Moët Hennessy’s Revenues Leap To Above $3 Billion In The First HalfJuly 27, 2021
Moët Hennessy saw revenues surge in the first half of this year, up 44% to €2.7 billion ($3.19b), as profit from recurring operations rose 68% to €924 million ($1.1b). Both sales and profits were up robustly compared with 2019 as well, rising 12% and 20% respectively.
The luxury giant’s Champagne volumes increased 10% in the first six months of this year compared with 2019, bolstered by demand in both the U.S. and Europe. In February, the company added to its Champagne stable, taking a 50% stake in the Armand de Brignac brand, making it an equal partner with rapper and entrepreneur Jay-Z. Hennessy Cognac’s volumes rose 6% versus 2019, with the brand still held back by supply constraints.
Moët Hennessy said that overall demand in the U.S. “held up well” in the first half of the year, and that results were boosted by a strong rebound in China.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.