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LVMH figures boost for new Moet CEO
Strong first-half results from Louis Vuitton Moët Hennessy (LVMH) suggest that consumer spending on luxury items is back in vogue.
The figures will make welcome reading for Daniel Lalonde, who this week succeeded Frédéric Cumenal as CEO of Maison Moët et Chandon.
Sales have recovered particularly in the Champagne sector against an extremely poor first half in 2009. Moët Hennessy, the wine and spirits arm of LVMH, posted revenue growth of 21% to €1.3 billion, while profits increased 35% to €326 million.
Sales of prestige Champagne brands Dom Pérignon and Krug sprung back after struggling in H1 2009, while strong performances in China and the US helped the group’s Cognac business – Hennessy – enjoy a successful first half.
Overall, the LVMH group posted a 53% rise in profit to €1.05bn.
Bernard Arnault, chairman and CEO of LVMH, said: "The 2010 first half results, once again, demonstrate the exceptional appeal of our brands as well as the effectiveness of our strategy, as pertinent in the context of a recovery in 2010 as it was during the global economic crisis in 2009.”
Lalonde, who took up his new post on Monday, joined LVMH in 1992 as president and CEO, North America for the Watches and Jewellery business group, before becoming president and CEO of Louis Vuitton North America in 2006.
He will report to Moët Hennessy Wines and Spirits president and CEO Christophe Navarre.
Lalonde’s appointment follows hot on the heels of that of Jo Thornton as managing director of Moët Hennessy UK, as exclusively revealed by the drinks business last month.
Thornton told db: “It is exciting to be back in the UK market, with its dynamic and diverse drinks sector.
“Whilst there have been challenges over the past couple of years, it is very positive that our brands have retained their value and image throughout this period.
“I am looking forward to leading Moët Hennessy UK in ensuring that our brands continue to excite consumers and lead their respective categories.”
Alan Lodge, 28.07.2010