Bubbly producers in Champagne lose 1.7b euros in salesWorld | 1 Aug 2020 6:41 pm
Champagne is losing its fizz. For months, lockdown put the cork on weddings, dining out, parties and international travel — all key sales components for the French luxury wine marketed for decades as a sparkling must at any celebration.
Producers in France’s eastern Champagne region, headquarters of the global industry, say they lost an estimated 1.7 billion euros in sales for this year, as turnover fell by a third — a hammering unmatched in living memory, and worse than the Great Depression.
They expect about 100 million bottles to be languishing unsold in their cellars by the end of the year.
“We are experiencing a crisis that we evaluate to be even worse than the Great Depression” of 1929, said Thibaut Le Mailloux of the Champagne Committee, known by its French acronym CIVC, that represents some 16,000 winemakers.-AP