Moët Hennessy’s CEO has commented that due to high demand from affluent buyers in the run up to Christmas, its Champagnes are ‘running out of stock’.
Philippe Schaus, Moët Hennessy’s CEO, spoke to Bloomberg Television and said that the French luxury company – that owns top Champagne brands including, Dom Pérignon, Krug, Moët & Chandon and Veuve Clicquot – was ‘running out of stock’ of some of its bubbly. This is mainly due to Covid rules having been relaxed and more people socialising.
‘As people are coming out of Covid there’s been pent up demand for luxury, enjoyment and travelling,’ Schaus commented.
Schaus didn’t elaborate on which Champagnes were running low, or hint at what the state-of-play is with specific brands’ stock levels.
Louis Vuitton Moët Hennessy (LVMH) shared last month that its wine and spirit divisions had delivered double-digit revenue growth in Q3 of this year. Still wines and Champagne were the best performing categories.
The luxury conglomerate announced that sales had risen ‘sharply’ this year in Europe, the United States and Japan. The two main drivers of this growth can be attributed to international travel resuming after the pandemic, as well as ‘solid demand’ from consumers.
On the subject of the strength of the US dollar in the market, Bloomberg made the point that strong growth might simply have been because US shoppers were able to take advantage of this by buying luxury items in Europe. However, Schaus indicated that there is still uncertainty out there due to rising inflation. It’s possible that some products will go up in price due to the rising cost of raw materials.
Find out more about Dom Pérignon’s new P2 2004 release in our recent news article.
