Moët Hennessy begins year with strong momentum
Moët Hennessy, the wine and spirits arm of French luxury goods maker Louis Vuitton Moët Hennessy (LVMH) reported its first quarter 2017 results on Monday, with the unit posting a 16% rise in revenue to €1.2bn euros, surpassing all other units in the group. The unit saw a 13% organic growth in the period.
The group which also deals in fashion & leather goods, perfumes & cosmetics, and watches & jewelry said that sales in the period grew 15% to €9.8bn, up from €8.6bn in the same period last year.
According to the company, Champagne volume increased 7% over the period. The firm noted strong growths in Europe and the United States with continuing recovery in China.
It warned that Hennessy cognac volumes surged significantly during the period which could impact availability of stocks for the rest of the year.
“In a particularly uncertain environment, LVMH will continue to focus its efforts on developing its brands, maintain strict control over costs and target its investments on the quality, excellence and innovation of its products and their distribution. The Group will rely on the talent and motivation of its teams, diversification of its businesses and good geographical balance of its revenue to reinforce, once again in 2017, its global leadership position in luxury goods,” the company said.