FRANCE: Champagne, Cognac buoy LVMH
LVMH Moët Hennessy Louis Vuitton today (25 July) posted a 12% rise in sales for the first half of the year as its wine and spirits business outperformed a strong showing in the corresponding period last year.
The French luxury powerhouse reported first-half group revenue of EUR6.97bn (US$8.8bn). Its wine and spirits arm, which sells brands including Hennessy Cognac and Glenmorangie Scotch whisky, enjoyed a 16% leap in sales to EUR1.22bn.
LVMH said the rising revenues had come from its policy of increasing prices in key markets as well as "strong" volume growth.
"Champagne brands, Moët & Chandon and Dom Pérignon, reinforced their progress in Japan. Veuve Clicquot achieved good progress in Europe and the US," LVMH said. "Hennessy Cognac continued its momentum notably thanks to its premium qualities and to the performances achieved in China and the US."
The company added: "The first half performance allows LVMH to confirm its objective of achieving a very significant growth in its results for 2006."
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