A new price list published this week in Spain shows that around 365 SKUs have increased from their 2024 prices—nearly the entire Cuban cigar portfolio—with an average increase of 5 percent.
The most notable increase affects the Cohiba Behike BHK line, a flagship series from Habanos S.A. Its three cigars have increased by 21-22 percent and are now priced per cigar at:
Behike BHK 52 — €230 ($238.20)
Behike BHK 54 — €290 ($300.35)
Behike BHK 56 — €320 ($331.40)
With these new increases, the price of a single BHK is roughly the same as the cost of a box of 10 of the same cigar when it debuted in 2010.
Halfwheel did a great job analyzing this. It's important to note that Spanish taxes are often lower than what we'd see elsewhere, so that has to factor in to the "hey wait a second, this isn't accurate, I'm paying $28 for a Partagás D4" moments you'll inevitably have while reading the linked article.
This is not surprising news, though it is shocking. A box of Montecristo No. 2 is hovering around $900US at online retailers, increasing to likely $950 in '25. Incomprehensible versus the $250-300 price they were only 5 years ago.
Habanos wants to do a billion dollars in revenue annually and probably will look to sell itself once it achieves this. I'd bet they get damn close in '25 and achieve it sufficiently in '26.