Chasing the Unicorn Barrel

Cognac's big-brand bling is old and tired. The real energy, and value, lies in the region's smaller artisan producers.

Cognac is complicated. It’s a region of thousands of growers and producers, but in reality it’s controlled by four brands— Hennessy, Martell, Rémy Martin, and Courvoisier. In the U.S., the so-called Big Four sell about 90 percent of the Cognac consumed, with Hennessy alone accounting for 60 percent. The majority of those sales are of one product: Hennes…