Moët Hennessy Continues Sales Growth In Q3, Despite China’s Challenges
October 16, 2013Despite challenging conditions in the crucial Chinese market, Moët Hennessy maintained growth in the third quarter of 2013. The Paris-based drinks marketer’s sales were up by 3% for the first nine months of the year to €2.84 billion ($3.86b). The performance was in line with Moët Hennessy’s first-half sales growth.
Moët Hennessy’s spirits arm achieved a 5.1% sales increase to €1.65 billion ($2.24b) for the first three quarters of the year—an impressive result given the fact that its flagship Hennessy Cognac brand has been impacted by the Chinese government’s clampdown on luxury gift-giving as well as China’s slower economic growth. Meanwhile, Moët Hennessy’s Champagne and wines unit posted a 0.4% dropoff to €1.19 billion ($1.62b). Still, the company reported that “Champagne experienced a rebound in the third quarter, driven by strong demand in the Asian and American markets, and its prestige brands made strong progress over the period.”
Moët Hennessy’s parent company, LVMH, reported 4% sales growth to €20.72 billion ($28.18b) for the nine-month period.
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