Cuban cigar sales rise, defying flat luxury goods market

Havana

SALES of Cuba's legendary cigars rose 5 per cent last year to US$445 million, defying stagnation in the global luxury goods market, manufacturer Habanos SA said on Monday at the opening of the Caribbean island's annual cigar festival.

Habanos, which makes brands including Cohiba, Monte Cristo and Romeo y Julieta, said that it expects moderate sales growth this year as it continues to tap the Middle East, Asia and other new markets. "We are quite happy we were able to grow during a year that was in truth quite challenging," vice-president of development Javier Terrés told Reuters after holding a news conference hazy with smoke as journalists puffed on complimentary cigars.