FRANCE: LVMH Champagne sales regain fizz
Moet drinks sales bounce back
Moët Hennessy Louis Vuitton (LVMH) has reported a rebound in Champagne and Cognac sales in the first quarter of 2010.
Like-for-like sales at the firm's wine & spirits division, Moët Hennessy, rose by 20% for the three months to the end of March, to EUR635m (US$862.7m).
Renewed Champagne orders from distributors and ongoing strong demand for Hennessy Cognac in China helped LVMH wine and spirits sales to rebound from EUR540m in the same period of 2009.
The figures will build confidence in the Champagne sector in particular, following a weak 2009 amid the global economic crisis.
"Following a year negatively affected by high levels of destocking, in the first quarter, the Champagne business benefited from a renewal in orders from distributors," said the firm, which owns Moët & Chandon.
Moët Hennessy, which also produces Glenmorangie Scotch whisky, is 34%-owned by Diageo.
We fully intend to keep an eye on how things develop here in the UK with Grupo Modelo's Corona Extra bottled beer brand....
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