Moët Hennessy, the wine and spirits division of LVMH, plans to lay off around 1,200 employees — cutting its current headcount of 9,400 to 2019 levels — as global demand for luxury alcohol weakens. The move follows an 8% YoY revenue decline in Q1 2025 to 1.3 billion euros ($1.5 billion), with Cognac and spirits sales down 17%, particularly affected by soft demand in China and the US.