Luxury goods firms LVMH has revealed that a sharp rise in Champagne consumption has helped the firm achieve record revenues in 2010.

Interest in Champagne labels such as Moet & Chandon and Dom Perignon, particularly from the Far East, helped to increase sales to €20.3 billion (£17.1 billion) in 2010.

This represents an increase of 19 per cent from 2009, the company revealed.

The firm's wines and spirits arm alone generated €3.2 billion (£2.7 billion) in the last calendar year. Again this represented a 19 per cent increase on the previous year.

In a statement, LVMH said it expects more to come in 2011, as the firm is "well-equipped to continue its growth momentum across all business groups in 2011".

Champagne sales should certainly help LVMH achieve further growth. Stephen Charters, Reims Management School's chair of Champagne management, recently predicted that Champagne sales will be very strong indeed during the next 12 months.