LVMH sees modest Q3 growth in wine and spirits as champagne offsets cognac declines 

FRANCE – LVMH Moët Hennessy Louis Vuitton reported slight growth in its wine and spirits division during the third quarter, helped by strong Champagne and wine performance despite continued weakness in Cognac and spirits.  

For the three months ending September, the owner of Moët & Chandon posted a 1% increase in organic revenue from the division, reaching €1.33 billion (US$1.55 billion). 

According to director of financial communications Rodolphe Ozun, organic revenue from Champagne and wines rose 7% in the quarter, while Cognac and spirits fell 6%. 

Ozun, speaking to analysts, described the quarter as one marked by “sequential improvement” in Champagne, which benefited from resilient global demand. 

Despite this quarterly rebound, the wine and spirits segment remained under pressure over the first nine months of 2025. Organic and reported revenues declined 4% and 7%, respectively, to €3.9 billion (US$4.5B), with the reported figure impacted by unfavorable exchange rates.  

Champagne and wines grew 3% organically to €2.16 billion (US$2.5B) over the same period, with reported revenues rising 1% due to positive currency effects. 

By contrast, Cognac and spirits revenues dropped 12% organically and 4% in reported terms to €1.76 billion (US$2.04B).  

LVMH stated that trends in this segment remained consistent with those seen in 2024, with trade tensions continuing to weigh on demand in its key markets, the United States and China. 

At the group level, LVMH’s third-quarter revenues rose 1% organically but fell 4% on a reported basis to €18.3 billion (US$21.3B). Over the first nine months of the year, total revenues slipped 2% organically and 4% on a reported basis to €58 billion (US$67.4M). 

In a statement accompanying its results, the group cited “sequential improvement in Champagne and wines and a good performance in Provence rosé wines.” Ozun noted that Champagne demand remained strong, driven by “solid depletions in the US year-to-date.” 

Cognac sales, however, continued to reflect the effects of “trade tensions and soft depletions in the US and China,” although the Chinese market experienced some restocking of VSOP Cognac during the third quarter, providing partial relief. 

Earlier in the year, LVMH’s wine and spirits business was constrained by weak Cognac demand across major markets. In the first quarter, organic sales in the Cognac and spirits segment fell 17% to €736 million (US$855.3M), while Champagne revenues declined 1%, reflecting what the company described as a “normalisation of demand.” 

For the first half of 2025, LVMH recorded an 8% drop in organic revenue in the wine and spirits business to €2.59 billion (US$3.01B), while profit from recurring operations decreased 33% year-on-year.  

During the period, Cognac and spirits revenues slid 15%, while Champagne sales rose 2%, supported by improved trends in Europe and the US during the second quarter. 

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