Moet Hennessy “running out of champagne” as the rich celebrate the lifting of Covid restrictions

Such is the enthusiasm for the ending of Covid restrictions that revellers are drinking Moet Hennessy out of champagne, the company’s CEO has said.

Speaking to Bloomberg Television, Philippe Schaus said the current period has been dubbed the “roaring 20s” internally amid a spending frenzy, leading to stock shortages.

“We are running out of stock on our best champagnes. As people are coming out of Covid there’s been pent up demand for luxury, enjoyment and travelling,” he explained.

But while affluent consumers are still willing to buy more expensive goods, global headwinds could stifle sales in the coming months.

Inflation is a key element of uncertainty, Mr Schaus said, with a rise in raw material costs likely to force the company to increase the price of some products.