US EditionMoët Hennessy to cut 10% of workforce as luxury slowdown bites
- Moët Hennessy announced plans to cut around 1,200 jobs, reducing its workforce by more than 10% amid slowing luxury demand in 2024.
- The job cuts follow a 9% drop in Q1 organic sales, driven by weakened demand in key markets like the US and China and compounded by trade tariffs.
- The division, owned by LVMH and including brands like Hennessy and Veuve Clicquot, faces cost increases of 35% and challenges from geopolitical tensions and inflation.
- CEO Jean-Jacques Guiony explained that the company had initially been structured to support a business considerably larger in scale, highlighting the decision to reduce staffing numbers back to where they were before the pandemic.
- Moët Hennessy’s workforce reduction underscores broader luxury sector struggles with demand softness and trade disputes, suggesting a prolonged recovery period ahead.
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LVMH ready to remove 1,200 positions at Moët Hennessy
The management of the wine and spirits industry of the luxury giant has announced to the employees its intention to reduce its workforce by more than 12%, without however resorting to a social plan. Since 2022, this activity has been in the dark, due to the commercial conflict with China and the United States.
·Paris, France
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