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LVMH drinks unit reports 9% sales growth in Q1
The wine and spirits arm of luxury goods company LVMH achieved organic growth of 9% in the first quarter of 2019, with Hennessy Cognac growing by double digits.
Hennessy saw its sales grow by 11% in Q1 2019
Total LVMH Moët Hennessy Louis Vuitton Group revenues hit €12.5 billion (US$14.1bn) over the period – an increase of 11%, with “good growth” achieved in all geographic regions.
LVMH, the Paris-based owner of brands such as Belvedere Vodka and Glenmorangie Scotch whisky, saw its organic drinks sales reach €1.34bn (US$1.51bn).
Volumes of Hennessy Cognac increased by 11%, boosted by the US and Chinese markets, which “grew fast”.
“In the buoyant environment of the beginning of this year, albeit marked by 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 2019, its global leadership position in luxury goods.”
In the 2018 calendar year, LVMH’s wine and spirit arm recorded an organic revenue growth of 5% to €5.1 billion (US$5.8bn), boosted by China, Europe and the US.