Sales and Profits Fall at Moët Hennessy
February 05
09:39
2015
Moët Hennessy, the wines and spirits business of LVMH, the French luxury goods group, has recorded a decrease in organic revenue of 3% to €3.97 billion in 2014 and a 16% drop in profit from recurring operations to €1.147 billion, as performance continue to be affected by the destocking of cognac by distributors in China.
Against this background, the Hennessy brand leveraged its extensive portfolio and global presence, in particular in the United States, where its growth remains strong. Other spirits, Glenmorangie and Belvedere continue their development. The champagne business performed well, driven in particular by its prestige vintages. The American and Asian markets benefited from strong demand.
