LVMH Wines & Spirits hails double-digit Q1 salesBy Annie Hayes
Reported sales for LVMH’s Wine & Spirits division grew 16% to €1.2 billion (US$1.25bn) in the first quarter of 2017, with volumes of Hennessy Cognac increasing “significantly”.
Combined Moët Hennessy Louis Vuitton Group revenues hit €9.9bn over the period, an increase of 15%, with “positive growth” achieved in Asia, Europe and the US.
Within the group’s wine and spirits sector, Europe and the US markets “continued to grow”. Momentum “remains positive” in the US, while demand in China “confirms the trends of 2016”.
Hennessy Cognac saw volumes increase “significantly”, potentially impacting the availability of stocks for the rest of the year. In the 2016 calendar year, Hennessy saw volume sales climb 10% due to a rebound of shipments to China.
“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 said in a statement.
“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.”