LVMH has confirmed that it has experienced a 27% decline in revenue in comparison to the same timeframe in 2019.
The ongoing coronavirus pandemic has affected every single industry worldwide, and the fashion industry has been one of the ones hit particularly hard by the virus. The massive decline in sales due to lockdowns and closure of stores.
Despite the losses, it has secured a revenue of €18.4 billion EUR (approximately $21.6 billion USD). It also saw a rebound at the end of Q2 as the Asian market opened up. Major brands like Louis Vuitton, Dior Moët Hennessy were making profits.
“LVMH showed exceptional resilience to the serious health crisis the world experienced in the first half of 2020,” Arnault said in a statement. “Our maisons have shown remarkable agility in implementing measures to adapt their costs and accelerate the growth of online sales. While we have observed strong signs of an upturn in activity since June, we remain very vigilant for the rest of the year. We continue to be driven by a long-term vision, a deep sense of responsibility and a strong commitment to environmental protection, inclusion and solidarity. In the current context, we remain even more firmly dedicated to showing continuous progress in these areas.”