What is the financial impact of Diageo's partnership with Moët Hennessy in recent years, according to company filings?

According to company filings cited in the article, Diageo's share of profit from its Moët Hennessy stake and joint ventures fell from $455 million in the year ending June 2023 to $219 million in 2025 — more than halving — as LVMH's drinks division struggled amid an industry-wide downturn.

Why has the Diageo–Moët Hennessy partnership caused operational friction, particularly in France?

In France, the Moët Hennessy–run distribution joint venture prioritised its own brands over Diageo's, harming Diageo's market position in scotch whisky — a key category for Diageo — leading Diageo to terminate the joint venture there, as confirmed by two sources with direct knowledge of the issue.