LVMH wine and spirits sales soar in Q1By Melita Kiely
The wine and spirits arm of LVMH saw sales skyrocket during the first quarter of 2021, aided by a ‘strong rebound’ in China.
The wine and spirits unit of luxury goods company LVMH saw organic revenue rise 36% in the first quarter of 2021 to reach €1,510 million (US$1,805m).
Compared to the same period in 2019, this represented a 17% organic increase.
LVMH said Hennessy Cognac saw volumes grow by 28% during the three-month period, compared with 2020.
By region, as well as a ‘strong rebound’ in China, the group experienced ‘robust’ demand in the US.
Looking ahead to the rest of 2021, LVMH said the situation remains ‘turbulent’ due to the ongoing Covid-19 pandemic.
However, the brand said it was well equipped to build upon the ‘hoped-for recovery in 2021’ and to regain ‘growth momentum’ for all of its businesses.
The wine and spirits arm of LVMH experienced a 14% decline in organic sales in 2020 despite ‘remarkable resilience’ from Cognac.
Last September, LVMH-owned Hennessy partnered with architect Frank Gehry to create 150 limited edition XO decanters to celebrate the expression’s 150th anniversary.
Hennessy was also crowned Cognac Brand Champion 2020.