LVMH says champagne sales are down because people aren't partying like they used to
The luxury giant attributes the retrenchment to "normalization of post-Covid demand"
French luxury giant LVMH reported earnings Tuesday. Sales in the first quarter were down slightly from the same time last year.
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But the biggest drop came from the company’s “wines and spirits” division, where revenue was 16% lower. It singled out dour champagne sales, “reflecting the normalization of post-Covid demand,” it said in a release accompanying the results.
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This story will be updated.