Luxury spending is set to benefit if US president-elect Donald Trump succeeds in lowering US taxes, spurring rich consumers to buy more, according to the chief executive of French cognac maker Remy Cointreau.

Remy Cointreau SA, the world’s fifth- largest liquor company, had a 30% drop in second-half profits as the company stepped up spending on cognac advertising and divested its distribution business in the Netherlands.