Adds shares in paragraph 3; analyst quotes in paragraphs 11-12; graphic

By Dominique Vidalon and Emma Rumney

PARIS/LONDON, June 4 (Reuters) - Remy Cointreau RCOP.POA on Thursday pledged to double sales in travel retail and emerging markets and add €100 million ($116.1 million) in operating profit by 2028/29, as CEO Franck Marilly set out a three-year turnaround plan for the cognac maker.

Remy, maker of Remy Martin cognac and Cointreau liqueur, has seen sales fall and investors pull back since 2023.

Its shares rose more than 13% in early trade on the profit target, which implies an increase of more than 60% from current operating profit. That came despite an 11.5% drop in annual organic operating profit — a smaller decline than analysts had expected — and a halving of the dividend.

Marilly, who took the top job around a year ago, launched the plan in April but is now setting out its details.

REMY TO LAY OUT GOALS IN NOVEMBER

The group is seeking to reduce its exposure to economic cycles while improving the effectiveness of its distribution, advertising and promotions. It also plans to create a dedicated emerging markets division.

Alongside a sector-wide downturn driven by rising living costs, Remy has also been hit by tariffs in its two largest markets, the U.S. and China.

In the U.S., Remy said it would launch a new innovation of Remy Martin in the first quarter of its 2027 to 28 financial year to revive sales of the brand.

It said it would lay out medium-term goals supported by the plan in November.

Laurence Whyatt, an analyst at Barclays, said, however, that questions remain about Marilly's strategy.

"We are... yet to see any concrete signs of a detailed plan," he said. Other analysts said it was unclear how much of the profit target would be reinvested, or that the plan was heavily back-loaded.

In its current financial year it targets only a slight improvement in current operating profit margin and a return to organic sales growth.

($1 = 0.8615 euros)