Moet Hennessy, the wine and spirits empire owned by France’s LVMH, went from generating €1 billion in cash in 2019 to burning through €1.5 billion last year, according to documents seen by the Financial Times, as aggressive price increases and an ill-fated acquisition spree hit the luxury group’s drinks business.
The group behind Dom Perignon champagne and Hennessy cognac has been hard hit by a global downturn in sales of alcoholic drinks.
