Unhedged is off today so instead we're bringing you an episode from our fellow FT podcast, Behind the Money.

In this episode, we look at how LVMH’s wine and spirits division, Moët Hennessy, has long been a source of success – and cash – for the luxury goods behemoth. But more recently, that’s changed. The FT’s Paris correspondent Adrienne Klasa, found that certain strategic decisions made under the company’s former CEO have contributed to a change in its fortunes. She examines the missteps and whether the division can make a comeback.

Listen to more episodes from Behind the Money here.

Clips from Olympics

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For further reading:

Moët Hennessy’s crisis: dubious deals, soaring prices and hubris

Alcohol groups face a sobering cultural shift

Moët Hennessy to cut 10% of workforce as luxury slowdown bites

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Follow Adrienne Klasa on X (@AdrienneKlasa). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Behind the Money: Inside Moët Hennessy’s crisis

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