Champagne Propels Moët Hennessy’s First-Half SalesJuly 28, 2022
Moët Hennessy saw sales increase 14% organically to €3.3 billion ($3.4b) in its fiscal first half ended in June, while profit from recurring operations jumped 25% to €1.15 billion ($1.2b). The luxury giant was boosted by 16% growth from its Champagne business during the six-month period, “leading to increasing pressure on supplies,” according to the company. Moët Hennessy Champagne labels Veuve Clicquot and Moët & Chandon combine for a two-thirds share of the category in the U.S.
In Cognac, the Hennessy brand was hampered by health restrictions in China and “logistical disruptions” in the U.S., but still gained ground owing to a catch-up in deliveries to the U.S. in the second quarter, along with price increases. Also in the first half, Moët Hennessy bolstered its wine portfolio with the acquisition of Joseph Phelps Vineyards, including 500 acres of Napa Valley vineyards and annual volume of about 60,000 cases.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.