Moët Hennessy Sales Slip 8% In 2024, Amid “Ongoing Normalization”

Moët Hennessy saw revenues decline 8% organically to €5.9 billion ($6.2b) in 2024, with profit falling 36% to €1.4 billion ($1.5b), the latter negatively impacted by foreign exchange fluctuations. The U.S. market accounted for 34% of company revenues last year. The luxury drinks marketer said the results reflected the “ongoing normalization of demand that began in 2023,” and noted that it’s “approaching 2025 with vigilance and pragmatism, with the environment still clouded by uncertainty hanging over a number of markets.”

Moët Hennessy’s Champagnes & Wines unit—including brands like Veuve Clicquot, Moët & Chandon, and Chateau d’Esclans among others—saw sales dip 3% to €3.2 billion ($3.3b) last year, but its Champagne houses maintained their global market share of more than 22% of all Champagne-appellation shipments despite decreasing volumes. Moët Hennessy said it saw “solid momentum” in rosé, led by Chateau d’Esclans in the U.S. market, and added that the Chandon sparkling brand also performed well in the U.S.

On the spirits side, sales were down 14% to €2.7 billion ($2.8), held back by lower demand for Hennessy Cognac, which decreased an estimated 3.9% to 3 million cases in the U.S. last year, according to Impact Databank, ranking sixth among all spirits brands in retail value at nearly $1.75 billion. “Certainly there are headwinds today,” Moët Hennessy North America CEO Chris Gabaldon recently told SND. “But I think the long-term is about how Hennessy can continue to be its authentic self and continue to connect with the consumer.” Among the Cognac brand’s recent moves are a limited edition bottling in partnership with LeBron James and a “Made for More” campaign emphasizing mixology.

Elsewhere in the Moët Hennessy spirits range, Glenmorangie and Ardbeg single malts benefited from innovation, with the former debuting Triple Cask Reserve and A Tale of Ice Cream expressions during the year, and the latter unveiling ultra-premium Ardbeg The Abyss. Yesterday, Glenmorangie also introduced a new ad campaign starring Harrison Ford. Additionally, the Belvedere vodka brand saw a good performance from its luxury Belvedere 10 bottling in 2024, backed by a campaign with rapper Future.

Late last year, LVMH chairman and CEO Bernard Arnault announced new leadership at Moët Hennessy, installing LVMH CFO Jean-Jacques Guiony as CEO of the drinks unit, and naming his son Alexandre Arnault as deputy CEO. Those appointments are effective February 1.—Daniel Marsteller

Tagged : Ardbeg, Chateau d'Esclans, Glenmorangie, Hennessy, Moet & Chandon, Moet Hennessy, Veuve Clicquot

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