Davidoff Made Less and Earned More in 2025

Oettinger Davidoff posted CHF 545.3 million -- roughly $680 million USD -- in sales for 2025, a 2.5 percent increase in real terms. The headline number is strong, but the production figure underneath it is the more interesting story: the company made 36.6 million handmade premium cigars during the year, a 4.9 percent drop from 2024. The company attributed the reduction to aligning supply with shifting market conditions and macroeconomic pressure. In plain terms, Davidoff sold fewer sticks, at higher prices, and came out ahead. Growth was led by the flagship Davidoff brand at plus 2.4 percent, with the Zino brand running considerably faster at 16.1 percent. On the infrastructure side, the company opened a new blending center in Villa Gonzalez, Dominican Republic, expanded its fermentation complex in Danli, Honduras, opened seven new boutiques globally, and has nine more planned for 2026. The volume-down, revenue-up dynamic Davidoff is executing is a textbook premium strategy -- and it is playing out against a community backdrop where complaints about $20-plus cigar prices are louder than they have been in years. The premium segment is betting smokers will keep paying. So far, the numbers say they are right.