LVMH full-year wine and spirits sales soarBy Georgie Collins
The wine and spirits business of LVMH has seen revenue soar by double digits in its full-year 2022 results.
The French company recorded a revenue growth of 19% in 2022 to reach €7.09 billion (US$54.9bn) for the full financial year.
Profit from recurring operations rose by 16%, equating to €2.15bn.
Bernard Arnault, chairman and CEO of LVMH, said: “Our performance in 2022 illustrates the exceptional appeal of our Maisons and their ability to create desire during a year affected by economic and geopolitical challenges.”
The luxury goods firm noted that momentum was particularly strong in Europe, Japan and in emerging markets, particularly in ‘high energy’ channels and gastronomy.
LVMH said Hennessy Cognac had benefited from its ‘value creation strategy’, which places priority on organic growth and commits significant resources to develop its Maisons, as well as to encourage and protect creativity.
The company also noted that the dynamic policy of price increases has offset the effects of the ‘health situation’ in China, while the United States was affected at the start of the year by ‘logistical disruptions’.
The company said that 2023 has started well, and despite an uncertain geopolitical and economic environment, it is confident in its ability to continue the growth observed in 2022.
Looking ahead, LVMH will continue to pursue its brand development focused strategy, underpinned by continued innovation and investment, as well as a ‘constant quest for desirability and quality’ in its products and their distribution.
Earlier this month, Hennessy opened its first dedicated store in Paris Charles de Gaulle Airport.