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The wine and spirits division of the luxury goods group LVMH has recorded a 14 percent growth in turnover to 5.22 billion euros in the first nine months of 2022. Especially the sales of champagne and wines had noticeably increased. The company said sales in Europe, the United States and Japan had "grown strongly" since the beginning of the year thanks to a return to international travel and solid consumer demand. Asia saw slower gains, but growth in China accelerated in the third quarter due to the partial easing of health restrictions, it said. The group's management suspects that the current strength of the dollar has led to American shoppers in Europe taking the opportunity to stock up on luxury goods. In Europe, on the other hand, demand for high-end products has so far been relatively impervious to the current prevailing cost-of-living crisis. In addition, Moët Hennessy recently expanded its global portfolio of wines by acquiring the Joseph Phelps winery, one of the most prestigious vineyards in California's Napa Valley.
(ru / Drinksbusiness; Photo: 123rf.com)