Luxury conglomerate LVMH reported a recent downfall in revenue (of 10%) to (20%) in comparison to the same period of last year, allegedly revealed due to the office closures and shoppers desisting from purchasing during Covid-19 pandemic. The company is slated to disclose first-quarter results on April 16.
LVMH’s reduced revenue earning is a tail now shared with the rest of the luxury world. Kering SA, company which owns the likes of Gucci, Balenciaga and Saint Laurent, on Friday March 27 revealed its sales and revenue fell of nearly 15%, with Burberry Group Plc. Noting on March 19 that its retail sales dropped between 40% and 50%, in comparison to the previous six weeks.
“In a particularly uncertain environment, the Group will maintain a strategy focused on the preservation of the value of its brands, supported by the exceptional quality of its products and reactivity of its teams,” LVMH shared in a statement. The “[outbreak’s] impact cannot be accurately calculated at this time without knowing the timing of a return to normal in these countries.”
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