By Jon Robinson,Thomas Niedermuell
Copyright cityam
UK sales at the owner of champagne label Moët & Chandon slumped by £25m during its latest financial year amid “difficult trading conditions”, it has been revealed.
Moët Hennessy UK has reported a turnover of £267.1m for 2024, down from the £292.7m it achieved in 2023.
The business said its fall in sales was “In line with the overall decline in the industry, predominantly driven by the reduction in high value champagne and spirits category”.
New accounts filed with Companies House also show its pre-tax profit declined from £23m to £16.1m over the same period.
As well as Moët & Chandon, Moët Hennessy’s brands include Dom Perignon, Ardbeg, Veuve Clicquot, Frug and Ruinart.
The company is part of the wider LVMH (Louis Vuitton Moët Hennessy) group headquartered in Paris.
Moët & Chandon hit by ‘inflationary pressure’
A statement signed off by the board said: “The year… concluded with a good performance for the company despite difficult trading conditions characterised by ongoing economic volatility and continued inflationary pressure.
“In a highly competitive market context, the company has maintained stable market share.
“The results have been achieved through the company’s continued focus in the distribution and development of premium brands.”
On its future, the owner of Moët & Chandon added: “The company will continue to implement the group/s value strategy and will invest additional resources in its key brands to ensure it is well positioned to exploit the exciting potential that exists in the market for premium wines and spirits and the private sales channel.
“The company will continue to strictly control costs and implement a robust appraisal of return on investment analysis.”
The results come after City AM reported in May that Champagne Lanson suffered a sharp drop in its UK sales in 2024 as drinkers turned their backs on bars and restaurants amid the cost-of-living crisis.
The brand’s turnover was slashed from £45.2m to £35.5m last year while its pre-tax profit also fell from £1.7m to £819,000.
The champagne producer, which can trace its roots back to 1760, said its sales falling by 27 per cent was in part because the total exports of champagne from France to the UK declined by 7.5 per cent in 2024.
Compared to 2023, when 25.5m bottles were brought into the UK, a total of 23.6m bottles were imported last year.
But despite the drop in volume, the average value of champagne exports to the UK increased by 7.4 per cent over the year.
Champagne Lanson added that the average value per bottle rose by six per cent.
