LVMH Proved China’s Cognac Demand Is Real.
It Answered One Question To Do It.
H1 2026: Wines & Spirits organic revenue up 5%, ending a two-year cognac slump. Full-year margin guided flat despite a 210bps H1 gain.
On the Q2 2026 earnings call, an analyst asked LVMH’s CFO Cécile Cabanis the one question every FMCG operator should ask about a regional rebound. Is this real demand, or is it restocking…
