LVMH Moet Hennessy wines and spirits group reports 5% revenue growth in the first nine months of 2016
LVMH Moet Hennessy Louis Vuitton, the French luxury goods maker, on Monday reported a revenue growth of 4% in the first nine months of 2016 to €26.3bn, up from €25.3bn in 2015, with Moet Hennessy, the Wines and Spirits group posting a 5% rise in sales to €3.3bn, from €3.1bn in 2015.
On a quarterly basis, the wines and spirits group reported a 2.17% sales growth for the third quarter to €1.23bn, up from €1.2bn in the previous year.
Champagne volumes lifted sales 3% over the period, with a particular strong performance in prestige cuvees, the company said.
Hennessy cognac, the company’s flagship brand saw volume growth of 9% buoyed by continued strong momentum in the United States and with China showing improved strength following the destocking of distributors in 2015.
Other spirits, Glenmorangie scotch whisky and Belvedere vodka continued their development, the company said.
Looking forward, LVMH said “In an uncertain geopolitical and currency environment, LVMH will continue its strategy focused on innovation and targeted geographic expansion in the most promising markets. LVMH will rely on the power of its brands and the talent of its teams to further extend its global leadership in the luxury market in 2016,” the company said.