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LVMH wine and spirits registers double-digit growth in Q1
The wine and spirits arm of luxury goods company LVMH achieved double-digit growth of 10% in the first quarter of 2018.
Hennessy Cognac owner LVMH saw its wine and spirits sales soar 10% in Q1
Combined Moët Hennessy Louis Vuitton Group revenues hit €10.9bn (US$13.4bn) over the period – an increase of 10%, with “good growth” achieved in Asia, Europe and the US.
LVMH, the Paris-based owner of brands such as Belvedere Vodka and Glenmorangie Scotch whisky, saw its organic sales for the drinks business reach €1.19bn (US$1.46bn).
Despite supply constraints, volumes of Hennessy Cognac increased by 5%.
In October last year, the brand opened a new €100m (US$118) bottling and logistics plant to reinforce its production capacity.
The group also noted that China and the US posted growth in line with trends spotted in the second half of 2017.
“In the buoyant environment of the beginning of this year, albeit marked by unfavourable exchange rates and geopolitical uncertainties, LVMH will continue to focus its efforts on developing its brands, maintaining strict control over costs and targeting its investments on the quality, excellence and innovation of its products and their distribution,” LVMH said in a statement.
“The group will rely on the talent and motivation of its teams, the diversification of its businesses and the geographical balance of its revenue to reinforce, once again in 2018, its global leadership position in luxury goods.”
In the 2017 calendar year, LVMH’s wine and spirit arm recorded a 7% increase in organic sales, making it the only branch of the company that failed to register double-digit growth.