Wine and spirits Moët Hennessy's worst summer performer
Wine and spirits were LVMH Moët Hennessy Louis Vuitton's worst performer over the summer months, according to its latest results.
Wine and spirits were LVMH Moët Hennessy Louis Vuitton's worst performer over the summer months, according to its latest results.
The luxury goods company, makers of Veuve Clicquot champagne, said third-quarter sales were up 3.1% and that its wines and spirits division achieved organic revenue growth of 5% during the first nine months of 2008. However sales of wine and spirits were outdone by all of its other product divisions; sales of its fashion lines, perfumes, watches and jewelery all rose between 9 and 11%.
The results are an indication that consumers are spending less on premium wines as they tighten their purse strings.
The 5% growth in its wine and spirits division was due to an improvement in the price and product mix, and strong growth in emerging markets such as China and Russia, the group said.
Overall it has raked in €2038 million (£1614 million) from its wine and spirits division in the first nine months of the year - down from €2073 million (£1,642million) in the same period last year.
Overall the group achieved revenue of almost €12 billion (£9.5 billion) in the first nine months of 2008.
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