The Wine & Spirits arm of luxury goods business LVMH Moët Hennessy Louis Vuitton posted organic revenue growth of 13% in the first quarter of 2017, the company has revealed.
The group saw its Moët champagne business’ volumes increase by 7% over the period, with growth seen in the US and European markets.
Its Hennessy cognac brand ‘saw volumes increase significantly which could impact the availability of stocks for the rest of the year’, the company added, with ‘momentum positive’ in the US, and demand also high in China.
The group’s Wine & Spirits division posted sales of just under €1.2 billion, which is above the €1.03 billion it recorded last year. The division posted a reported increase of +16%, and an organic increase of +13%.
Overall, LVMH reported revenue of €9.9 billion for the first quarter of the year, an increase of 15%. Organic revenue growth was +13% compared to the same period last year.
The group noted that the corresponding period the previous year was ‘affected by the impact of the November 2015 attacks in Paris’.
On the year ahead, LVMH said that it would ‘continue to focus its efforts on developing its brands, maintain strict control over costs and target its investments on the quality, excellence and innovation of its products and their distribution.
‘The Group will rely on the talent and motivation of its teams, diversification of its businesses and good geographical balance of its revenue to reinforce, once again in 2017, its global leadership position in luxury goods’.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.