Diageo terminates Moët Hennessy joint venture in France
Investors point to Lewis’s focus on improving performance in Diageo’s biggest markets after the Moët Hennessy alliance contributed $455 million of profit in the year ending June 2023. In France, the Moët Hennessy-run distribution business prioritized its own labels, leading Diageo to terminate the joint venture there, while Diageo still has eight majority-owned JVs.