LVMH luxury wines and spirits sales higher than pre-pandemic
The wine and spirits sector of the French concern LVMH recorded a significant increase in sales in the first quarter of 2021. Organic revenues during this period increased by 36%, reaching over EUR 1.5 mln.
Compared to the same period in 2019, organic revenue grew by 17%. This means that the sales of exclusive spirits from the LVMH portfolio are higher even than before the outbreak of the pandemic. One of LVMH's top brands, Hennessy Cognac, saw a 28% increase in sales volume in the first quarter of 2021.
According to representatives of the LVMH group, the strong rebound in China and an increase in demand in the US were the main factors contributing to the sharp increase in sales. Forecasting the coming months, the company said the situation remains uncertain in the face of the ongoing pandemic, but LVMH is well positioned to take advantage of the expected recovery in 2021 and regain pre-pandemic growth for all of its luxury products.
Source: www.thespiritsbusiness.com
