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Moët customers always take action, even in times of crisis
Photo: ROBYN BECK/ AFP
Corks apparently also pop in the crisis: the luxury goods manufacturer LVMH, which combines the Louis Vuitton brand and the champagne manufacturer Moët Hennessy, reports brilliant business despite the war in Russia and the energy shortage.
The company "is running out of stocks" for some top champagne varieties, said top manager Philippe Schaus in an interview with the "Bloomberg" agency, which specializes in business news.
Internally, the company has already begun to refer to the current phase as the "Roaring Twenties".
This is what the »Golden Twenties« of the last century were originally called in the USA, which were also characterized by signs of crisis, but also by wild luxury parties of the upper class.
Despite bottlenecks, Moët wants to continue to deliver the material reliably in the future: in the new year, the supply, which has been thinned out due to the high demand, will be replenished, says Schaus.
They don't care about inflation
The luxury goods boom is a global phenomenon.
After a brief initial slump at the beginning of the corona pandemic, many companies in the industry recovered quickly - because the spending of their well-heeled customers quickly picked up again.
The Moët Vuitton conglomerate recently reported a strong increase in sales: the group will already generate record results in 2021: sales of 64 billion euros were a whopping 44 percent above the previous year – and the trend is rising.
Competitor Hermès did just as well with an increase of 24 percent.
Wealthy buyers of luxury goods are generally considered to be particularly resilient to developments such as inflation.
To put it bluntly: they have so much money at their disposal that they don't mind price increases of 10 percent or more.
An exception to this is China, where strict corona measures have recently led to a weakening of demand.
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