Moet Hennessy Posts 7% Sales Growth In First Three Quarters, Propelled By Hennessy CognacOctober 11, 2016
Buoyed by strong growth for its flagship Hennessy Cognac, Moet Hennessy posted 7% organic sales growth (+5% on a reported basis) in the first three quarters of 2016, to €3.28 billion ($3.64b).
Hennessy’s volume grew by 9% during the nine-month period, with the U.S. enjoying double-digit gains and China showing progress following distributors’ destocking in 2015. Glenmorangie single malt Scotch and Belvedere vodka have also fared well in 2016.
LVMH’s Champagne business—led by Moet & Chandon and Veuve Clicquot (the two largest Champagne brands in the U.S. and worldwide)—also achieved solid growth, with sales up 3%. Prestige cuvees were particularly strong.
Moet Hennessy accounts for roughly 12.5% of parent company LVMH Moët Hennessy Louis Vuitton’s total sales. The luxury goods giant enjoyed 4% revenue growth in the first nine months of the year, to €26.3 billion ($29.2b). —Peter ZwiebachSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.