A signature sign of a party or celebration is popping champagne. The fizzy alcoholic beverage kicks off weddings, graduations, new jobs, and new homes. But luxury goods holding company LVMH, famous for brands including Louis Vuitton, Hennessy and Moët, says people don’t have much to celebrate now—so the group’s champagne sales have suffered.
While LVMH’s champagne and wine sales generated $1.52 billion in revenue in the first half of this year, that’s a 12% decline from the division’s take last year, according to the company’s earnings report released Tuesday. In the U.S., revenue was down, but still above pre-pandemic levels, according to the report.
