The premium cigar market in Asia is surging, and Habanos S.A. is riding that wave to record-breaking success. At the 25th Festival del Habano, held in Havana from February 23–28, the company announced that it generated $827 million in revenue in 2024—a 16 percent increase over the previous record.
This robust performance is especially significant for Cuba, where tobacco remains the nation’s most vital export. President Miguel Díaz-Canel recently underscored the importance of this industry, noting that such revenue growth is nothing short of impressive.
“Habanos, S.A.’s achievements in 2024 reflect the international recognition of our unique origin, the strength and prestige of our brands, and, of course, the passion of everyone involved in the fascinating world of Habanos,” declared co-presidents Maritza Carrillo González and Luis Sánchez-Harguindey Pardo de Vera.
Their statement resonated with an audience that has long revered Cuban cigars as the gold standard in luxury tobacco.
A transformative shift occurred in 2020 when Imperial Brands sold its 50 percent stake in Habanos S.A. to a consortium of Asian investors under Tabacalera. This move set off a series of strategic price increases: global prices for premium brands like Cohiba soared into double-digit territory overnight, while Trinidad prices nearly tripled.
These adjustments have paid off handsomely, marking the second consecutive year in which Habanos S.A. added more than $125 million to its revenue.
At the festival, Habanos S.A. Vice President Jorge Perez detailed the company’s achievements amid a rapidly evolving global market. This year’s Festival del Habano also shone a spotlight on the high-end segment of the market. The Cohiba Behike BHK 58, a flagship cigar, is expected to retail for no less than $400 per stick, reflecting a deliberate shift toward ultra-premium products.
Exclusive packages were offered at the event, including a three-pack of H. Upmann Magnum 50 Gran Reserva Cosecha 2019, a five-pack of Romeo y Julieta Amantes priced at $1,200, and a four-pack of the Cohiba Behike line for $2,400.
These offerings, which promise to generate millions in additional revenue, highlight the company’s commitment to innovation and luxury.
While China remains Habanos S.A.’s largest revenue market, Europe still accounts for more than half of the company’s sales. The top revenue-generating countries—China, Spain, Switzerland, the United Kingdom, and Germany—mirror a stable yet dynamic market structure. In support of this growth, the company has expanded its global retail network to over 4,000 outlets, ensuring that its premium products reach a wide, international audience.
“These record earnings are a source of pleasure for all of us who work for Habanos,” stated José María López Inchaurbe, Vice-President of Development at Habanos, S.A. He added, “Our success is not just measured in numbers, but in the quality and passion we infuse into every product we create.”
Looking ahead, Habanos S.A. is poised to continue its strategic expansion into emerging markets like Africa and Eastern Europe while leveraging modern technologies such as NFC anti-counterfeit measures to safeguard its heritage and authenticity.
In an increasingly competitive luxury market, Habanos S.A.’s record performance and visionary approach ensure that Cuban cigars remain synonymous with excellence and innovation on the global stage.
