NEWS
SALES OF LVMH’s WINE & SPIRITS JUMPED 36% IN Q1 2021 THANKS TO STRONG DEMAND IN CHINA
By Susan Lewis
16-4-2021
Source: LVMH
The wine and spirits portfolio of French luxury giant LVMH saw sales increase 36% during the first quarter of 2021, thanks to a strong rebound in demand in China.
The strong growth in the first quarter of 2021 brought sales revenue of LVMH’s wine and spirits category to reach €1,510 million (USD1,805m).
By region, the Chinese market was the strongest during the quarter, while the group also experienced robust demand from the USA market.
By category, LVMH said Hennessy Cognac saw volumes grow by 28 percent during the three-month period, compared with 2020. Compared to the same period in 2019, this represented a 17 percent increase.
Despite remarkable resilience in Cognac’s performance in 2020, the wine and spirits arm of LVMH still experienced a 14 percent decline sales in the year.
Apart from Hennessy Cognac, LVMH’s wine and spirits portfolio also include well-known brands like Moet Chandon, Dom Perignon, Chateau Y’quem, Glenmorangie and many more.
Looking ahead to the next three quarters of 2021, LVMH said the situation remains uncertain due to the ongoing Covid-19 pandemic.
However, the group said it is well prepared to tap the potential recovery in 2021 and hoped to regain growth momentum for all of its businesses.
(the writer can be contacted at: info@thewinechronicle.com)
ALL RIGHTS RESERVED
**IF YOU THINK THE WINE CHRONICLE IS WORTH SUPPORTING, PLEASE MAKE A DONATION TO HELP US IMPROVE AND CONTINUE OUR WORK**
TRENDING│ FOCUS│ MISSION│ ABOUT US│ CONTACT
| 