Champagne and Cognac lift Moët Hennessy as LVMH returns to growth

LVMH's wines and spirits division, anchored by Moët Hennessy, returned to growth in the first half of 2026. Champagne and Cognac, the two categories that dragged on results through 2024 and 2025, both showed signs of recovery, helping to lift the division and contributing to an improved overall performance at the parent luxury group.

The turnaround matters because wines and spirits has been LVMH's weakest link for two years, hit by destocking in the US and China, sluggish Cognac demand and a broader consumer pullback on high-end drinks. A rebound in these categories suggests some of the inventory correction that has weighed on the sector is finally clearing, and that consumers are returning to premium Champagne and Cognac purchases after a prolonged pause.

The recovery also lands at a moment when rival spirits groups, including Rémy Cointreau, have separately flagged a Cognac rebound in their own first-quarter results, pointing to a category-wide inflection rather than an LVMH-specific effect. For LVMH, a healthier wines and spirits division reduces pressure on its fashion and leather goods businesses to carry the group alone. What to watch is whether this recovery is sustained through the second half and the crucial year-end gifting season, or whether it reflects a temporary restocking bounce.

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