Moët Hennessy sales boosted by Cognac
Glenmorangie Scotch and Belvedere vodka producer Moët Hennessy “performed very well” in the first half of 2017, when its revenues hit €2.3 billion.
The group’s Cognac revenues increased from €39.4m in H1 2016 to €45.7 in H1 2017, while volumes were up 16%. Its ‘other spirits’ brands did not fare so well , and sales fell from €8.4m to €7.5m.
“Following on from its fine performance in 2016, Hennessy had a very good first half, driven in particular by United States, where demand continued to rise, and the highly successful Chinese New Year celebrations in China,” Moët Hennessy said in a statement.
Scotch brands Glenmorangie and Ardbeg “continued to pursue their expansion plans” with the launch of new expressions and initiatives, and Belvedere vodka “continued to expand internationally and reinforce its position at nightlife venues”.
“Moët Hennessy reaffirmed its leadership position in high-quality wines and spirits as well as its commitment to innovation, with many initiatives at all of the business group’s companies,” the group said.
In terms of regions, the US market “remains in good shape” for Moët Hennessy, while Europe “had a strong start to the year”. The group also noted “robust upward momentum in China in late 2016 has continued into 2017”.
Earlier this year, Moët Hennessy unveiled Clos19 – thought to be the first dedicated luxury wine, spirits and Champagne e-commerce platform of its kind.
The group has also commenced the “selective” expansion of its recently acquired Volcan de mi Tierra Tequila brand.