FRANCE: Laurent-Perrier sacrifices sales for price rises
Champagne house Laurent-Perrier has seen sales in its first quarter drop by a fifth, as the group enters what it has described as a "transition period".
Sales fell to EUR41.8m (US$65.7m) in the three months to 30 June, compared to EUR53.5m for the same period last year, Laurent-Perrier announced.
The group said it had anticipated the dip, which was a consequence of a new commercial strategy designed to make its flagship brand more exclusive in the long-term. "The first quarter does not reflect the wider picture," Laurent-Perrier said.
Prices for Laurent-Perrier rose in the quarter by 17% and distribution channels have been slimmed down.
It remained unclear whether the moves were related to concerns about tight Champagne supplies amid growing demand.
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