Moët Hennessy Sees Second-Half Recovery, Led By CognacJanuary 27, 2021
Following a steep decline in its fiscal first half owing to the pandemic, Moët Hennessy saw a recovery in the six months through December, driven by the U.S. and China. For the full fiscal year ended in December, Moët Hennessy’s revenues slid 14% on an organic basis to €4.8 billion ($5.8b), while operating profit decreased 20% to €1.4 billion ($1.7b).
“After a significant drop in volumes in the second quarter, the Champagne business experienced improved trends in the second half, particularly in the United States,” the company noted. Hennessy Cognac was also boosted by U.S. demand, with stateside depletions up 25% to 4.9 million cases in calendar 2020, according to Impact Databank.
Moët Hennessy added that its wine unit benefited from recent additions Château d’Esclans and Château du Galoupet in the upscale rosé market, and the company augmented its spirits portfolio late last year with the launch of a new Cuban rum brand, Eminente, in France, the United Kingdom, Germany, and the Czech Republic.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.