Moët Hennessy Sales Slip Amid Cognac Slowdown

Moët Hennessy posted sales down 3% organically to €3.2 billion ($3.5b) in its fiscal first half ended in June, as solid Champagne growth couldn’t offset the downturn in the Cognac category. Profit from recurring operations declined 9% to €1 billion ($1.1b).

The luxury giant’s Champagnes & Wines unit grew sales 8%, benefiting from price increases as well as international expansion for Château d’Esclans and the acquisition of fellow Provence rosé brand Chateau Minuty. But the Cognac & Spirits division decreased 11%, owing to weaker demand for Hennessy amid uncertain economic conditions and high distributor inventories at the beginning of the year.

SND exclusively reported July 12 that current Moët Hennessy North America CEO Seth Kaufman is leaving the company. Subsequently it was confirmed that he will become chief executive at California winemaker Vintage Wine Estates no later than October 30.—Daniel Marsteller

Tagged : Moet Hennessy

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