origin • China urges Officials to dine out and shop to boost consumption • MOT/KTVS not yet opened • 95% of large companies reopen while only 60% of small/medium sized firms • Chinese industry declined by 13.5% in Jan/Feb while retail sales by 20.5%
• Retail is bouncing back in China. Apple has reopened 42 stores in China and malls in China are also beginning to see more foot traffic. Hermes says it has reopened all but two of its stores in mainland China, after closing 11 locations. Chow Tai Fook Jewellery Group Ltd., the world’s biggest jeweler by sales, said about 85 percent of its more than 3,600 Chinese stores resumed operations this week, leading one Fortune article to speculate that a new cycle of “revenge spending” may have started.
Hong Kong: 973 confirmed cases (+38 vs Wed) • Hong Kong’s government will offer a relief package of more than HK$100 billion to help businesses and workers struggling in the Covid-19 crisis • Hong Kong government orders two-week closure of bars and pubs from Friday (April 3rd ) • Hong Kong to limit public gatherings to four and shut cinemas, gyms and other social spots as cases jump • Ban foreign travelers • Hong Kong confirmed 14 coronavirus cases on Wednesday and the government had extended its mandatory quarantine to cover anyone arriving in the city, starting at midnight on Wednesday. • March Showing signs of recovery. • As borders are closed the population of HK is now static (10 million people) but able to work and visit both off and on premise. • The Hong Kong Tourism Board announced visitor arrivals to Hong Kong in February was 199,000, a drop of more than 96 percent from the same time last year. • Hong Kong place arrivals from all foreign countries under home quarantine
Macau: 45 confirmed cases (1 vs Wed) • Borders closed to all non-Chinese-residents as of March 18th • All casinos in Macau must resume operations on 20 March, but social distancing requirements for the city’s gaming floors are set to continue for some time. • Analysts are predicting an optimistic Q3 or Q4 recovery
Singapore: 1 910 confirmed cases (+429 vs Wed) • Singapore to close schools, most workplaces from next week as ‘circuit breaker’ to stop virus • Singapore asks firms to allow staff to work from home as the city state reported 47 new cases of the illness. • A special tracking program in Singapore identifies the links in the chain of transmission, allowing infected people to be identified and isolated. This strategy has helped the country prevent widespread infection
Japan: 5 530 confirmed cases (+1273 vs Wed) • Japan PM declared a state of emergency over the coronavirus and announced a $1 trillion plan to try to protect its economy from the fallout. • Olympic postponement and coronavirus fallout could cost Japan $36 billion, economist warns • The country saw case numbers spike this week, and the Tokyo governor urged residents to stay at home this weekend. In response, crowds surged to panic buy at supermarkets, while others continued gathering in outdoor parks during the cherry blossom season.
Vietnam: 255 confirmed cases (+4 vs Wed) • Shut down of non-essential business and public spaces • International entry Visas suspended and mandatory quarantine for any returning Vietnamese • Wide scale closures of on-trade and transport links • Localized lockdowns
Taiwan: 380 confirmed cases (+4 vs Wed) • On-trade and off-trade still open for business though consumer confidence low (economy suffering) • MHT sales force not allowed to physically visit clients • Due to recent spike of imported cases most business operating WFH • Success story due to early/effective response to contamination
Malaysia : 4 228 confirmed cases (+265 vs Wed) • The Prime Minister announced an extension of the restriction of movement order by another two weeks until April 14. He also announced a second stimulus package. • Malaysia will impose a nationwide movement control order from Wednesday until the end of the month. • On-trade closed
Philippines: 4 076 confirmed cases (+312 vs Wed) • The Philippines has been placed under a “state of calamity” for six months • Shut down financial markets in response to the coronavirus pandemic
India: 6 771 confirmed cases (+1 415 vs Wed) • Odisha state decided to extend lockdown until April 30 and would recommend to the Central government to extend the national lockdown up to April 30 • India pledges $22.6 billion in support: The government has announced a relief package to assist those most affected by the pandemic and 21-day nationwide lockdown. It includes medical insurance cover of $66,400 per person to those working on the frontlines and 5 kilograms of rice or wheat per month for 800 million people. • Prime Minister Narendra Modi ordered a "complete" lockdown for India's 1.3 billion people on Tuesday. It would last for a minimum of 21 days, and would apply to all of India's 36 states and territories. • Now mass gathering banned and growing concerns over spread.
Indonesia: 3 293 confirmed cases (+555 vs Wed) • Jakarta gets tough on social distancing rules. ‘Large-scale social restrictions’ will take effect on Friday (April 10) for an initial period of two weeks (work from home and gatherings of more than five people banned) • Indonesian retail businesses starts shutting down as coronavirus crisis gets worse • Indonesia declared national emergency and announced imposition of “social restrictions” • Borders closed to foreigners
Australia: 6 108 confirmed cases (+ 213 vs Wed) • On-trade closed nationally and told to prepare for 6 months closure • Australia bans overseas travel and extends social restrictions • Australia goes into lockdown, denies entry to cruise ship • Indoor gatherings of 100 people or more are now banned
GTR: • Traffic very low, almost no Chinese travelers (which represents the majority of the traffic) • Airport Council International Europe predicts 100 million passengers and €2 billion of revenue lost in Q1 in Europe. • Business not expected to be back before October
Russia: 10 131 confirmed cases (+2 634 vs Wed) • President Vladimir Putin announced an extension of the nationwide “non-working week” until April 30 after the country registered a sharp increase in coronavirus cases on Thursday April 2 • Moscow closes down for a week: All cafes, parks and stores (except grocery stores, delivery kitchens and pharmacies) will shut until April 5 after Russia saw its sharpest spike in the past 24 hours, reaching 840 cases and three deaths. Putin said last week Russia had managed to slow the spread of coronavirus thanks to early and aggressive measures. • Government is considering imposing anti-coronavirus measures (such as banning large gatherings, closing schools and encouraging working from home), but so far only Moscow, St. Petersburg and a few other cities have adopted them. • People are starting to stock goods and go to the countryside. • NB : cases might go higher after March 22nd elections as there is suspicion of underestimation.
CIS: • All markets boarding China and Iran had big concern and closed their borders very early • Recently, most of the markets are in quarantine for schools, kindergartens, universities • Kazakhstan will lockdown its two largest cities. • Probable devaluation of currencies due to oil dependency and Russian currency devaluation (84 RUR for 1€ today) : Ukr (-12%), KZ (-20%). All currencies of CIS have a strong link with RUR.
UK: 65 872 confirmed cases (+ 9 923 vs Wed) • Night Time Industries Association joins calls for Government aid in the UK. Diageo said they will give GBP1m for the wages of staff in the on-premise, in addition to free access to “Bar Academy Training course”. • A series of strict new measures to fight the coronavirus outbreak have been announced by Prime Minister Boris Johnson: Shops selling "non-essential goods" including clothes and electronics stores will be closed immediately. Libraries, playgrounds, outdoor gyms and places of worship will also close. Gatherings of more than two people (excluding people who live together) will be banned
RoI: 6 574 confirmed cases (+865 vs Wed) • Irish Distillers - the makers of Jameson Whiskey and part of global drinks group Pernod Ricard - is going to supply the gel for free to the Health Service Executive, in partnership with Cork firm Mervue Laboratories • The government closed schools and pubs until March 29. Overseas travel ban. • Indoor gatherings of more than 100 people and outdoor gatherings of more than 500 people will also be canceled • On-trade closed
Germany: 118 235 confirmed cases (+10 572 vs Wed) • Angela Merkel says restrictive measures in Germany will continue
RSA: 1 934 confirmed cases (+185 vs Wed) • The wine industry, which contributes about R38bn to the country’s economy, is breathing a collective sigh of relief after the government lifted a ban on exports during the coronavirus lockdown. • The number of Covid-19 cases in SA is increasing slower than anticipated, but it is too soon to gauge the effect of the national lockdown • The country has banned the sale and export of alcohol until 16 April. • Under the lockdown, people will not be allowed to leave their homes except to buy food, medical supplies, collect social grants or seek medical attention. • All shops and businesses will be closed except for pharmacies, supermarkets, petrol stations and health care providers as well as laboratories, banks and other essential financial services. • Shut school from Wednesday (March 11) to stop spread of Covid-19 + travel ban • A national state of disaster was declared on Sunday
Nigeria: 288 confirmed cases (+54 vs Wed) • Chinese medical equipment and personnel have arrived the country to assist the government tackle the COVID-19 pandemic. • Nigeria announces lockdown of major cities to curb coronavirus, people will not be allowed to leave their homes except to buy food, medical supplies, collect social grants or seek medical attention and ban of all international flights, shut of land border • The French government will launch a new financial aid package in order to stem the spread of coronavirus to developing nations, with a particular focus on countries within Africa, • On-trade started to be shut down • Off-trade still open • Due to the unprecedented crash in oil prices, the Nigerian government cut its budget and suspended its $ 22.7 billion external borrowing plan.
Canada: 20 765 confirmed cases (+ 2 868 vs Wed) • The US-Canada border closed to non-essential travel. • Canada is about 7 days behind France in terms of virus spread, with a situation very comparable to the USA (they are lacking test facilities, so official numbers are clearly underestimated). • Current government decision: All schools are now closed. All on-premise accounts closed (20% of the Canada business). There are rumors of an imminent shut down in Canada. • Business Impact: People are clearly stocking up in Canada. We should see a strong month of March in depletions (est +10%), which would lead to an estimated +4% YTD March. • Inventory: All Liquor Boards currently have about 30 days of stock. Late last week, they requested to advance all orders currently in the system to help build-up more stock, their target is to increase their inventory level to 60 days of stock. • Interesting Idea: Some people are adapting to the situation and putting in place “Facetime Apéritifs”. They all meet at 7PM with a drink in their hand, have a Zoom/FaceTime and share a moment together with a good glass of Hennessy.
Carlat • Very difficult situation in the Caribbean since all cruise ships are now grounded. • Main impacted clients: SMT Puerto Rico + Tradelink West Indies, with most of their business being done with cruise lines and Duty Free departures + arrivals. • Inventory: On average in the region, warehouses hold approx. 30 days of stock (not counting what is currently on the water.) Clients are delaying all current orders in Cognac, as they do not have the storage capacity to hold extra stock. • If the crisis lasts 30 days, our key clients could manage. If it goes to 60 days or more, it could be very damaging in terms of business and even survival for some operators of the region.
Mexico: 3 441 confirmed cases (+ 656 vs Wed) • Since Monday 23th March, closure of the Mexico city’s many museums, nightclubs and gyms while also issuing a ban on events where 50 or more people might congregate. • Schools are suspended for the next 30 days. • Business Impact: Big events cancelled. Big hit from declining American tourism. At this stage, distributors and off-premise accounts don’t want to build stock. Mexican distributors are “worried, but not in panic mode”. • UETA is reassessing their business with the crisis. Another factor is the recent devaluation of the peso vs. Dollar (-20% vs. in 1 week). Border business is highly impacted by that. • Inventory: UETA don’t need more inventory. Local Warehouse stock around 3 months, no particular risk."
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