LVMH Denies Moët Hennessy Sale to Diageo

LVMH, the largest luxury group in the world, denies that it wants to sell its beverage division Moët Hennessy to Diageo. Moët Hennessy owns the prestigious champagne brands Krug, Moët, Veuve Clicquot and Dom Perignon. Bernard Arnault, the main shareholder of LVMH, said in the Financial Times on April 22 that he “officially denies reports in certain newspapers today that suggest the group is in discussions to divest Moët Hennessy”. According to LVMH, there are no negotiations under way with the British drinks giant Diageo, nor any other party. Moët Hennessy is already 34% owned by Diageo. Sales of the beverage division of LVMH fell last year by three percent due to the economic downturn.