Why Moet Hennessy is slashing jobs and retreating from retail bets

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The story "Why Moet Hennessy is slashing jobs and retreating from retail bets" was covered 13 hours ago by Business Standard, a news publisher based in India.

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Why Moet Hennessy is slashing jobs and retreating from retail bets - Business Standard

Quick Summary:

The sharp reversal in fortunes comes amid collapsing sales, misjudged acquisitions and unsustainable price hikes which has culminated in a major leadership shake-up and a sweeping cost-cutting drive.

But a February 2024 internal presentation warned senior managers: “Need to save cash! ”, signalling a shift in tone as pandemic-era sales momentum reversed, the report said.

In a bid to reach consumers directly, Moët Hennessy opened Hennessy-branded stores in China and a Veuve Clicquot outlet in Paris’s Printemps department store.