By Oliver Gill
London: Champagne stocks risk running out before Christmas, the boss of one of the world’s biggest producers has warned.
Philippe Schaus, chief executive of Moët Hennessy, said his company was “running out of stock”, raising the spectre of shortages over the festive season.
Schaus said demand was so strong that the company was calling it the “Roaring 20s”.
The champagne houses of Moet Hennessy will soon include a “sparkling wine” mention on their bottles shipped to Russia.Credit: iStock
Americans have capitalised on the comparative strength of the dollar to snap up bottles of French bubbly.
Jean-Jacques Guiony, finance chief of LVMH, Moët Hennessy’s parent company, has previously warned that stocks may not last until Christmas.
Moët & Chandon Grand Vintage Reserve in the galleries under the Moët & Hennessy headquarters in Epernay, France.
He said in October champagne sales were “very strong” in Europe and “above all, in the US, where we had a very strong quarter”.
Schaus said demand had not been dampened by a global squeeze on household budgets. Luxury goods sold by LVMH have thus far proved immune to soaring inflation and stagnating economic growth. Consultants at Bain & Company estimate that the luxury goods market will grow by up to 8 per cent in 2023, despite an expected global downturn.
The Telegraph, London