Champagne sales at LVMH, which owns the Krug, Moet & Chandon, Dom Perignon and Veuve Cliquot brands, fell by 12% during 2009 as consumers stopped cut back their spending on luxury products.

Profits at the company’s wine and spirits division, which also includes brands such as Glenmorangie and Cloudy Bay, fell 28% to £662m over the year.

“The performance of the wines and spirits business group improved significantly in the fourth quarter following a period impacted by the crisis and amplified by de-stocking by distributors,” the company said.

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