News Alert: LVMH Denies Rumors of Moët Hennessy CEO Departure

Moët Hennessy parent company LVMH has denied rumors that wine and spirits division CEO Philippe Schaus was to be replaced, according to reports from Reuters. The rumor first surfaced in La Lettre, a French investigative media group, and Bloomberg, with La Lettre asserting that Laurent Boillot, president of Hennessy Cognac, would step into Schaus’ role. Per Reuters, LVMH called the rumors “inaccurate” and did not further elaborate on any possible executive shifts happening at the company.

Schaus has been Moët Hennessy’s CEO since 2017. Prior to that, he led LVMH’s luxury travel retail division DFS Group and previously served as executive vice president of Louis Vuitton between 2009 and 2011. He was named chairman and chief executive officer of DFS in 2012.

The rumors come amid a challenging period for Moët Hennessy. This week, the company posted sales 8% down on an organic basis to €4.2 billion ($4.6b) for the nine months through September, citing ongoing normalization in the drinks market and soft conditions in the U.S. and China. In more positive news, the company reported that Hennessy Cognac returned to U.S. growth in the second quarter and continued its positive progress over most recent three months.

Overall, Moët Hennessy’s Cognac & Spirits division—also including brands like Belvedere vodka, Glenmorangie single malt Scotch, and Woodinville Whiskey, among others—saw organic sales decline 11% to €2.1 billion ($2.3b) for the first nine months of the fiscal year. The company most recently targeted the American whiskey segment with Sir Davis ($89), a collaboration with Beyoncé Knowles-Carter, which rolled out last month.

Sales in the luxury giant’s Champagnes & Wines unit dipped 6% organically to €2.1 billion ($2.3b) for the nine-month period, with the company citing cautious consumer spending as holding back revenues. In Champagne, both Veuve Clicquot and Moët & Chandon saw volume declines in U.S. control states through July. But the company continues to see promise in the prestige segment. Scott Bowie, SVP of Champagne & Sparkling at Moët Hennessy, recently told SND, “The outlook for vintage and prestige Champagnes is promising. We’ve seen an increased interest in our higher marques year over year.”

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