China boosts LVMH wine and spirits growth
The wine and spirits arm of LVMH has reported single-digit organic revenue growth for the first nine months of 2019, boosted by “strong” gains in China.
The wine and spirits business recorded organic revenue growth of 7% over the period, also helped by “steady demand” in the US.
Henessy Cognac volumes rose 10% during the nine months, driven by the VS ranges. This was offset by a slight decline in Champagne volumes.
Looking at the third quarter alone, organic revenue for wine and spirits was up 8% to reach €1.43 billion (US$1.58bn).
Looking to the future, LVMH said in a statement: “In a growth environment since the beginning of the year, albeit marked by an uncertain geopolitical context, LVMH will continue to be vigilant.
“The group will pursue its strategy focused on innovation and targeted geographic expansion in the most promising markets.
“LVMH will rely on the power of its brands and the talent of its teams to further extend its global leadership in the luxury market in 2019.”