Tag Archives: Spirits

Moët Hennessy half-year result boosted by growth in U.S., China

Moët Hennessy, the wines & spirits arm of French luxury goods maker Louis Vuitton Moët Hennessy (LVMH) reported 12% revenue growth in the first-half of the year ended June 30.

Sales rose to €2.3bn from €2bn in the previous year, driven by volume increase in the United States and a robust upward momentum in China. Europe also had a strong start to the year, the company said.

Mexico readies for a fight with Heineken over alleged misuse of protected name ‘Tequila’

Mexico’s Tequila Regulatory Council (CRT) is preparing for a drawn-out legal battle against Heineken N.V. over what it alleges is the Dutch brewer’s use of the word “Tequila”, a protected name on its Desperados Lager beer when the brew does not contain the spirit.

We cannot permit someone unscrupulously to affect tequila’s prestige,” said Ramon Gonzalez, CRT Director-General.

Either they take the word tequila off it, or they put some tequila in”. If they refuse, “we’ll have no choice but to fight this in court,” he said.

Strong growth in the US and Europe lift Pernod Ricard’s YTD sales

Pernod Ricard, the world’s second-biggest spirits maker on Thursday reported a revenue growth of 3% for the first 9-months of its 2016/17 financial year.

The company behind such brands as Absolut vodka, Jameson Irish Whisky and Martell cognac said that sales for the 9-months ending March 31 reached €7.04bn, from €6.8bn in the same period last year. The third quarter alone saw a 3% rise in sales to €1.987bn ($2.13bn). The spirits maker said that sales were driven by a 7% growth in the Americas, with the United States accounting for 5% of the growth. Brands such as Jameson Irish Whisky, Martell cognac and Altos tequila recorded double-digit sales growth, although, it notes that its Absolut vodka brand was in decline in the United States but there was a strong reception for Absolut Lime in that country.

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.

NAFDAC raids counterfeiter’s lair in Lagos, Abuja; impounds wines and spirits worth millions

The National Agency for Food and Drug Administration and Control (NAFDAC) on Friday raided a shop at the popular Oke-Arin market, Balogun, Lagos State and arrested a trader who allegedly manufactures and bottles counterfeit wines and spirits.

The agency said that they acted on a tip-off about some individuals who deal on counterfeit wines and spirits of popular brands.

The enforcement team of NAFDAC said they discovered labeling materials, corks, funnel, filters and empty bottles of registered liquor brands in a shop on Isa Williams Street, Oke-Arin Market, Balogun.

FG rolls-out Economic Recovery plan, to raise VAT on Champagne, alcoholic beverages, others

The Federal Government on Tuesday unveiled its Economic Recovery and Growth Plan after consultations with stakeholders from both the public and private sectors of the economy.

The plan includes raising the Value Added TAX (VAT) rate on luxury items from current 5% to 15%. The Government is projecting raising N350bn through the increase in VAT rate on luxury items and improvement in company’s income tax, which would commence in 2018.

FG to raise VAT on luxury goods, including Champagne, others

The Federal Government on Wednesday unveiled a revised National Tax Policy which is meant to provide for an efficient tax system and address the low tax-to-GDP ratio.

Addressing the media on the revised tax system after the conclusion of the Federal Executive Council meeting on Wednesday, the Minister of Finance, Kemi Adeosun, said that the cabinet, which was presided over by the Vice President, Yemi Osinbajo has approved the revised National Tax Policy which will see the Value Added Tax (VAT) on luxury items, like champagne, among others raised from the current 5%.

Moët Hennessy full-year profits climb 10% on US momentum, China rebound

French luxury goods maker Louis Vuitton Moët Hennessy (LVMH) said on Thursday that revenue for the full-year ending 31 December 2016 grew 5% to €37.6bn, with the fourth quarter posting a 9% growth. Profit from recurring operations for the group reached €7 billion in 2016, an increase of 6%.

The company which makes high-end fashion & leather goods, perfumes & cosmetics, wines & spirits, and watches & jewelry said that the wines and spirits division – Moët Hennessy added €4.8bn ($5.1bn) to group sales, a 5% growth over the previous year, with good performance in all regions.

FX losses dampen Guinness Nigeria’s revenue growth

Guinness Nigeria Plc, reported its first-half results (6-months) on Thursday, for the period ending 31 December 2016.

The brewer of Foreign Extra Stout, Malta Guinness, among others posted a strong 19% revenue growth in the period under review to N59bn, from N50bn it recorded in the same period a year ago.

However, the company’s strong first-half showing was dampened by unrealized foreign exchange losses which drove up net finance cost by 166% to N4.6bn, from N1.2bn in the previous year. The resultant effect was a net loss of N4.67bn. In the same period a year ago, Guinness Nigeria posted a positive N1.2bn in profit.

No tariff increase on food items, luxury goods as earlier reported – FG

The Federal Ministry of Finance, on Friday, clarified that import duties on luxury goods and food items have not been raised, as was earlier reported.

In a statement issued by the Director of Information, Salisu Dambatta, the ministry said that contrary to some media reports that tariffs on such items have been raised, the government had no such plans at this critical period.

Dambatta further said that instead of increasing import duties, what the government did was to reduce most of the items based on the fiscal measures for 2016.