LVMH’s Moët Hennessy to Cut Workforce by 10%, FT Reports

LVMH group’s wine and spirits business Moët Hennessy will shrink its workforce by more than 10 percent, about 1,200 employees, the Financial Times reported on Thursday, citing an internal video message from the division’s CEO, Jean-Jacques Guiony.

Guiony and his deputy, Alexandre Arnault, son of LVMH owner Bernard Arnault, told staff at Moët Hennessy this week that they planned to cut the workforce back to 2019 levels, the newspaper said, adding that a timeline for the job cuts was not…