LVMH Wine & Spirits Q1 2026 sales rebound driven by Champagne, China demand
LVMH’s wine and spirits division rebounds in Q1 2026 as Champagne stabilises and Asian demand strengthens, though weak US demand and Cognac uncertainty weigh on outlook.
FRANCE – LVMH has reported a rebound in its wine-and-spirits division in the first quarter of 2026, supported by Champagne stabilisation and favourable seasonal demand, even as broader market challenges persist.
The group’s spirits revenue totalled €610 million (US$719.3 million) in the first three months of the year, slightly down from €629 million (US$741.6 million) in the same period in 2025. LVMH attributed part of the performance to “a favourable calendar effect for Chinese New Year with respect to 2025.”
Its Moët Hennessy division recorded organic revenue growth of 5% to €1.27 billion (US$1.49 billion), although reported sales declined by 2%. The improvement marks a recovery from a weaker end to 2025, when the division posted a 9% organic decline in the fourth quarter, contributing to a full-year drop of 5%.
Champagne and wines delivered a stronger performance during the quarter, with revenue rising 5% on an organic basis to €663 million. LVMH said Champagne had made “a good start to the year,” particularly in Europe, while Provence rosé wines “maintained their positive momentum.”
Chief Financial Officer Cécile Cabanis said the group experienced “solid growth” in its wine-and-spirits segment, noting “good stabilisation” in Champagne and a “good performance of wine.”
However, she cautioned that the uplift in Cognac sales may not be sustained in the coming months. “The shipment enabled to count the growth for the start of the year. This helped to mitigate a demand in the US that is still soft and that we don’t see moving a lot,” she said.
Cabanis added: “Q2 will not be repeating Q1, overall, given this impact but we are already quite pleased that Champagne has stabilised and that wines are doing great.”
At the group level, LVMH reported organic sales growth of 1%, while reported revenue declined 6% to €19 billion in Q1 2026. Performance was supported by a 7% increase in Asia (excluding Japan), the group’s largest market, and a 3% rise in the United States, its second-largest region.
LVMH highlighted ongoing macroeconomic and geopolitical uncertainties, stating: “Amid a geopolitical and economic environment particularly disrupted by the conflict in the Middle East, LVMH remains vigilant yet confident at the start of the year.”
The company added that it remains focused on innovation, brand development, and selective distribution, saying it will “rely on the talent and motivation of its teams… to further strengthen its global leadership position in high-quality products in 2026.”
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