Hennessy Cognac’s pricing policy helps drive LVMH sales
Louis Vuitton Moët Hennessy (LVMH) has continued its strong start to the year with a solid revenue increase for the first nine months of the year.
Hennessy Cognac has helped drive sales for brand owner LVMHThe French luxury goods group, which has products in the fashion, perfume and cosmetics and jewellery sectors as well as in wine and spirits, saw revenue increase by 4% to €20.7 billion for the first three quarters of 2013, compared with the same period in 2012.
Leading LVMH’s product categories was wines and spirits, which posted reported growth of 3% to €2.8bn, off the back of €2.7bn for the period in 2012.
While the group’s Champagne business experienced a rebound in the third quarter, driven by “strong demand in the Asian and American markets”, Hennessy Cognac saw solid volume increases that coupled with a “firm pricing policy”, drove growth for LVMH’s prestige brands.
The group added that business in Europe has been “resilient” while the US and Asia continue to record strong growth”.
In a statement, LVMH said: “Despite the uncertain economic environment in Europe, LVMH remains confident for 2013. The group will continue its proactive strategy centred 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, in 2013, its global leadership in the luxury market.”
