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LVMH wine and spirits records single-digit growth in Q3
The wine and spirits arm of luxury goods company LVMH achieved 7% organic revenue growth in the first nine months of 2018, boosted by the US and China markets.
Volumes of Hennessy Cognac grew by 4% in the first nine months of 2018
Total LVMH revenues hit €33.1bn (US$38bn) over the period, an increase of 10%, with all geographical areas performing well.
Organic revenue increased by 11% compared to the same period in 2017, and 13% excluding the impact of the airport concession closures in Hong Kong at the end of 2017.
LVMH, the Paris-based owner of brands such as Belvedere Vodka and Glenmorangie Scotch whisky, saw its drinks revenues reach €3.56bn (US$4.1bn).
Volumes of Hennessy Cognac grew by 4%, while Champagne volumes were “stable” during the period.
In October last year, Hennessy opened a new €100m (US$118) bottling and logistics plant to reinforce its production capacity.
An “ambitious expansion plan is underway” for Scotch brands Ardbeg and Glenmorangie.
In a statement, the company said: “In an uncertain geopolitical and monetary context, LVMH will continue to be vigilant.
“The group will pursue 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 2018.”